Question 2 (20 points) Problem 2: Dogs' Delights is a dog treat manufacturer located in Twillingate, NL and has a March 31, year end. Delights had over $1 million in sales for the first time ever when they recorded $1,200,000 in sales this year. Each bag of treats sell for $10 while taking $5.10 to make. Dog's Delights employs two salespeople - Charles King and Meggie Queen Charles has a fixed salary of $37,500 while Meggie nas a fixed salary of $32,000. Meggie also makes a commission on her sales, her commission for this period was $24,000. Administrative costs include the office staff who make a combined total of $125,000 per year in salaries), office rent of $1,100 per month, and a company vehicle lease of $5,000 per year. The only other administrative cost is their liability insurance, which costs $0.05 per treat sold. An investment in freezers a couple of years ago allows Dogs' Delights to carry inventory its opening inventory (April 1) of dog treats was 7,800 and its March 31 closing inventory was 8,500 Required: 1.) Prepare a traditional income statement for the year ended March 31, 2020 2.) Prepare a contribution format income statement for the year ended March 30, 2020, 3.) If Delights expects to sell 125,000 treats in 2021 will their profit be? Be sure to show you calculations workings