Bill's Diner is a local family restaurant It is now December 1, 2020. The company's contribution margin statement for November 2020 is presented below. During November, 5,000 meals were sold. Bill's Diner Contribution Margin Statement November 2020 Sales Less Variable Costs Contribution Margin $150,000 81,000 69,000 Less Fixed Costs Rent 21,000 Operating Income $48,000 Bill is now faced with a decision to expand its operations by renting more space to increase capacity. If the expansion takes place, sales volume will increase by 500 meals per month. The extra rent will cost $8,000/month REQUIRED: a) Recreate the Contribution margin statement if Bill expands. Should Bill proceed with the expansion? b) What is the contribution margin ratio (based on the original contribution margin statement)? c) If Bill is determined to go ahead with the expansion, what is the most he should be willing to pay in rent