Penny decided that the interest shown by the East Rutherford, N.J., Gay, Lesbian, Bisexual, and Transgender Alliance justified further research and the creation of a projected income statement as part of an evaluation of the feasibility of starting a business. She found a small industrial space she could rent for $1,000 per month. She estimated her initial need for employees to be a total of four, whom she would pay $10 an hour. A 40-hour work week was planned. She also budgeted $500 a week to pay herself. Assume everyone, including Penny, works 52 weeks per year. Her expenses associated with payroll (e.g., social security, unemployment insurance, fringe benefits) amounted to 20% of total compensation. Other expenses were estimated as: Insurance $50/week Utilities $200/week Office supplies $25/week Acct/legal week Shipping $250/week Misc. $100/week $50 As for the blossoms themselves, after implementing all the product modifications that had been suggested and designing a functional assembly line, Penny determined that her cost per blossom would be $2.50 and that 500 blossoms could be manufactured in one eight-hour day. She decided to pursue direct sales to the end customer, through her website, and set her selling price at $5.00. 6. Using this data, create the expenses portion of an annual income statement for Penny Blossoms, using the next page to display the expenses. This is only the expenses portion of an annual income statement. 7. Determine how many penny blossoms would need to be sold a year to breakeven. 8. What percentage of total capacity is this