Lepard Financial Services provides investment advice to individual and commercial clients. The following is the budgeted income statement for the year ended December 31, 2023: Lepard Financial Services Ltd. Budgeted Income Statement For the Year Ended December 31, 2023 hours by an assistant. The remaining hours will be used for other necessary (but unbillable) activities. Relevant allocation information is as follows: Total Professional fees $750,000 Fixed expenses Salary - Lepard 84,000 Salary - Assistants 96,000 Supplies 20,000 Occupancy 120,000 Communications 20,000 Client relations 40,000 380,000 Inc. before taxes 370,000 Inc. tax expense 111,000 Net income $259,000 The firm's staff consists of one financial advisor-owner (Lepard) and two assistants. Total annual budgeted hours for each employee is 2,000. The firm expects to complete 180 commercial files and 150 individual files during fiscal 2023. Fees are based on time spent on each file by Lepard. Her hourly charge-out rate is $500. Average estimated hours to complete a commercial file is 5 hours by Lepard and 14 hours by an Type of fixed Allocation basis expense Activity Supplies Supplies used Lepard 20% Occupancy Space occupied (m) 20 Assistants 80% 30 Total 100% 50 Communications Contacts initiated 20 80 100 Client relations Clients entertained 90 10 100 Required: Using time-driven activity based costing, calculate the charge-out rates for Lepard and the assistants that will produce equal pre-tax profit percentages for each type of financial advising service. Use the following format: Professional fees (a) Lepard Assistant Fixed expenses Lepard Assistant Income before income taxes (b) Income tax expense Net income Pre-tax profit % (b/a) Commercial Individual Sub-total Unalloc. Total Lepard Financial Services provides investment advice to individual and commercial clients. The following is the budgeted income statement for the year ended December 31, 2023: Lepard Financial Services Ltd. Budgeted Income Statement For the Year Ended December 31, 2023 Total Professional fees $750,000 Fixed expenses Salary - Lepard 84,000 Salary Assistants 96,000 Supplies 20,000 Occupancy 120,000 Communications 20,000 Client relations 40,000 380,000 Inc. before taxes 370,000 Inc. tax expense 111,000 Net income $259,000 The firm's staff consists of one financial advisor-owner (Lepard) and two assistants. Total annual budgeted hours for each employee is 2,000. The firm expects to complete 180 commercial files and 150 individual files during fiscal 2023. Fees are based on time spent on each file by Lepard. Her hourly charge-out rate is $500. Average estimated hours to complete a commercial file is 5 hours by Lepard and 14 hours by an assistant. Average estimated hours to complete an individual file is 4 hours by Lepard and 6 hours by an assistant. The remaining hours will be used for other necessary (but unbillable) activities. Relevant allocation information is as follows: Type of fixed expense Activity Lepard Supplies Occupancy Supplies used Space occupied (m) 20% Allocation basis Assistants 80% Total 100% 20 30 50 Communications Contacts initiated 20 80 100 Client relations Clients entertained 90 10 100 Required: Using time-driven activity based costing, calculate the charge-out rates for Lepard and the assistants that will produce equal pre-tax profit percentages for each type of financial advising service. Use the following format: Professional fees (a) Lepard Assistant Fixed expenses Lepard Assistant Income before income taxes (b) Income tax expense Net income Pre-tax profit % (b/a) Commercial Individual Sub-total Unalloc. Total