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 $500,000, 46%, and $10,000, respectively. The North Division's contribution margin and contribution margin ratio are $150,000 and 50%, respectively. The South Division's segment margin is $30,000. The company has $90,000 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. 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 Divisions Total Company North South Amount Amount Amount 500,000 270,000 230,000 130,000 100,000 90,000 $ 10,000 100.0$ 300,000 150,000 150,000 80,000 S 200,000 120,000 80,000 50,000 $30,000 100.0 60.0 40.0 25.0 15.0 Sales ariable expenses Contribution margin Traceable fixed expenses Territorial segment margin Common fixed expenses Net operating income 54.0 46.0 26.0 20.0 $ 70,000 18.0 2.0