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: Book Division Magazine Division Total Sales Revenue $ 8,020,000 $ 3,393,100 $ 11,413,100 Cost of Goods sold Variable manufacturing costs 2,220,000 1,106,700 3,326,700 Fixed manufacturing costs 1,099,500 1,256,700 2,356,200 Gross Profit $ 4,700,500 $ 1,029,700 $ 5,730,200 Operating Expenses Variable operating expenses 157,000 230,300 387,300 Fixed operating expenses 2,938,000 1,201,300 4,139,300 Net income $ 1,605,500 $ (401,900) $ 1,203,600 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 ifthe 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). Net income (loss) Required 2 > Required 1 Required 2 What will be the impact on net income if the Magazine Division is eliminated?