Music Teachers, Incorporated, is an educational Personnel costs are $25\%$ of salaries 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 their square feet occupied$)$ 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:

Prepare a segmented income statement for Music Teachers, Incorporated. This statement should show the segment margin for each

division as well as results for the association as a whole.association for music teachers that has $20,500$ 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. Music Teachers, Incorporated Statement of Revenues and Expenses For the Year Ended November $30$ Revenues $ $3,435,500$