Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $490,000, 38%, and $9,800, respectively. The North Divisions contribution margin and contribution margin ratio are $100,800 and 42%, respectively. The South Divisions segment margin is $35,000. The company has $68,600 of common fixed expenses that cannot be traced to either division.

Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income.