Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Inc,, to dispense frozen yogurt products under The Yogurt Place name. Mr. Swanson has assembled the following information relating to the franchise: a. A suitable location in a large shopping mall can be rented for $2,900 per month. b. Remodeling and necessary equlpment would cost $282,000. The equipment would have a 20 -year life and a $14,100 salvage value. Straight-line depreciation would be used, and the salvage value would be considered in computing depreciation. addition, Mr. Swanson would have to pay a commission to The Yogurt Place, Inc, of 13.5% of sales. Required: 1. Prepare a contribution format income statement that shows the expected net operating income each year from the franchise outlet. 2-a. Compute the simple rate of return promised by the outlet. 2.b. If Mr. Swanson requires a simple rate of return of at least 16%, should he acqulre the franchise? 3-b. If Mr. Swanson wants a payback of three years or less, wili he acquire the franchise? Prepare a contribution format income statement that shows the expected net operating outlet