EX 7-32 (Static) Continuation of Preceding Exercise (LO 7-4, 7-7) Prepare a new contribution income statement for the Nantucket Inn in each of the following independent situations. (lgnore income taxes.) Required: 1. Prepare a contribution income statement if the hotel's volume of activity increases by 20 percent, and fixed expenses increase by 40 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 $25,000. Complete this question by entering your answers in the tabs below. Prepare a contribution income statement if the hotel's volume of activity increases by 20 percent, and fixed expenses increase by 40 percent. Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) EX 7-32 (Static) Continuation of Preceding Exercise (LO 7-4, 7-7) Prepare a new contribution income statement for the Nantucket Inn in each of the following independent situations. (Ignore ncome taxes.) Required: 1. Prepare a contribution income statement if the hotel's volume of activity increases by 20 percent, and fixed expenses increase by 40 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 $25,000. Complete this question by entering your answers in the tabs below. Prepare a contribution income statement if the hotel's volume of activity increases by 20 percent, and fixed expense by 40 percent. Complete this question by entering your answers in the tabs below. Prepare a contribution income statement if the ratio of variable expenses to revenue doubles. There is no change in th hotel's volume of activity. Fixed expenses decline by $25,000