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Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $500,000, 46%, and $10,000, respectively. The North Division's contribution margin and contribution margin ratio are $150,000 and 50%, respectively. The South Division's segment margin is $30,000. The company has $90,000 of common fixed expenses that cannot be traced to either division Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (ie 1234 should be entered as 12.3)) Divisions Total Company Amount $ 500 000 10001 Sales North Amount 300 000 150.000 150,000 South Amount 10001 $ 200.000 5001 120.000 500 80 000 1000 60 Variable expenses Contribution margin 270,000 230,000 5401 46 01 400 Traxable fixed expenses 50 000 10 000 Territorial segment margin Common fixed expenses Net operating income 00.000 10.000 TS

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