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g Study Textbook Solutions Expert Q&A Practice for your homework /business / accounting / accounting solutions manuals / managerial accounting for managers: 4th edition / chap agerial Accounting for Managers (4th Edit is solution in the app Chapter 5. Problem 7E 5 Bookmarks Show all steps: ON Problem Segmented Income Statement Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $500,000, 46%, and $10,000, respectively. The North Division's contribution margin and contribution margin ratio are $150,000 and 50%, respectively. The South Division's segment margin is $30,000. The company has $90,000 of common fixed expenses that cannot be traced to either division Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. Step-by-step solution Step 1 of 6