Exercise 6-7 Segmented Income Statement (LO6-4) Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $480,000, 36%, and $9.600, respectively. The North Division's contribution margin and contribution margin ratio are $92,000 and 40%, respectively. The South Division's segment margin is $32,500. The company has $62,400 of common fixed expenses that cannot be traced to either division Required: Prepare an income statement for Shannon Company that uses the contribution format and is, segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e 1234 should be entered as 12.3).) es Total Company Amount $ 480,000 North Amount 1000 s 92000 Divisions South Amount 100.00 $ 32,500 % Sales 1000 Variable expenses Contribution margin Traceable foxed expenses Territorial segment margin Common faced expenses Net operating income