Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, incorporated, to dispense frozen yogurt products under The Yogurt Place name. Me. Swanson has assembled the following information relating to the franchise: a. A suitable location in a large shopping mall can be rented for $3,900 per month. b. Remodeling and necessary equipment would cost $342,000. The equipment would have a 15 -year life and a $22,800 salvage value. Straight-line depreciation would be used, and the salvage value would be considered in computing depreciation c. Based on similar outlets elsewhere, Mr. Swanson estimates that sales would total $420,000 per year. Ingredients would cost 20% of sales d. Operating costs would include $82,000 per year for salaries, $4,700 per year for insurance, and $39,000 per year for utilties in addition, Mr. Swanson would have to pay a commission to The Yogurt Place, Incorporated, of 13.5% of sales. Required: 1. Prepare a contrbution format income statement that shows the expected net operating income each year from the franchise outiet. 2. Compute the simple rate of return promised by the outiet 2-b. If Mr. Swanson requires a simple rate of return of at least 18%, should he ecquire the franchise? 3-a. Compute the payback penod on the outlet 3-b. If Mr. Swanson wants a poyback of three years or less, will he acquire the franchise? Complete this question by entering your answers in the tabs below. Prepare a contribution format income statement that shows the expected net operating income each yoar from the franchise -a. Yumpute yie paywain peivu vil de vurted. -b. If Mr. Swanson wants a payback of three years or less. will he acquire the franchise? Complete this question by entering your answers in the tabs below. Prepare a contribution format income statement that shows the expected net operating income each year from the franchise outlet