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 $ 7,940,000 $ 3,359, 200 $11,299,200 Cost of Goods sold Variable costs 2,140,000 1,066,800 3,206,800 Fixed costs 1,091,500 1,236,100 2,327,600 Gross Profit $ 4,708,500 $ 1,056,300 $ 5,764,800 Operating Expenses Variable 149,000 218,500 367,500 Fixed 2,930,000 1,196,800 4,126,800 Net income $ 1,629,500 $(359,000) $ 1,270,580 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. Required 1 Required 2 Present the financial information in the form of a segmented income statement (using the contribution margin approach). Book Division Magazine Division Total Sales revenue Variable costs Cost of goods sold Operating expenses Non operating expenses Contribution margin Direct fixed costs Common fixed costs Net income (loss) Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 What will be the impact on net income if the Magazine Division is eliminated? Impact on net income