Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are budgeted at 158,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising 9% $ 44,000 of sales dollars per quarter $ 545,000 Office salaries $ 215,000 per quarter per quarter Depreciation $ 145,000 per quarter Interest Tax rate 1.50% quarterly on $220,000 note payable 30% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)