Cullumber Company has four operating divisions. During the first quarter of 2020, the company reported aggregate income from operations of $188,400 and the following divisional results. Division I 11 III TV Sales $246,000 $197,000 $500,000 $444,000 Cost of goods sold 205,000 195,000 305,000 250,000 Selling and administrative expenses 71,600 63,000 60,000 52,000 Income (loss) from operations $ (30,600) $ (61,000) $138,000 $142,000 Analysis reveals the following percentages of variable costs in each division. 1 11 11 TV Cost of goods sold 74% 88% 78% 76% Selling and administrative expenses 37 61 50 59 Discontinuance of any division wodd save 50% of the fixed costs and expenses for that division Top management is very concerned about the unprofitable divisions (I and II). Consensus is that one or both of the divisions should be discontinued Prepare a columnar condensed income statement for Cullumber Company, assuming Division It is eliminated. Division II's unavoidable fixed costs are allocated equally to the continuing divisions. (Enter negative amounts using either a negative sign preceding the number .g. -45 or parentheses e.g. (45).) CULLUMBER COMPANY CVP Income Statement For the Quarter Ended March 31, 2020 Divisions 1 III Total IV Sales Variable costs Cost of goods sold Selling and administrative Total variable costs Contribution margin Fixed costs Cost of goods sold Selling and administrative Total fixed costs Income (less) from operations $