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Anderson Publishing has two divisions: Book Publishing & Magazine Publishing. The Magazine division has been losing money for the last 5 years and Anderson is considering eliminating that division. Anderson's Information about the two divisions is as follows: Magazine Book Division Division Total Sales Revenue $ 7,860,098 $ 3,325,490 $ 11, 185, 498 Cost of Goods sold Variable costs 2,060, 090 1, 026,908 3,986,908 Fixed costs 1, 083, 590 1, 215, 508 2, 299, 908 Gross Profit $ 4,716, 508 $ 1,083, 098 $ 5,799, 508 Operating Expenses Variable 141, 980 206, 898 347, 808 Fixed 2,922,090 1, 192, 498 4, 114,498 Net income 1, 653, 508 (316, 209) $ 1,337,308 Only 20 percent of the fixed manufacturing costs and 60 percent of the fixed operating expenses are directly attribute to each division. The remainder 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?Required 1 Required 2 Present the financial information in the form of a segmented income statement Book Division Magazine Division Total Sales revenue 7,860,000 $ 3,325,400 11, 185,400 Variable costs Cost of goods sold 2,060,000 1,026,900 3,086,900 Operating expenses 141,000 206,800 347,800 Contribution margin 5,659,000 2,091,700 7,750,700 Direct fixed costs Operating expenses Manufacturing costs Segment margin Common fixed costs Net income (loss)