Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $\backslash (\backslash$$ $25\backslash )$ per unit. Sales $($in units$)$ are budgeted at $158,000$ for the first quarter. Cost of goods sold is $\backslash (\backslash$$ $12\backslash )$ per unit. Other expense information for the first quarter follows.

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Sales Commissions $11\%$ of sales dollars

Rent $$43,000$ per quarter

Advertising $ $$552,000$ per quarter

Office salaries $ $220,000$ per quarter

Depreciation $ $109,000$ per quarter

Interest $\backslash 1\mathrm{.}50\%$ quarterly on $ $$230,000$ note payable

Tax rate

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Prepare a budgeted income statement for the first quarter ended March $31.$