Michaels Company segments its income statement into its East and West Divisions. The com-pany's overall sales, contribution margin ratio, alnd net operating income are S600.000.50%.and $50,000, respectively. The West Division's contribution margin and contribution margin ratio are $150,000 and 75%,respectively. The East Division's segment margin is $70,00. The company has $60,000 of common fixed costs that cannot be traced to either division. Required: Prepare an income statement for Michaels 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 item on the segmented income statements as a percent of sales.