Goran Bloomberg is interested in investing in a new rooms-only lodging property. He needs some financial projections for a single year for the proposed operations. He provides the following: 1. Room sales: a. Average Room Rate $50 b. Average Daily Occupancy 65% c. Available rooms per day -50 2. Administrative and general fixed labor $12,000/ month 3. Variable expenses (as a percentage of total room sales): a. Rooms labor 20% b. Rooms other expense 10% c. Administrative and general fixed labor 3% d. Sales and Marketing 5% e. Maintenance 5% 4. Other fixed expenses a. Depreciation $5,000/ month b. Utilities $3,000/ month c. Insurance $2,000/ month d. Property taxes $2,000/ year e. Maintenance $500/ month 5. Income tax rate 20% (as a percentage of income before taxes) 6. Assume the property will be open 365 days of the year Formulas: Daily Occupied Rooms =(#ofAvailablerooms)( Occupancy %) Rooms Revenue =(DailyOccupiedRooms)(AverageDailyRate)(# of Days in Year ) REQUIRED Prepare an Income Statement based on the USALI summary operating statement