Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $4,200 each. Variable selling expenses are $220 per ATV. The remaining selling expenses are fixed. Administrative expenses are 50% variable and 50% fixed. The company does not manufacture its own ATVs: it purchases them from a supplier for $1,900 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31, 2017 Sales Cost of goods sold Gross margin Operating expenses $630,000 285,000 345,000 Selling expenses Administrative expenses $170,000 210,900 $134,100 Net income Required: 1. Prepare an income statement for this current year using the contribution margin format. (Round contribution margin per ATV to the nearest dollar amount.)