125 points Anderson Publishing has two divisions: Book Publishing and Magazine Publishing. The Magazine division has been losing money for the last five years and Anderson is considering eliminating that division. Anderson's information about the two divisions is as follows: Sales Revenue Cost of Goods sold Variable manufacturing costs Gross Profit Fixed manufacturing costs Variable operating expenses Fixed operating expenses Operating Expenses Book Division $7,900,000 Magazine Division $3,342,300 Total $ 11,242,300 Net income 2,100,000 1,087,500 $4,712,500 145,000 2,926,000 $1,641,500 1,046,900 1,225,800 $ 1,069,600 212,700 1,194,600 5 (337,700) 3,146,900 2,313,300 $ 5,782,100 357,700 4,120,600 $ 1,383,800 Only 20 percent of the fixed manufacturing costs and 60 percent of the fixed operating expenses are directly attributable to each division. The remaining are common or shared between the two divisions. Required: 1. Present the financial information in the form of a segmented income statement (using the contribution margin approach) 2. What will be the impact on net income if the Magazine Division is eliminated? Answer is not complete. Complete this question by entering your answers in the tabs below. Bequined 2 Present the financial information in the form of a segmented income statement (using the contribution margin approach) 4 1.25 points Complete this question by entering your answers in the tabs below. Required 1 Required 2 Present the financial information in the form of a segmented income statement (using the contribution margin approach), Sales revenue Variable costs Operating expenses Direct fixed costs Manufacturing costs Operating expenses Common fixed costs Manufacturing costs Operating expenses Net income (loss) Book Division Magazine Division Total $ 7,900,000 $3,342,300 11,242,300 00 00 145,000 212,700 357,700 O 420,000 1,046.900 3.140,000 4 25 pints Fixed manufacturing costs Gross Profit Operating Expenses Variable operating expenses Fixed operating expenses Net incone 1,087,500 $ 4,712,500 145,000 2,926,000 $ 1,641,500 1,225,800 $ 1,069,600 212,700 1,194,600 $ (337,700) 2,313,300 $ 5,782,100 357,700 4,120,500 $ 1,303,800 Only 20 percent of the fixed manufacturing costs and 60 percent of the fixed operating expenses are directly attributable to each division. The remaining are common or shared between the two divisions. Required: 1. Present the financial information in the form of a segmented income statement (using the contribution margin approach). 2. What will be the impact on net income if the Magazine Division is eliminated? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What will be the impact on net income if the Magazine Division is eliminated? Impact on hel income decrease