Polarx 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 $3,800 each. Variable selling expenses are $310 per ATV. The remaining selling expenses are fixed. Administrative expenses are 70% variable and 30% fixed. The company does not manufacture its own ATVs, it purchases them from a supplier for $1.850 each POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales 5611,800 Cost of goods sold 292.850 Gross margin Operating expenses Selling expenses $140,000 Administrative expenses 42,500 182.500 Set Income $131,450 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)