Michaels Company segments its income statement in its east and west divisions.The company's entire sales, contribution margin ratio, and net operating income are $600,000, 50%, and $50,000, respectively. The west divisions contribution margin and contribution margin ratio are $150,000 and 75%, respectively. The east divisions segment margin is $70,000. The company has $60,000 of common fixed costs that cannot be traced to either division

Required: Prepare an income statement for Michael's 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 sales.