Please fill out the income statement and fill out all the lines using the answer choices provided. Thank you!

Pina Colada Pastures is a 400-acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has made the boarding business extremely competitive. To meet the competition, Pina Colada Pastures planned in 2022 to entertain clients, advertise more extensively, and absorb expenses formerly paid by clients such as veterinary and blacksmith fees. The budget report for 2022 follows. As shown, the static income statement budget for the year is based on an expected 21,000 boarding days at $25 per mare. The variable expenses per mare per day were budgeted: feed $5, veterinary fees $3, blacksmith fees $0.25, and supplies $0.55. All other budgeted expenses were either semifixed or fixed. During the year, management decided not to replace a worker who quit in March, but it did issue a new advertising brochure and did more entertaining of clients. Answer the following questions. (a2) Your answer is correct. Based on the static budget report, did management do a good, average, or poor job of controlling expenses? Management did a in controlling variable expenses. eTextbook and Media Solution Attempts: 2 of 2 used (a3) Your answer is correct. Based on the static budget report, were management's decisions to stay competitive sound? Management's decisions to stay competitive probably were Total fixed expenses Depreciation Advertising Repairs and maintenance Contribution margin Blacksmith fees Insurance Fixed expenses Service revenue Entertainment Feed Variable expenses Utilities Net income Veterinary fees Total variable expenses Supplies Labor PINA COLADAPASTURES Income Statement Flexible Budget Report For the Year Ended December 31, 2022 Difference Favorable Unfavorable Actual Neither favorable nor unfavorable 18,200BD $