Shannon Company segments its income statement into its North and South Divisions.The company's overall sales, contribution margin ratio, and net operating income are $500,000, 50%, and $25,000 respectively.The North Division's contribution margin and contribution margin ratio are $142,500 and 75% respectively.The South Division's segment margin is $40,000.The company has $50,000 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 statements as a percent of sale.