Mini-Exercise 15-7 (Static) Segmented income statement LO 8 ABC Company operates two divisions with the following sales and expense information for the month of August: Division 1: sales, $120,000; contribution margin ratio, 50%; direct fixed expenses, $24,000. Division 2: sales, $80,000; contribution margin ratio, 70%; direct fixed expenses, $16,000. ABC Company's total fixed expenses during August was $100,000. Required: Prepare a segmented income statement for ABC Company to determine the segment margin for Divisions 1 and 2 and the operating income for ABC Company