Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement, which follows: Sales Variable expenses $1,604,000 636,820 Contribution margin Fixed expenses 967,180 1,064,000 Net operating income (loss) $ (96,820) In an effort to isolate the problem, the president has asked for an income statement segmented by division Accordingly, the Accounting Department has developed the following information: Division Central $394,000 $690,000 $520,000 East West Sales Variable expenses as a percentage of sales Traceable fixed expenses 58% 23% 48% $275,000 $321,000 $190,000 Required: 1. Prepare a contribution format income statement segmented by divisions, as desired by the president Total CompanyEast Central