its all based of the same income statement

--306 EX... Insert Draw Design Layout >> Tell me Share Commer X v Styles Dicta Times New... v 12 ' ' Aav po BI U ab X, ADA Paragraph USE THE FOLLOWING INFORMATION FOR THE NEXT 5 QUESTIONS: Below is an income statement for Bolton Company as of 12/31/2020: Sales Variable costs Contribution margin Fixed costs Net Income $500,000 (100.000 $400,000 (300.000) $100,000 16. Based on the cost and revenue structure on the Bolton income statement, what was Bolton's break-even point in dollars (using the Y-formula)? a. $200,000 b. $375,000 c. $400,000 d. $250,000 17. What was Bolton's margin of safety (rounded to the nearest whole number)? a. 35% b. 30% c. 25% d. 20% 18. What is Bolton's degree of leverage (DOL) for 2020? a. 1.00 b. 2.00 c. 3.00 d. 4.00 19. Using the DOL for 2020 that you just calculated, if Bolton Company expects sales to increase 20% in 2021, by how much will the net income increase in 2021? A. $20,000 B. $40,000 1 C. $60,000 D. $80,000 E. $100,000 20. Based on the cost and revenue structure on the Bolton income statement, in order to earn a target net income equal to 30% of sales, what would Bolton's sales dollars have to equal (using the Y-formula)? a. $200,000 b. $600,000 c. $400,000 d. $800,000