3. (4 points) Cost Estimates The manager of a municipal ice rink is concerned that the flow of patrons will not be sufficien maintain the long-standing policy of keeping the rink on a self-supporting basis. Revenues con mainly from the hourly rental of ice time (the city has set that at $3 hour per person) and skate rental ($1.5 per pair per hour). The average ice time per patron over the last 3 years has been ab 1.5 hours. Approximately half the patrons rent skates instead of bringing their own. Scheduled maintenance and other overhead expenditures amount to $94,000 per year, these costs do not va with the number of patron hours. Direct maintenance and supplies that do vary are estimated to $1.8 per patron hour. The number of patrons has been averaging 85,000 per year for the last 3 years. Regarding staff, the ice rink hires only full time staff and needs to hire one staff for every 62,400 patron hours (you would need to round up for figuring out the number of staff needed) The ice rink is responsible for a per staff annual salary of $42,500 plus the manager's annual salary of $55,000. The ice rink would also need to pay the employer portion of the payroll taxes (apply the 2017 employer payroll tax rates). Fortunately, the city will pay for other employee fringe benefits, which takes a great financial burden off the shoulder of the ice rink. Construct a budget table in an Excel spreadsheet based on the information above to show the expected annual revenue, cost, and surplus/deficit. Clearly shows all your work, including showing the formulas-in other words, do not create a table with just the end- product numbers Provide in your Word document no more than a few short paragraphs explaining your recommendation to the manager regarding: whether the manager should be concerned; if (1) (2) omething has to be done, what that should be