(MC) is a modium-sized private school. In the past, MC administrators established a budget for the next academic year by adding a specific percentage( e.g.,4\%, 6% ) to the tuition revenue and operating expenses. This year MC has asked for your assistance in develoing it budget for the NEXT academic year. You are supplied with the following date for the cument year: For the next academic year, enrollment is expected to inerease by 300 students with each student taking an average of 32 credit hours. Tuition will increase by $100/y ear. The additional students will require MC to hire 20 adjunct faculty members. Full time faculty members will receive a 5% pay increase. Additional merit increases to be awarded to individual faculty members will amount to $280,000. Requirement 1 Prepare a schedule computing the next academic year's tuition and fees revenue budget. T E M P L AT E Requirement 2 Prepare a schedule computing the next academic year's budget for raculty saiaries. The budget will reflect payroll taxes using a rate of 10% (MC) is a medium-sized private school. In the past, MC administratoss established a budget for the next academic year by sdding a speciffe percentagel e. .,4%,6% ) to the tuition revenue and operating expenses. This year MC has asked for your assistance in develoing it budget for the NEXT academic year. You are rupplied with the following date for the sumbst year: For the next academic yeak, enrollment is expected to iacrease by 300 students with each student taking an average of 32 credit hours. Tultion will increase by $100 year. The additional students will require MC to hire 20 adjunct faculty members. Full time faculty members will receive a 5% pry increase. Additional merit increases to be awarded to individual faculty members will amount to $280,000. Requirement 1. Prepare a schedale computing the next academic year's tuition and fees revenue budget. TEM PLATE. Requirement 2 Prepare a schedule competing the next academic year's bedget for racalty sataries. The budget will reflect payroll taxes using a rate of 10%