2 Music Teachers, Incorporated, is an educationsl associstion for music teschers that hos 19,800 members. The association operates from a central heodquarters but has local membership chapters throughout the United States. Monthly meetings are held by the local chapters to discuss recent developments on topics of interest to music teochers. The association's msgazine, Teachers' Forum, is issued monthly with festures about recent developments in the field. The sssociation publishes books and reports and also sponsors professional courses that qualify for continuing professional education credit. The association's statement of revenues and expenses for the current year is presented below. The boord of directors of Music Teachers, Incorporated, hos requested that a segmented income statement be prepared showing the contribution of esch segment to the sssociation. The associstion has four segments: Membership Division, Mogozine Subscriptions Division, Books and Reports Division, and Continuing Education Division. Mike Doyle has been assigned responsibility for preporing the segmented income statement, and he has gathered the following dato: 0. The 19,800 members of the association poy dues of $100 per year, of which $20 covers a one-yesr subscription to the Teachers' Forum. Other benefits include membership in the association and chapter affiliation. The portion of the dues covering the magazine subscription ($20) should be ossigned to the Mogozine Subscriptions Division. b. A total of 3,600 one-year subscriptions to Teochers' Forum were also sold lost year to nonmembers and libraries at $34 per subscription. In addition to subscriptions, the journal generated $115,000 in advertising revenues. c. The costs to produce the Teochers' Forum magozine included \$8 per subscription for printing and poper and \$4 per subscription for postoge and shipping. d. A total of 28,300 technical reports and professional texts were sold by the Books and Reports Division at on average selling price per unit of $25. Averoge costs per publication were $4 for printing and poper and $2 for postage and shipping. e. The associstion offers o voriety of continuing educotion courses to both members and nonmembers. The one-doy courses hod a tuition cost of $75 esch and were attended by 2,600 students. A total of 1,820 students took two-doy courses at a tuition cost of $125 for eoch student. Outside instructors were paid to teach some courses. f. Salary costs and spoce occupied by division follow. Personnel costs ore 25% of salsries in the seporote divisions as well as for the corporate stoff. The $238,000 in occupsncy costs (which con be allocated to segments bosed on their square feet occupied) includes $50,000 in rental cost for 0 worehouse used by the Books and Reports Division for storsge purposes. Assume that this cost could be avoided if the division were eliminated. g. Printing and paper costs other than for magazine subscriptions and for books and reports relate to the Continuing Education Division. h. General and sdministrative expenses include costs relating to overall sdministration of the ossociation as o whole. The compony's corporste staff does some mailing of materisls for general soministrative purposes. The expenses that can be traced or assigned to the corporate staff, as well as any other expenses that are not tracesble to the segments, will be trested as common costs. It is not necessary to distinguish between voribble and fixed costs. Required: 1. Prepare a segmented Income statement for Music Teachers, Incorporated. This statement should show the segment margin for each division as well as results for the association as a whole