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 $3,400 each. Variable selling expenses are $290 per ATV. The remaining selling expenses are fixed. Administrative expenses are 20% variable and 80% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,840 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $659,600 Cost of goods sold 356,960 Gross margin 302,640 Operating expenses Selling expenses $175,000 Administrative expenses 42,700 217,700 Net income $ 84,940 Required: 1. Prepare an income statement for the current year using the contribution margin format. (Do not round intermediate calculations. Round contribution margin per ATV value to the nearest whole number.) POLARIX Income Statement - Consumer ATV Department For Year Ended December 31