Cullumber Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $193,000 and the following divisional results. Division | II III IV Sales Cost of goods sold Selling and administrative expenses Income (loss) from operations $250.000 205,000 70,000 $ (25,000) $198.000 189,000 63,000 $(54,000) $496,000 297,000 61,000 $138,000 $443,000 255,000 54,000 $134,000 Analysis reveals the following percentages of variable costs in each division. 11 IV 1 69 % 37 89 % 80 % Cost of goods sold Selling and administrative expenses 74 % 61 51 58 Discontinuance of any division would 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 II is elimina unavoidable fixed costs are allocated equally to the continuing divisions. (Enter negative amounts using sign preceding the number e.g.-45 or parentheses e.g. (45).) CULLUMBER COMPANY CVP Income Statement For the Quarter Ended March 31, 202 Divisia I Sales $ $ 250000 $ 496000 Variable costs Cost of goods sold 141450 i -237600 i Selling and administrative -25900 i -31110 i Total variable costs Contribution margin 82650 227290 Fixed costs Cost of goods sold -63550 -59400 Selling and administrative -44100 -29890 Total fixed costs -7560 -7560 Income (loss) from operations $ -32560 $ 130440 Prepare a columnar condensed income statement for Cullumber Company, assuming Division II 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 e.g.-45 or parentheses e.g. (45).) CULLUMBER COMPANY CVP Income Statement For the Quarter Ended March 31, 2022 Divisions III | IV Total 250000 $ 496000 $ 443000 $ 1189000 141450 i -237600 i -188700 i -25900 -31110 i -31320 i -88330 i 82650 227290 222980 532920 -63550 -59400 -66300 -44100 -29890 -22680 -7560 -7560 -7560 -32560 $ 130440 $ 126440 $ -36560