A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) Revenue Less: Variable expenses Contribution margin Less: Fixed expenses Net income $1,550,000 920,000 $ 630,000 465,000 $ 165,000 Required: 1. Prepare a contribution income statement if the hotel's volume of activity increases by 25 percent, and fixed expenses increase by 50 percent. 2. Prepare a contribution income statement if the ratio of variable expenses to revenue doubles. There is no change in the hotel's volume of activity. Fixed expenses decline by $110,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution income statement if the hotel's volume of activity increases by 25 percent, and fixed expenses increase by 50 percent. NANTUCKET INN Contribution Income Statement Revenue Less: Variable expenses Contribution margin (loss) $ Less: Fixed expenses $ 0 0 Prepare a contribution income statement if the ratio of variable expenses to revenue doubles. There is no change in the hotel's volume of activity. Fixed expenses decline by $110,000. NANTUCKET INN Contribution Income Statement Revenue Less: Variable expenses Contribution margin (loss) S Less: Fixed expenses S 0 0