14 some financial projections for a single year for the proposed operations. He provides the Goran Blomberg is interested in investing in a new rooms-only lodging property. He needs following: 1. Room sales: a. Average room rate-$50 b. Average daily occupancy-65% c. Available rooms per day-50 2. Administrative and general fixed labor-$12,000/month 3. Variable expenses (as a percentage of total room sales): a. Rooms labor-20% b. Rooms other expense-10% c. Administrative and general other-3% d. Marketing-5% e. Maintenance-5% 4. Other fixed expenses: a. Depreciation-$5,000/month b. Utilities-$3,000/month c. Insurance-$1,000/month d. Property taxes-$2,000 for the year e. Maintenance-$500/month jonsl sovole Tou W bna shd Ins 5. Income tax rate-20 percent (as a percentage of income before taxes). 6. Assume the property will be open 365 days of the year. Required: Prepare an income statement based on the USALI summary operating statement