3. PREPARATION OF RESPONSIBILITY INCOME STATEMENTS Hal-Marts, Inc., has two sales departments: equipment and clothing. During February, these two departments reported the following operating results: Equipment Clothing Sales.................... .. .........----------------------------------------------------..... Contribution margin.....................-.-.-..-.-.-.-.- .-.-... | $490,000 35% $29,200 $250,000 50% Traceable fixed costs. $26,800 In addition, fixed costs common to both departments amounted to $54,400. Complete the following responsibility income statement for Hal-Marts, Inc. Follow the contribution margin approach, and show percentages as well as dollar amounts. Conclude your income statement with the company's income from operations. Segments HAL-MARTS, INC Income Statement by Product Lines For the Month Ended February 28, 20__ HAL-Marts, Inc. Clothing Dollars Equipment Dollars $490,000 % Dollars $250,000 Sales Contribution margin