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 Division Total Book Division $8,100,000 $3,426,900 $11,526,900 Sales Revenue. Cost of Goods sold Variable costs 2,300,000 Fixed costs 1,107,500 1,146,600 3,446,600 1,277,300 2,384,800 Gross Profit $4,692,500 $1,003,000 $5,695,5ee Operating Expenses Variable Fixed 165,000 242,000 407,000 Net income 2,946,000 1,205,800 4,151,800 $1,581,500 $ (444,800) $ 1,136,700 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? Complete this question by entering your answers in the tabs below. Required Required 1 2 Present the financial information in the form of a segmented income statement (using the contribution margin approach). Sales revenue Variable costs Operating expenses Direct fixed costs Common fixed costs Book Division Magazine Division Total Net income (loss)