Bovine Company, a wholesale distributor of umbrellas, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement: Sales Variable expenses $2,140,000 952,220 Contribution margin Fixed expenses 1,187,780 1,333,000 Operating loss $ (145,220) In an effort to isolate the problem, the president has asked for an income statement segmented by geographic market. Accordingly, the Accounting Department has developed the following: Geographic Market Sales Variable expenses as a percentage of sales Traceable fixed expenses South $614,000 54% $304,000 Central $813,000 36% $503,000 North $713,000 46% $314,000 Required: 1. Prepare a contribution format income statement segmented by geographic market, as requested by the president. Geographic Market Total Company South Central North $ 0 O 0 0 $ 0 $ 0 $ 0 0 $ 0 2-a. The company's sales manager believes that sales in the Central geographic market could be increased by 15% if monthly advertising is increased by $39,000. Calculate the incremental net operating income. Incremental net operating income