Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $720,000, 44%, and $14,400, respectively. The North Divisions contribution margin and contribution margin ratio are $129,600 and 48%, respectively. The South Divisions segment margin is $76,500. The company has $122,400 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 sales.