Preview Edit View Go Tools Window Help - Screen Shot 2021-03-03 at 3.04.11 PM Anderson Publishing has two divisions: Book Publishing & Magazine Publishing. The Magazine division has been losing money for the last 5 years and Anderson is considering eliminating that division, Anderson's information about the two divisions is as follows: Magazine Book Division Division Total Sales Revenue $ 8,180,000 $ 3,460,800 $11,640,800 Cost of Goods sold Variable costs 2,380,000 1,186,400 3,566,400 Fixed costs 1,115,500 1,297,900 2,413,400 Gross Profit $ 4,684,500 976,500 $ 5,661,000 Operating Expenses Variable 173,000 253,700 426,780 Fixed 2,954,000 1,210,200 4,164,200 Net income $ 1,557,500 $ (487, 400) $ 1,070, 100 Only 20 percent of the fixed manufacturing costs and 60 percent of the fixed operating expenses are directly attribute to each division. The remainder are common or shared between the two divisions. Required: 1. Present the financial information in the form of a segmented income statement (using the contribution margin approach). 2. What will be the impact on net income if the Magazine Division is eliminated? Complete this question by entering your answers in the tabs below. Regu Required 2 Present the financial Information in the form of a segmented Income statement (using the contribution margin approach)