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 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows.

Sales Commissions	8%	of sales dollars
Rent	$ 42,000	per quarter
Advertising	$ 562,500	per quarter
Office salaries	$ 225,000	per quarter
Depreciation	$ 120,000	per quarter
Interest	1.25%	quarterly on $250,000 note payable
Tax rate	30%

Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)