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: Sales Variable expenses Contribution margin Fixed expenses Net operating income (loss) $ 1,508,000 656, 560 851, 440 937,000 $ (85,560) In an effort to resolve the problem, the company would like to prepare an income statement segmented by division. Accordingly, the Accounting Department has developed the following information: Sales Variable expenses as a percentage of sales Traceable fixed expenses East $398,000 62% $278,000 Division Central $600,000 36% $326,000 West $510,000 388 $208,000 Required: 1. Prepare a contribution format income statement segmented by divisions