Northern Airways, one of the country's regional air carriers, was considering operating an airplane shuttle service between Toronto and New York. The airline was to be named Executive Airlines, and all necessary operating arrangements had been made. Operating the airline would cost $800,000 per month for leasing for airplanes, man-agement, and marketing. In addition, the incremental costs were as follows: Per Flight Crew pay $ 193.00 Fuel 182.46 Airport landing fees 24.24 Airport personnel 21.54 Per Passenger Food and drinks 1.26 Commissions 1.80 Passenger liability insuiance .64 Provided by Northern Air ways at the stated cost per flight. Jackson McGuinn, the manager in charge of Executive Airlines, believes that at a ticket price of $50 per flight, he can run 12 flights daily (6 each way), five days per week (four weeks per month), at an average of 82 passengers per flight. The entire operation would depend on two jet airplanes being totally dedicated to the service. a) Prepare a monthly income statement for Executive Airlines. b) What should Jackson McGuinn do? Why?