EXERCISE 6-7 Segmented Income Statement [LO6-4 Shannon Company segments its income statement into its North and South Divisions. The pany's overall sales, contribution margin ratio, and net operating income are $500,000 46%, and S10,000, respectively. The North Division's contribution margin and contribution margin ratio $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 seg- mented by divisions. In addition, for the company as a whole and for each segment, show each com are item on the segmented income statements as a percent of sales