Camp Corporation runs two stores, one in Medfield and one in Oakland. Operating income for each store in 2017 is as follows: (Click the icon to view the operating income.) The equipment has zero disposal value. Read the requirements. Requirement 1. By closing down the Oakland store, Camp can reduce overall corporate overhead costs by $88.000. Should Camp Corporation close down the Oakland store? (Complete all answer boxes. Enter losses in revenues as a negative amount Enter a "O' if the post is not relevant. If the net effect is an operating loss enter the amount with parentheses or a minus sign) Loss in Revenues) Savings In Costs from Closing Oakland Store (1,500,000) $ Revenues Operating costs Cost of goxxis sold Variable operating costa (labor, utilities) Lease rent (renewable cach year) Depreciation of equipment Allocated corporate overhead Total operating costs Effect on operating income (loss) 1,240,000 135,000 164,000 Oakland Store Medfield Store 2,350,000 2,350,000 Revenues $ 1,500,000 1,240,000 Operating costs Cost of goods sold Variable operating costs (labor, utilities) Lease rent (renewable each year) Depreciation of equipment 1,350,000 140,000 135,000 164,000 140,000 49,000 87,000 41,500 78,000 Allocated corporate overhead 1,766,000 1,658,500 Total operating costs 584,000 $ (158,500) Operating income (loss)