Requirement 1. Compute revenue and variable expenses for each show. The revenue for each show is The variable expenses for each show are Requirement 2. Use the income statement equation approach to compute the number of shows needed annually to break even. Begin by determining the basic income statement equation. Operating income Using the basic income statement equation you determined above, solve for the number of shows to breakeven. The number of shows needed annually to break even is Requirement 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $2,215,400 Is this goal realistic? Give your reason. Begin by selecting the formula. Target # of shows Using the equation you determined above, solve for the target number of shows. The number of shows needed annually to earn a profit of $2,215,400 is The profit goal of $2,215,400 is since Chicago currently performs 130 shows a year. Requirement 4. Prepare Chicago's contribution margin income statement for 130 shows each year. Report only two categories of expenses: variable and fixed. Chicago Contribution Margin Income Statement Year Ended December 31