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Payback Period and Simple Rate of Return Bustles and Boasters Amusement Park contains a number of rides and a miniature golf course. The owner would like to purchase a zipper ride. The following information is relevant to the addition of the ride: a) It is estimated that the ride would provide $320,000 in annual ticket sales. b) In addition to depreciation, the zipper would incur the following operating costs: salaries, $115,000; insurance, $28,200; utilities, $12,000; and maintenance, $32,000. c) The ride would cost $500,000, have a useful life of 10 years with no salvage value. It would be depreciated using the straight-line method. d) To make room for the zipper, several old rides would be tom down and could be sold for $40,000. Required: 1) Prepare an income statement showing the expected net income from the zipper ride. 2) What is this ride's simple rate of return? The Amusement Park requires a simple rate of return of 15% on all of its rides. 3) What is this ride's payback period? The Amusement Park requires a payback period of 5 years, or less, on all of its rides