Music Teachers, Incorporated, is an educational assoclation for music teachers with 20,500 members. The assoclation 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 assoclation's magazine, Teachers' Forum, is Issued monthly with features about recent developments in the field. The assoclation publishes books and reports and also sponsors professional courses that qualify for contlnuing professional education credit. The assoclation's statement of revenues and expenses for the current year is presented below. The board of directors of Music Teachers, Incorporated, wants a segmented Income statement showing the contribution of each segment to the assoclation. The association has four divisions-Membership, Magazine Subscriptions, Books and Reports, and Continuing Education-and gathered the following data: a. The 20,500 members of the assoclation pay dues of $100 per year, of which $20 covers a one-year subscription to the Teachers' Forum. Other benefits Include membership In the assoclation and chapter affillation. The portion of the dues covering the magazine subscription ( $20 ) should be assigned to the Magazine Subscriptions Division. b. A total of 2,800 one-year subscriptions to Teachers' Forum were also sold last year to nonmembers and librarles at $38 per subscription. In addition to subscriptions, the journal generated $112,000 in advertising revenues. c. The costs to produce the Teachers' Forum magazine Included $8 per subscription for printing and paper and $4 per subscription for postage and shipping. d. A total of 28,900 technical reports and professional texts were sold by the Books and Reports Division at an average selling price per unit of $25. Average costs per publication were $4 for printing and paper and $2 for postage and shipping. e. The assoclation offers a varlety of continulng education courses to both members and nonmembers. The one-day courses had a tultion cost of $75 each and were attended by 2,500 students. A total of 1,880 students took two-day courses at a tultion cost of $125 for each student. Outside Instructors were pald to teach some courses. f. Salary costs and space occupled by division follow: Personnel costs are 25% of salarles in the separate divisions as well as for the corporate staff. The $203,000 In occupancy costs (which can be allocated to segments based on thelr square feet occupled) Includes $53,000 In rental cost for a warehouse used by the Books and Reports DIvision for storage purposes. Assume that this cost could be avolded If the division were ellminated. g. Printing and paper costs other than for magazine subscriptions and for books and reports relate to the Contlinulng Education Division. h. General and administratlve expenses Include costs relating to the administration of the assoclation as a whole. The company's corporate staff does some malling of materlals for general administratlve purposes. The expenses traced or assigned to the corporate staff, as well as any other expenses not traceable to the segments, will be treated as common costs. It is not necessary to distingulsh between varlable and fixed costs. Requlred: 1. Prepare a segmented Income statement for Music Teachers, Incorporated that shows the segment margin for each division as we as results for the assoclation as a whole