Oriole Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $208,400 and the following divisional results.

		Division
		I		II		III		IV
Sales		$245,000		$198,000		$501,000		$450,000
Cost of goods sold		203,000		189,000		297,000		254,000
Selling and administrative expenses		74,600		60,000		62,000		46,000
Income (loss) from operations		$ (32,600)		$ (51,000)		$142,000		$150,000

Analysis reveals the following percentages of variable costs in each division.

		I			II			III			IV
Cost of goods sold		66	%		88	%		78	%		73	%
Selling and administrative expenses		40			58			48			57

Discontinuance of any division would save 50% of the fixed costs and expenses for that division. Top management is very concerned about the unprofitable divisions (I and II). Consensus is that one or both of the divisions should be discontinued.

Prepare a columnar condensed income statement for Oriole Company, assuming Division II is eliminated. Division IIs unavoidable fixed costs are allocated equally to the continuing divisions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

ORIOLE COMPANY CVP Income Statement For the Quarter Ended March 31, 2022
		Divisions
		I		III		IV		Total
Sales
Variable costs
Cost of goods sold
Selling and administrative
Total variable costs
Contribution margin
Fixed costs
Cost of goods sold
Selling and administrative
Total fixed costs
Income (loss) from operations		$enter a net income or loss amount		$enter a net income or loss amount		$enter a net income or loss amount