Divisional Income Statements and Return on Investment Analysis E.F. Lynch Company is a diversified investment company with three operating divisions organized as investment centers. Condensed data taken from the records of the three divisions for the year ended June 30, 20YB, are as follows: Fee revenue Operating expenses Invested assets Mutual Fund Division Electronic Investment Brokerage Banking Division Division $2,380,000 $2,500,000 $2,410,000 1,162,000 8,700,000 1,054,600 7,300,000 1,704,4001 4,900,000 The management of EF. Lynch Company is evaluating each division as a basis for planning a future expansion of operations. Required: 1. Prepare condensed divisional income statements for the three divisions, assuming that there were no service department cost allocations. E.F. Lynch Company Divisional Income Statements For the Year Ended June 30, 2018 Fee revenue Operating expenses Income from operations Mutual Electronic Investment Fund Brokerage Division Division Banking Division