Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] A contribution Income statement for the Nantucket Inn Is shown below. (lgnore Income taxes.) Ex 7-32 (Static) Continuation of Preceding Exercise (LO 7-4, 7-7) Prepare a new contribution Income statement for the Nantucket Inn In each of the following Independent sltuations. (Ignore Income axes.) Required: 1. Prepare a contribution Income statement If the hotel's volume of activity Increases by 20 percent, and fixed expenses Increase by 40 percent. 2. Prepare a contribution Income statement If the ratio of varlable expenses to revenue doubles. There is no change in the hotel's volume of activity. Fixed expenses decline by $25,000. Complete this question by entering your answers in the tabs below. Prepare a contribution income statement if the hotel's volume of activity increases by 20 percent, and fixed expenses increase by 40 percent. 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 $25,000