Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2019: Woodfield Candies, Inc. Trial Balance December 31, 2019 Debit Credit Cash $42,000 Accounts receivable (net) 156,000 Inventory, December 31, 2019 180,000 Equipment and fixtures (net) 540,000 Accounts payable $108,000 Common stock 450,000 Retained earnings 180,000 Revenue-department X 840,000 Revenue-department Y 360,000 Cost of goods sold - department X 420,000 Cost of goods sold - department Y 216,000 Sales salaries expense 192,000 Advertising expense 42,000 Insurance expense 24,000 Uncollectible accounts expense 9,000 Occupancy expense 36,000 Office and other administrative expense $1,938,000 $1,938,000 81,000 Woodfield analyzes its operating expenses at the end of each period in order to prepare an income statement that will exhibit departmental contribution to common expenses. From payroll records, advertising copy, and other records, the following tabulation was obtained: Traceable Expense Dept. X Dept. Y Common Expense Sales salaries expense Advertising expense Insurance expense Uncollectible accounts expense Occupancy expense Office and other administrative expense 12,000 9,000 $147,000 $45,000 18,000 6,000 $18,000 15,000 9,000 6,000 3,000 36,000 60,000 Prepare a departmental income statement for Woodfield Candies, Inc., showing departmental contribution to common expenses, assuming an overall income tax rate of 35%. Do not use negative signs with your answers below. Woodfield Candies, Inc. Departmental Income Statement For the Year Ended December 31, 2019 Sales Cost of goods sold Dept. X $840,000 Dept. Y $ 360,000 Total $1,200,000 420,000 216,000 636,000 Gross profit Operating expenses: Sales salaries expense 420,000 144,000 564,000 147,000 45,000 192,000 Advertising expense 18,000 6,000 24,000 Insurance expense 15,000 9,000 - 24,000 Uncollectible accounts expense 6,000 3,000 9,000 Office and other administrative expense 12,000 9,000 - 21,000 Traceable operating expenses 198,000 72,000 270,000 Contribution to common expenses 30,000 x 15,000 x 45,000 x Common expenses 114,000 180,000 Income before tax Income tax expense Net income 63,000 $ 117,000