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 $620,000, 50%, and $49,600 respectively. The North Division's contribution margin and contribution margin ratio are $187,500 and 75% respectively. The South Division's segment margin is $50,000. The company has $62,000 of common fixed expenses that cannot be traced to either division Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3)) Divisions Total Company North South Amount Amount Amount 100.0$ 250,000 62,500 187,500 Sales $ 620,000 100.0$ 370,000 100.0 ariable expenses Contribution margin Traceable fixed expenses 25.0 620,000 100.0 75.0 370,000 100.0 100.0 187,500 75.0$ 370,000 100.0 erritorial segment margin Common fixed expenses Net operating income 620,000 62,000 $ 558,000 100.0