Segmented Net Income. Franklin Bikes has two divisions-Road Bikes and Mountain Bikes. Using the segmented income statements presented in the following, determine the profit margin ratio for each division 0 8 4 Franklin Bikes Segmented Income Statements for the Current Fiscal Year Ended December 31 (dollar amounts are in thousands) Road Bikes Division Mountain Bikes Division Sales Cost of goods sold Gross margin Allocated overhead Selling and administrative expenses Operating income Income tax expense (30% rate) Net income $1,500,000 800,000 S 700,000 150,000 100,000 $ 450,000 135,000 S 315,000 $500,000 215,000 $285,000 115,000 75,000 S 95,000 28,500 $ 66,500