Required Information Use the following Information for the Exercises below. (Algo) [The following Information applies to the questions displayed below.] Hudson Company reports the following contribution margin income statement. HUDSON COMPANY Contribution Margin Income Statement For Year Ended December 31 Sales (10,700 units at $300 each) Variable costs (10,700 units at $240 each) Contribution margin Fixed costs Income $ 3,210,000 2,568,000 642,000 504,000 $ 138,000 Exercise 18-19 (Algo) Evaluating strategies-new machine LO C2 The company is considering buying a new machine that will increase its fixed costs by $40,000 per year and decrease its variable costs by $8 per unit. Prepare a contribution margin Income statement for the next year assuming the company purchases this machine. Sales HUDSON COMPANY Contribution Margin Income Statement Variable costs For Year Ended December 31 Contribution margin Fixed costs Income/Loss $