Toxaway Company is a merchandiser that segments its business into two divisions-Commercial and Residential. The company's accounting Intern was asked to prepare segmented income statements that the company's divisional managers could use to calculate their break-even points and make decisions. She took the prior month's companywide Income statement and prepared the absorption format segmented income statement shown below: Sales Cost of goods sold Gross margin Selling and administrative expennen Net operating income Total Company $ 1.020,000 669,800 350.200 312,000 $ 38,200 Comercial Residential $ 340,000 $ 680,000 180,200 489,600 159,800 190,400 140,000 172.000 $ 19,800 $ 18,400 In preparing these statements, the Intern determined that Toxaway's only variable selling and administrative expense is a 10% sales commission on all sales. The company's total fixed expenses include $60,000 of common fixed expenses that would continue to be incurred even if the Commercial or Residential segments are discontinued, $86,000 of fixed expenses that would disappear if the Commercial segment is dropped, and $64,000 of fixed expenses that would disappear if the Residential segment is dropped. Redo the intern's segmented income statement using the contribution format. Toxaway Company Income Statement Total Company Commercial Residential Variable expenses: Total variable expenses 0 0 0 0 $ 0 $ 0