Santiego Corporation runs two convenience stores, one in Connecticut and one in Rhode Island. Operating income for each store in 2014 is as follows: (Click to view the operating income for the stores.) The equipment has a zero disposal value. In a senior management meeting, Maria Lopez, the management accountant at Santiego Corporation, makes the following comment, "Santiego can increase its proftability by closing down the Rhode Island store." Is Maria Lopez Correct? Read the requirements. Requirement 1. By closing down the Rhode Island store, Santiego can reduce overall corporate overhead costs by $42,000. Calculate Santiego's operating income if it closes the Rhode Island store. Is Maria Lopez's statement about the effect of closing the Rhode Island store correct? Explain. Begin by calculating Santiego's operating income if it closes the Rhode Island store. (Enter losses in revenues as a negative amount Enter a "O if the cost is not relevant. If the net effect is an operating loss enter the amount with parentheses or a minus sign.) (Loss in Revenues) Data Table Savings in Costs Operating costs Connecticut Store Rhode Island Store Cost of goods sold 1.100,000 $ 880,000 Revenues Lease rent (renewable each year) Operating costs Labor costs (paid on an hourly basis) Cost of goods sold 720,000 690,000 Depreciation of equipment Lease rent (renewable each year) 88,000 80,000 Utilities (electricity, heating) Labor costs (paid on an hourly basis) 43,000 46,000 Corporate overhead Depreciation of equipment 23,000 23,000 Total operating costs Utilities (electricity, heating) 45,000 45,000 37,000 49,000 Effect on operating income (loss) Allocated corporate overhead 968,000 921,000 Total operating costs 132,000 $ (41,000) Enter any number in the edit fields and then continue to the next question. Operating income (loss)