No results Chegg. Study PRACTICENEW Sear TEXTBOOK SOLUTIONS EXPERT O&A Question: Shannon Company segments its income statement i Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $650,000, 40%, and S13000, respectively. The North Division's contribution margin and contribution margin ratio are $110,000 and 44%, respectively. The South Division's segment margin is $60,000. The company has S97 500 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented 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. (Round your percentage answers to 1 decimal place (i.e.1234 should be entered as 12.3)) TU