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 $ 7,980,000 $ 3,376, 200 $ 11, 356, 200 Cost of Goods sold Variable costs 2, 180,000 1, 086, 700 3,266, 700 Fixed costs 1, 095, 500 1, 246, 400 2, 341, 900 Gross Profit $ 4, 704,500 $ 1, 043, 100 $ 5, 747, 600 Operating Expenses Variable 153,000 224, 400 377, 400 Fixed 2,934,000 1, 199, 100 4, 133, 100 Net income $ 1, 617, 500 $ (380, 400) $ 1,237, 100 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 1 Required 2 Present the financial information in the form of a segmented income statemen Book Division Magazine Total Division Sales revenue 7,980,000 $ 3,376,200 $ 11,356,200 Variable costs Cost of goods sold 2,180,000 1,086,700 3,266,700 Operating expenses 153,000 224,400 377,400 Contribution margin Direct fixed costs Manufacturing costs Operating expenses Segment margin Common fixed costs Operating expenses Manufacturing costs Net income (loss)