A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes) Revenue Less: Variable expenses Contribution margin Less: Fixed expenses Net incone Required: $1,700,000 980,000 $720,000 510,000 $ 210,000 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 $140,000. 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 2 by 50 percent. NANTUCKET INN Contribution Income Statement Revenue < Prev 6 of 14 Next >> 4 8 9 1 i 0 P 4 11 backs