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Problem 25 The Kaink Motel (KM) has two ae opecated departmenta: rooms and food. The tolowing infermation is supplied to yoa as of Deceasber 31, 2x2: Accounts Balance rsuranvce (fire) Roons Departme-Salaries and Wages Food Deparment-Salarles and Wages Supplies and Other-Food Department Food Puechascs Ruom Sales 0,000 65,000 250,000 0,00 40,000 Interest Experee 30,000 Amortization of Intangible Assets Supplies and Other-Rooms Department Property Taxes 15,000 5.000 Franchise Fees Room-Alowances 1,000 Other infomation is as folkiw: The KM invested $30,000 on July 1, 20x2, in Daytona Aircraft Bonds. The funds were invested at an annual interest rate of 12 percent. 1. 2. The beginning and ending inventories of foed were $5,000 and $4000, respectively. Food oomsumed by the fooxd and rooms department employees during the yrear (free of 3. Fringe beniefits and payrolaxsfor allempkoyesinclusive of employaare20 4. The KM pays an average of 30 percent of its pretax incuewe to the various govemmn- 5. The management fee to be paid to the manngeenent company is 2 percent of net rocns . Fine insurace protection was secured on June 1, 20X, foc a two-year period of cover- charge) totaled $300 and $300, respectively. percent of gross salaries and wages. tal units in the form of income taxea. sales and 6 percent of COP age from July 1, 20X1 through June 30, 20X3. The two-year premium vas S36000 Franchises(a marketing expenae) is paid to Best Eastern Corporation at a rate of 3 percent of net rooms sales and 2 percent oiet food sale Required Prepare the modified income stor 20x2UseEhlbit 4 as a guide. Round to tie nearest $1. ewibit 4 Summary Income Statement Popety and C To Ending antory Cost of goods corsumed Goods used ema Coet uf goods sold