The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountaln bike, and a racing bike. Data on sales and expenses for the past quarter follow: *Allocated on the basis of sales dollars. Management is concerned about the continued losses shown by the racing bikes and wants a recommendation as to whether not the IIne should be discontinued. The speclal equipment used to produce racing bikes has no resale value and does not wea out. Required: 1. What is the financlal advantage (disadvantage) per quarter of discontinuing the Racing Bikes? 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 management in assessing the longrun profitability of the varlous product lines. Complete this question by entering your answers in the tabs below. What is the financial advantage (disadvantage) per quarter of discontinuing the Racing Bikes? Prepare a properly formatted segmented income statement that would be more useful to management in assessing the profitability of the various product lines