Pharoah company has four operating divisions. during the first quarter of 2022, the company reported aggregate income from operations of $212,200 and the following divisional results. Division ------------------------------------------------------------------------------------------------------- I II III IV Sales $247,000 $198,000 $499,000 $448,000 Cost of goods sole 203,000 192,000 295,000 250,000 Selling and administrative expenses 69,800 57,000 65,000 48,000 ---------------------------------------------------------------------------------------- Income (loss) from operations $(25,800) $(51,000) $139,000 $150,000 Analysis reveals the following percentages of variable costs in each division. I II III IV Cost of goods sold 71% 88% 81% 76% Selling and administrative expenses 38 59 50 60 Discontinuance of any division would save 50% of the fixed costs and expense for that division. Top management is very concerned about the unprofitable divisions (I and II). Consensus is that one or both of the division should be discontinued. C. prepare a columnar condensed income statement for pharoah company, assuming disivion II is eliminated. Division II's unavoidable fixed costs are allocated equally for the continuing divisions. (enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) PHAROAH COMPANY CVP Income Statement For the Quarter Ended March 31, 2022 Division ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- I III IV 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 $ $ $