One Question-2 parts. just checking my work

Exercise 7-32 Continuation of Preceding Exercise (LO 7-4, 7-7) A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) Revenue Less: Variable expenses Contribution margin Less: Fixed expenses Net income $1,750,000 1,000,000 $ 750,000 525,000 $ 225,000 Required: 1. Prepare a contribution income statement if the hotel's volume of activity increases by 25 percent, and fixed expenses increase by 50 percent. 2. Prepare a contribution income statement if the ratio of variable expenses to revenue doubles. There is no change in the hotel's volume of activity. Fixed expenses decline by $150,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution income statement if the hotel's volume of activity increases by 25 percent, and fixed expenses increase by 50 percent. NANTUCKET INN Contribution Income Statement Revenue $ Less: Variable expenses Contribution margin (loss) $ Less: Fixed expenses Net income $ 1,750,000 600,000 1,150,000 787,500 362,500 Exercise 7-32 Continuation of Preceding Exercise (LO 7-4, 7-7) A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) Revenue Less: Variable expenses Contribution margin Less: Fixed expenses Net income $1,750,000 1,000,000 $ 750,000 525,000 $ 225,000 Required: 1. Prepare a contribution income statement if the hotel's volume of activity increases by 25 percent, and fixed expenses increase by 50 percent. 2. Prepare a contribution income statement if the ratio of variable expenses to revenue doubles. There is no change in the hotel's volume of activity. Fixed expenses decline by $150,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution income statement if the ratio of variable expenses to revenue doubles. There is no change in the hotel's volume of activity. Fixed expenses decline by $150,000. NANTUCKET INN Contribution Income Statement Revenue $ Less: Variable expenses Contribution margin (loss) $ Less: Fixed expenses Net income $ 2,100,000 500,000 1,600,000 262,500 1,337,500