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.)