Use the following information for the Exercises below. $($Algo$)[$The following information applies to the questions displayed below.$]$Hudson Company reports the following contribution margin income statement.HUDSON COMPANYContribution Margin Income StatementFor Year Ended December $31$Sales $(11,300$ units at $$175$ each$)$Variable costs $(11,300$ units at $$140$ each$)$Contribution marginFixed costsIncome$ $1,977,5001,582,000395,500315,000$$ $80\mathrm{.}500$Exercise $18-19($Algo$)$ Evaluating strategies$-$new machine LO C$2$The company is considering buying a new machine that will increase its fixed costs by $$37,000$ per year and decrease its variable costs by $$8$ per unit. Prepare a contribution margin income statement for the next year assuming the company purchases this