3. Using the Bottoms up Approach to Pricing, determine the minimum sales revenue required for the first year the new restaurant and bar (second location) will be open. Estimates and Projections for Second Location for Opening January 1, 2024. Desired Net Income for Ist Year from Second Location = $150,000 Income Tax Rate = 24% Annual Rent (Occupancy Cost) = $60,000 Insurance and Licenses Expense= $6,000 Utilities Expense = $10,000 Repairs and Maintenance= $4,500 Administrative and General Expense = $13,500 Management Salaries = $115,000 Operating Supplies Expense = $20,000 Depreciation = $11,000 Advertising and Promotion Expense= $7,500 Interest Expense = $4,000 Variable Cost % Projections include: Food COS at 30.5% & Beverage COS at 24.5%, with a TOTAL COS at 29.3%. Staff is estimated at 25% and Benefits at 6% of total sales. Include Other Variable Cost of 3.5%. Seats = 100 Projected Business = 60% Dinner and 40% Lunch, Food Sales = 80% and Beverage Sales =20% Projected Seat Turns = 1.6 for Dinner and 1.1 for Lunch Open 6 days a Week. Closed 5 additional days per year