Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $620,000, 50%, and $49,600, respectively. The North Divisions contribution margin and contribution margin ratio are $187,500 and 75%, respectively. The South Divisions segment margin is $50,000. The company has $62,000 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.