4 Discuss in detail the Income Statement. What is shown on the Income Statement? Why is the Income Statement important to a hospitality firm? (400 words required. See direction sheet as a reminder for all directions)Objective: Discussion topics are mini essay type papers designed to open your mind to some of the complex and often challenging aspects of the hospitality industry and the financial processes within the industry. These are topics that in live class we dive into. Not all topics will be found in your book. You may need to search the internet and your mind for these topics. Answer all topics with your OWN thoughts. There are no bad ideas, but stolen ideas are not accepted. What does the topic mean to you? What do you perceive the best way to approach these topics would be? Think about your own experiences as you answer each topic and complete all aspects asked in the question. Plagiarism will result in a zero grade