Music Teachers, Inc., is an educational association for music teachers that has 19,600 members. The association operates from a central headquarters but has local membership chapters throughout the United States. Monthly meetings are held by the local chapters to discuss recent developments on topics of interest to music teachers. The association's magazine, Teachers' Forum, is issued monthly with features about recent developments in the field. The association publishes books and reports and also sponsors professional courses that qualify for continuing professional education credit. The association's statement of revenues and expenses for the current year is presented below. $3,288,700 Music Teachers, Inc. Statement of Revenues and Expenses For the Year Ended November 30 Revenues Expenses: Salarios Personnel conto Occupancy costs Reimbursement of member costs to local chapters Other membership services Printing and paper Postage and shipping Instructors' fees General and administrative Total expenses Excess of revenues over expenses 956,000 239,000 239,000 570.000 590,000 330,000 210.000 79,000 35,000 3,248,000 40.700 $ The board of directors of Music Teachers, Inc., has requested that a segmented income statement be prepared showing the contribution of each segment to the association. The association has four segments: Membership Division, Magazine Subscriptions Division, Books and Reports Division, and Continuing Education Division, Mike Doyle has been assigned responsibility for preparing the segmented income statement, and he has gathered the following data: a. The 19,600 members of the association pay dues of $100 per year, of which $20 covers a one-year subscription to the Teachers bertentan ha The Personnel costs are 25% of salaries in the separate divisions as well as for the corporate staff. The $239,000 in occupancy costs includes $59,000 in rental cost for a warehouse used by the Books and Reports Division for storage purposes. Assume that this cost could be avoided If the division were eliminated. g. Printing and paper costs other than for magazine subscriptions and for books and reports relate to the Continuing Education Division h. General and administrative expenses include costs relating to overall administration of the association as a whole. The company's corporate staff does some mailing of materials for general administrative purposes. The expenses that can be traced or assigned to the corporate staff, as well as any other expenses that are not traceable to the segments, will be treated as common costs. It is not necessary to distinguish between variable and fixed costs. Required: 1. Prepare a segmented Income statement for Music Teachers, Inc. This statement should show the segment margin for each division as well as results for the association as a whole. Music Teachers, Inc. Segmented Income Statement For the Year Ended November 30 Division Association Total Membership Magazine Subscriptions Books & Reports Continuing Education