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Music Teachers, Inc., is an educational association for music teachers that has 20,000 members. The association operates from a central headquarters 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 teachers. The association's journal, Teachers' Forum, is issued monthly with features about recent developments in the field. The association 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 Music Teachers, Inc Statement of Revenues and Expenses For the Year Ended November 30 Revenues $3,354,000 Expenses Salaries Personnel costs Occupancy costs Reimbursement of mem Other membership services Printing and paper Postage and shipping Instructors' fees General and administrative 969,000 242,250 297,000 510,000 560,000 356,000 236,000 80,000 30,000 ber costs to local chapters Total expenses 3,280,250 Excess of revenues over expenses $ 73,750 The board of directors of Music Teachers, Inc., has requested that a segmented income statement be prepared showing the contribution of each segment to the association. The association has four segments Membership Division, Magazine Subscriptions Division, Books and Reports Division, and Continuing Education Division. Mike Doyle has been assigned responsibility for preparing the segmented income statement, and he has gathered the following data prior to its preparation. a. Membership dues are $100 per year, of which $20 is considered to cover a one-year subscription to the association's journal. Other benefits include membership in the association and chapter affiliation. The portion of the dues covering the magazine subscription ($20) should be assigned to the Magazine Subscription Division