2. The BODS of WTC had authorized the date for financial statements to be issued to the public is as February 15, 2023. The following are the transactions that took place after the accounting period ended till the issuance of financial statements. a) On February 3, 2023, one of WTC's customers declared bankruptcy. On December 31, 2022, this company owed WTC 45,000, of which 10,000 was paid in January 2023. b) On January 18, 2023, one of the three major plants of the client burned down. c) On January 23, 2023, a strike was called at one of WTC's largest plants, which halted 30% of its production. As of today (February 13), the strike has not been settled. d) On February 1, 2023, the board of directors adopted a resolution accepting the offer of an in- vestment banker to guarantee the marketing of 1,200,000 of preference shares. e) On February 5, WTC determined after negotiations with the tax authorities that income taxes payable for 2022 should be $450,000. On December 31, 2022, the income tax payable recorded in the statement of financial position was $400,000. ASSIGNMENT 2: PRESENTATION AND DISCLOSURE IN FINANCIAL REPORTING INTERMEDIATE ACCOUNTING II (ACC320) SEMESTER II, 2023-2024 Winsor Telecommunication Corporation, a publicly traded company, is preparing the financial data which it will issue to its shareholders for the fiscal year ending December 31, 2022. The accountant of Winsor Telecommunication Corporation, Anthony Reese, has provided the following segment information. 1. Note 7: Major Segments of Business WTC is telecommunication company that provides mobile, broadband, landline and corporate solu- tion services the United States and Canada. Substantially all revenues of WTC's major segments of business are from unaffiliated and internal customers. Segment information for fiscal 2022 and 2021 are as follows: REQUIRED: 1) Determine which of the operating segments are reportable based on revenue, operating income/(loss) and identifiable assets test for 2022. 2) As an accountant for WTC, you have to write a one-page memo to the company's management team to explaining the following: a. Which segments must be reported separately and which segments can be combined. b. Which criteria you used to determine reportable segments. c. Which major items must be disclosed for each. Mobile Broadband Landline Corporate Solutions Broadcasting Revenues 2021 2022 $200,000 150,000 $ 73,000 61,000 $ 10,000 6,000 $ 16,000 8,000 $ 102,000 95,000 Operating income/(loss) 2021 30,000 2022 22,000 18,000 (36,000) 12,000 (28,000) 2,000 44,000 4,800 42,000 Capital Expenditure 2021 14,000 2022 20,000 9,000 60,000 12,000 6,000 12,000 12,000 8,800 8,000 Depreciation and amortization 2021 5,500 2,400 1,400 2,200 7,500 2022 5,000 1,400 800 3,400 5,000 Identifiable Assets 2021 110,000 62,000 64,000 11,000 124,000 2022 155,000 40,000 40,000 18,000 160,000 3) Discuss how the preceding subsequent events should be reflected in the 2022 financial statements. In 2022, revenues of Segments Mobile and Broadcasting included intersegments revenue of $25,000 and $40,000 respectively.