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 152,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising office salaries Depreciation Interest Tax rate 9% of sales dollars $ 44,000 per quarter $566.000 per quarter $ 269,000 $ 110,000 per quarter per quarter 1.25% quarterly on $240,000 note payable 40% Prepare a budgeted income statement for the first quarter ended March 31, Note: Round your intermediate and final answers to the nearest whole dollar.