P24-3A. Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2016: WOODFIELD CANDIES, INC, Trial Balance December 31, 2016 Debit Credit $ 42,000 156,000 180,000 540,000 Cash. Accounts receivable (net). Inventory, December 31, 2016 Equipment and fixtures (net) Accounts payable..... Common stock Retained earnings Revenue-department X Revenue-department Y Cost of goods sold-department X Cost of goods sold-department Y Sales salaries expense. Advertising expense. Insurance expense.. Uncollectible accounts expense Occupancy expense.. Office and other administrative expense $ 108,000 450,000 180,000 840,000 360,000 420,000 216,000 192,000 42,000 24,000 9,000 36,000 81,000 $1,938,000 $1,938,000 Woodfield analyzes its operating expenses at the end of each period in order to prepare an income state- ment that will exhibit departmental contribution to common expenses. From payroll records, advertising copy, and other records, the following tabulation was obtained: Traceable Expense Common Expense Dept. X $147,000 18,000 15,000 6,000 Sales salaries expense. Advertising expense. Insurance expense. Uncollectible accounts expense Occupancy expense....... Office and other administrative expense. Dept. Y $45,000 6,000 9,000 3,000 $18,000 36,000 60,000 12,000 9,000 Required Prepare a departmental income statement for Woodfield Candies, Inc., showing departmental contribu- tion to common expenses, assuming an overall income tax rate of 35%