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Bovine Company, a wholesale distributor of umbrellas, has been experiencing losses for some time, as shown by it most recent monthly contribution format income statement: Sales $2,000,000 Variable expenses 792,000 Contribution Margin_1,208,000 Fixed Expenses 1,305,000 Operating loss $197.000) In an effort to isolate the problem, the president has asked for an income statement segmented by geographic market. Accordingly, the Accounting Department has developed the following. Sales Variable exp (% of sales) Traceable fixed expense South $600,000 52% $320,000 Central $800,000 30% $530,000 North $600,000 40% $300,000 - Required: 1. Prepare a contribution format income statement segmented by geographic market, as requested by the president 2. The company's sales manager believes that sales in the Central geographic market could be increased by 15% if monthly advertising is increased by $25,000. Would you recommend the increased advertising? Show computations to support your