OBJECTIVEO S Cost-Volume-Profit, Margin of Safety Problem 4-37 Steven Kissick is a Kingston-based lawyer who has been in practice for several years. He knew that it would take some time to establish himself and hopefully generate enough revenue to make a decent living. His financial statemehts for his year ended June 30, 2018, are as follows: Steven Kissick, Lawyer Income Statement For the year ended June 30, 2018 $180,000 Revenue Direct costs of practice: 66,000 88,000 26,000 Variable Fixed Gross margin Indirect costs of practice: 17,500 110,000 (101,500) 0. S(101.500) Variable Fixed Operating income loss) Income tax (27.5%) Net loss Check figures: 1. Break-even revenue Required: - S369,334 2. Target revenue = $755,264 How much revenue must Kissick generate to break even? 2. How much revenue must Kissick generate to generate after-tax income of $150,000? 3. If his billing rate is $350 per hour, is the answer for Requirement 2 reasonable? Why or why not