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: Book Division $ 8,140,000 Magazine Division $ 3,443,800 Total $ 11,583,800 Sales Revenue Cost of Goods sold Variable costs Fixed costs Gross Profit Operating Expenses Variable Fixed Net income 2,340,000 1,111,500 $ 4,688,500 1,166,500 1,287,600 989,700 3,506,500 2,399, 100 $ 5,678, 200 $ 169,000 2,950,000 $ 1,569,500 247,900 1,208,000 (466, 200) 416,900 4,158,000 1,103,300 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 statement (using the contribution margin approach). Book Division Magazine Total Division $ 3,443,800 $ 11,583,800 Sales revenue $ 8,140,000 Variable costs Cost of goods sold Operating expenses 3,506,500 2,340,000 169,000 1,166,500 247,900 416,900 Required 1 Required 2 Present the financial information in the form of a segmented income statement (using the contribution margin approach). Book Division Total Magazine Division $ 3,443,800 Sales revenue $ 8,140,000 $ 11,583,800 Variable costs 1,166,500 3,506,500 Cost of goods sold Operating expenses 2,340,000 169,000 247,900 416,900 5,631,000 2,029,400 7,660,400 Contribution margin Direct fixed costs Non operating expenses Operating expenses 724,800 590,000 1,314,800 Segment margin Common fixed costs Manufacturing costs Operating expenses Vet income (loss)