QUESTION 2 EduFund is a start-up that aims to use the power of social communities to transform the student loan market. It connects participants through a dedicated lending pool, enabling current students to borrow from a school's alumni community. EduFund's revenue model is to take an upfront fee of 40 basis points (0.40%) each from the alumni investor and the student borrower for every loan originated on its platform. EduFund hopes to go public in the near future and is keen to ensure that its financial results are in line with that ambition. EduFund's budgeted and actual results for the third quarter of 2021 are presented below. REQUIRED: (a) Prepare StuFi's static budget of operating income for the third quarter of 2021. (b) Prepare StuFi's flexible budget of operating income report for the third quarter of 2021. (c) Based on your answer, under what circumstances StuFi may use a static budget as an appropriate basis for evaluating a manager's effectiveness in controlling costs. Discuss. (d) "A flexible budget is really a series of static budget." Do you agree? Discuss