The income statement segments Shannon Company's performance into North and South Divisions, with respective net operating incomes of $7,200 and $64,800. North Division's contribution margin ratio is 42.2%, while South Division's is 45.4%.Income Statement for Shannon Company:Total:Sales: $720,000Variable Expenses: $403,200Contribution Margin: $316,800Common Fixed Expenses: $122,400Segment Margin: $194,400Net Operating Income: $72,000North Division:Sales: $307,200Variable Expenses: $177,600Contribution Margin: $129,600Common Fixed Expenses: $61,200Segment Margin: $68,400Net Operating Income: $7,200South Division:Sales: $412,800Variable Expenses: $225,600Contribution Margin: $187,200Common Fixed Expenses: $61,200Segment Margin: $126,000Net Operating Income: $64,800Percentage of Sales:Contribution Margin Ratio:Total: 44.0%North Division: 42.2%South Division: 45.4%Net Operating Income Ratio:Total: 10.0%North Division: 2.3%South Division: 15.7%This income statement breaks down Shannon Company's financial performance into its North and South Divisions. It shows how much each division contributes to sales, expenses, and ultimately, the company's net operating income. The North Division brings in $307,200 in sales, while the South Division generates $412,800. After deducting variable expenses, the contribution margin for the company as a whole is $316,800.The common fixed expenses, which can't be directly allocated to either division, amount to $122,400 and are split evenly between North and South. After accounting for these fixed expenses, the segment margin for the North Division is $68,400 and for the South Division is $126,000. This leads to a net operating income of $72,000 for the company, with $7,200 coming from the North Division and $64,800 from the South Division.The complete question is: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 $720,000, 44%, and $14,400, respectively. The North Division’s contribution margin and contribution margin ratio are $129,600 and 48%, respectively. The South Division’s segment margin is $76,500. The company has $122,400 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. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3)....

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