Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $480,000, 60%, and $48,000, respectively. The North Divisions contribution margin and contribution margin ratio are $135,000 and 75%, respectively. The South Divisions segment margin is $38,000. The company has $72,000 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. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3))