Prepare an income statement in contribution margin format from the following: Ladco Inc. Income Statement For the Year ending December 31, 2020 Sales $ 650,000 Cost of Goods Sold Gross Margin 250,000 $ 400,000 Operating Expenses Advertising expense $ 60,000 Delivery expense 25,000 Sales salaries expense 150,000 Insurance expense Depreciation expense Total Operating Expenses Net Income 14,000 3,000 252,000 $ 148,000 Note the following: 10% of Cost of Goods sold is for fixed costs. Advertising and insurance are both fixed expenses Delivery is a mixed expense. 20% of delivery charges are variable . Sales salaries are mixed expense with 10% of salaries variable Depreciation is computed using straight line depreciation