Grum Corp., a publicly owned corporation, is subject to the requirements for segment reporting. In...
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Grum Corp., a publicly owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, year 1, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $15,000,000. Grum's combined identifiable assets of all industry segments at December 31 , year 1 , were $40,000,000. Reported revenues include $30,000,000 of sales to external customers. External revenue reported by operating segments must be at least $22,500,000$37,500,000$12,500,000$15,000,000
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