Anderson Publishing has two divisions: Book Publishing and Magazine Publishing. The Magazine division has been losing...

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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 Fixed manufacturing costs Gross Profit Operating Expenses Variable operating expenses Fixed operating expenses Net income Book Division $ 8,060,000 2,260,000 1,103,500 $ 4,696,500 161,000 2,942,000 $ 1,593,500 Magazine Division $ 3,410,000 Total $ 11,470,000 1,126,600 1,267,000 $ 1,016,400 236,100 1,203,500 $ (423,200) 3,386,600 2,370,500 $5,712,900 397,100 4,145,500 $ 1,170,300 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? 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 Manufacturing expenses Operating expenses Book Division Magazine Division n Total 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 m Sales revenue Variable costs Manufacturing expenses Operating expenses Contribution margin Direct fixed costs Operating expenses Segment margin Common fixed costs. Manufacturing costs Operating expenses Net income (loss) Book Division Magazine Total Division 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 Fixed manufacturing costs Gross Profit Operating Expenses Variable operating expenses Fixed operating expenses Net income Book Division $ 8,060,000 2,260,000 1,103,500 $ 4,696,500 161,000 2,942,000 $ 1,593,500 Magazine Division $ 3,410,000 Total $ 11,470,000 1,126,600 1,267,000 $ 1,016,400 236,100 1,203,500 $ (423,200) 3,386,600 2,370,500 $5,712,900 397,100 4,145,500 $ 1,170,300 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? 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 Manufacturing expenses Operating expenses Book Division Magazine Division n Total 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 m Sales revenue Variable costs Manufacturing expenses Operating expenses Contribution margin Direct fixed costs Operating expenses Segment margin Common fixed costs. Manufacturing costs Operating expenses Net income (loss) Book Division Magazine Total Division