Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2016 Woodfield Candies, Inc. Trial Balance December 31, 2016 Debit Credit Cash $42,000 Accounts 156,000 receivable (net) Inventory December 31, 180,000 2016 Equipment and fixtures (net) 540,000 Accounts $108,000 payable Common stock 450,000 Retained 180,000 earnings Revenue 840,000 -department X Revenue 360,000 -department Y Cost of goods 420,000 sold department X Cost of goods 216,000 sold denartment Y Cost of goods 216,000 sold- department Y Sales salaries 192,000 expense Advertising 42,000 expense Insurance 24,000 expense Uncollectible 9,000 accounts expense Occupancy 36,000 expense Office and other 81,000 administrative expense $1,938,000 $1,938,000 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 Commo Y Fxnense and other records, the following tabulation was obtained Traceable Expense Common Dept. X Dept. Y Expense Sales salaries 147,000 $45,000 expense Advertising 18,000 6,000 $18,000 expense Insurance 15,000 9,000 expense Uncollectible 6,000 3,000 accounts expense Occupancy 36,000 expense Office and other 2,000 9,000 60,000 administrative expense 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