Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $440,000, 60%, and $26,400, respectively. The North Divisions contribution margin and contribution margin ratio are $120,000 and 75%, respectively. The South Divisions segment margin is $34,000. The company has $44,000 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.