England Productions performs London shows. The average show sells 1,300 ticketsat $60 per ticket. There are 150 shows per year. No additional shows can be held asthe theater is also used by other production companies. The average show has a castof 65, each earning a net average of $340 per show. The cast is paid after each show.The other variable cost is a program-printing cost of $8 per guest. Annual fi xedcosts total $728,000.Requirements1. Compute revenue and variable costs for each show.2. Use the income statement equation approach to compute the number of shows EnglandProductions must perform each year to break even.3. Use the contribution margin ratio approach to compute the number of showsneeded each year to earn a profit of $5,687,500. Is this profit goal realistic? Giveyour reasoning.4. Prepare England Productions' contribution margin income statement for 150shows performed in 2014. Report only two categories of costs: variable andfixed