Exercise 19-8 Contribution margin format income statement LO P2 Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,400 each. Variable selling expenses are $270 per ATV.The remaining selling expenses are fixed. Administrative expenses are 80% variable and 20% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,810 each. POLARIX Income Statement-consumer ATV Department For Year Ended December 31, 2017 Sales cost of goods sold Gross margin Operating expenses $618,800 329,420 289,380 $140,000 Selling expenses Administrative expenses 41,000 8 Net income $108,380 Required: . Prepare an income statement for this current year using the contribution margin format. (Round contribution margin per ATV to the earest dollar amount.) Income Statement -Consumer ATV Department For Year Ended December 31, 2017 Required: 1. Prepare an i nearest dollar amount.) t for this current year using the contribution margin format. (Round n margin per ATV to the For r 31, 2017 nt nces Net income (loss) For each ATV sold during this year, what is the contribution toward covering fixed expenses and earning income? Contribution margin per ATV