Vic Corporation operates entirely in the United States but in different industries. It segments the business based on industry. Total sales of the segments, including intersegment sales, are as follows:
Concrete and stone products ..... $ 400,000
Construction .......... 1,000,000
Lumber and wood products .... 1,800,000
Building materials .......... 1,000,000
Other ............... 100,000
Further analysis reveals sales from one segment to another as follows:
Lumber and wood products ... $800,000
Building materials ...... 400,000
REQUIRED
1. Determine which segments are reportable segments under both the 10 percent and the 75 percent revenue tests.
2. Prepare a schedule suitable for disclosing revenue by industry segment for external reporting.
3. Prepare a reconciliation of segment revenue with corporate revenue.