Review the traditional format income statement for European Satellite Corporation that follows, and classify the indicated costs as being fixed, semivariable, or variable in nature. European Satellite Corporation Income Statement for the Year Ending March 31 Fixed Cost Semivariable Cost Variable Cost $7,546,235 Net sales Cost of goods sold: Direct materials Direct labor Overhead expenses: Insurance expense Electric utility expense 2,414,795 2,112,946 00 00 00 00 00 00 301,849 150,925 Total cost of goods sold 4,980,515 2,565,720 0 0 00 00 Gross profit Operating expenses: Shipping and delivery expenses Depreciation on buildings and property Total operating expenses Earnings before interest and taxes (EBIT) Interest expense Earnings before taxes (EBT) Taxes (35%) Net income Preferred stock dividends Earnings available to common shareholders 0 226,387 528,236 754,623 1,811,097 452,774 1,358,323 475,413 $882,910 196,202 $686,708 0 0 0 0 0 0 0 0 Given your findings for European Satellite Corporation above, construct an income statement using the revised format. For simplicity's sake-and for this portion of the problem only-assume the following: Any semivariable cost is composed of a 50% variable-cost component and a 50% fixed-cost component. (Remember, in actuality, these percentages will differ depending on the source of the cost.) All of the company's tax expense consists of sales and income taxes, and thus, varies proportionately with European Satellite's sales. All dollar amounts-except the firm's earnings per share (EPS)-should be rounded to the nearest whole dollar. The company's EPS should be expressed to two decimal places. $7,546,235 European Satellite Corporation Income Statement for the Year Ending March 31 Net sales Less: Variable operating costs Fixed operating costs Total operating costs Earnings before interest and taxes (EBIT) Less: Fixed capital costs Earnings before taxes (EBT) Less: Income taxes (Variable, 35%) Earnings after taxes (EAT) Less: Fixed capital costs Earnings available to common shareholders 1,811,097 1,358,323 $882,910 Earnings per share (EPS) 200,000 shares