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 $3,300 per month b. Remodeling and necessary equipment would cost $306,000. The equipment would have a 15-year life and a $20.400 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 $360,000 per year. Ingredients would cost 20% of sales. d. Operating costs would include $76,000 per year for salaries, $4,100 per year for insurance, and $33,000 per year for utilities. In addition, Mr. Swanson would have to pay a commission to The Yogurt Place, Inc., of 15.5% 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 17%, should he acquire the franchise? 3-a. Compute the payback period on the outlet. 3-b. If Mr. Swanson wants a payback of three years or less, wil he acquire the franchise? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 28 Req 3A Reg 3 Prepare a contribution format income statement that shows the expected net operating Income each year from the franchise outlet