The Columbia Arena Company formed in 2021 and uses the accrual basis of accounting. Using the company's 2021 budget provided on the separate Excel file, develop a pro forma operating budget for 2022 based on the following revenue and expense estimates: a. It is forecasted that costs and expenditures will change in 2022 as follows: i. Merchandise COGS, G&A, Event Costs, and Maintenance will increase by 4.7%. ii. Concessions COGS will increase by 7.5%. iii. Utilities will increase by 8.0%. iv. Personnel will increase by 1.5%. v. Insurance, Contract Services, Marketing, Management Fee, and Reserve are forecasted to remain the same. b. The Arena is expected to generate cash receipts in 2022 as follows: i. All rent will increase by 4.7%. ii. Concessions Gross will increase by 5.0%. iii. Merchandise Gross, Suite Revenue, Club Seating Revenue, Advertising Revenue, and Naming Rights are forecasted to remain the same. iv. Box Office, Parking, and Ticket Fee revenues will decrease by 2.7%.