Question 32 (4 points) Calculate the total amount of common element fees required for the following budget. The Board has approved a budget with $750,000 in Operating Expenses. The Reserve Fund Contribution from the latest update indicates that the contribution for the new fiscal year is $ 187,500. The Budget draft shows anticipated Sundry Income of $10,000. The Board of Directors has approved that $50,000 of the accumulated surplus will be used to subsidize the common element fees for the new fiscal year. Show your calculation of common element fee income required. (4 marks)