The Printing Shop is a large retailer of equipment for printers. An income statement for the company's color printer department for the most recent quarter is presented below: The Printer Shop Income Statement Color Printer Department For First Quarter of Current Year Sales $700,000 Less cost of goods sold 250,000 Gross margin 450,000 Less operang expenses: Selling expenses $195,000 Administrative expenses 145,000 340,000 Net income $110,000 The printers sell, on average, for $350 each. The department's variable selling expenses are $40 per printer sold. The remaining selling expenses are fixed. The administrative expenses are 30% variable and 70% fixed. The company purchases its printers from a supplier at a cost of $125 per liner. Required: In good form, prepare an income statement for the quarter, using the contribution approach