Thankful Corporation presented the following financial results for its three divisions: Turkey Potatoes Rolls Sales revenue 5,300,000 4,800,000 5,600,000 Uncontrollable fixed expenses (traceable to division) 1,150,000 1,325,000 1,212,300 Controllable fixed expenses (traceable to division) 1,525,000 1,212,000 1,100,000 In addition, the variable costs equaled 25% of revenue for each division. Corporate overhead costs totaled $112,000. The tax rate was 20%. Required: 1. Create a segmented income statement for Thankful Corporation. You can find an example with Exhibit 12-7. 2. What is segmented reporting? 3. Describe the three important characteristics of segmented reporting. 4. Define common costs. How would you determine where to record these costs on the segmented income statement?