The Regal Cycie Company manufactures three types of bicycles -a dirt bike, a mountain bike, and a racing bike. Data on sales and xpenses for the past quarter follow: "Allocated on the basis of sales dosors. Management is concemed about the continued losses shown by the racing bikes and wants a recommendation as to whether or not the line should be discontinued. The speciol equipment used to produce racing bikes hos no resale value and does not wear out. Required: 1. Whot is the financial advantoge (disadvantage) per quarter of discontinuing the Racing Bikes? 2. Should the production and sale of racing bikes be discontintied? 3. Prepore a properly formatted segmented income statement that would be more useful to management in assessing the long-run profitobility of the various product ines. 1. What is the financial advantage (disadvantage) per quarter of discontinuing the Racing Bik 2. Should the production and sale of racing bikes be discontinued? 3. Prepare a properly formatted segmented income statement that would be more useful to profitability of the various product lines. Complete this question by entering your answers in the tabs below. What is the financial ad ddvantage) per quarter of discontinuing the Racing Bikes? Prepare a properly formatted segmented income statement that would be more useful to management in assessing the lonig-1 profitability of the various product lines