PREPARE A BUDGET FOR NEWLY RENOVATED HOTEL (Learning Objective 2) This case is a continuation of the Casino Halifax Entertainment Corporation serial case that began in Chapter 10. Refer to the introductory story in Chapter 1 for additional background. (The components of the Casino Halifax serial case can be completed in any order.) Casino Halifax will use budgets to make its financial plans. Let's assume that Casino Halifax prepares budgets for each of its hotel towers, including the new Privateer's Tower. Here is a list of budgeting assumptions for the Privateer's Tower for 2020: Data table for Privateer's Tower budget assumptions Number of hotel rooms in the Privateer's 587 Tower....... Average occupancy rate for Casino Halifax Entertainment 91.2% Corporation...... Average hotel room rate per $ 149 night....... Total budgeted fixed costs for the Privateer's $ 2,390,000 Tower........ Variable cost per Privateer's Tower room $ 27 night........Requirements 1. How many Privateer's Tower hotel room nights should be budgeted to be booked in 2020? (Remember that 2020 is a leap year and, therefore, has an extra calendar day or 366 days.) 2. What would be the budgeted net revenue from the Privateer's Tower hotel rooms in 2020? 3. What would be the budgeted variable costs for the Privateer's Tower hotel in 2020? 4. Prepare a budget for 2020 for the Privateer's Tower using the assumptions provided above and the numbers you have calculated. Does it appear that the Privateer's Tower will be generating a healthy amount of income for Casino Halifax? Explain