Segment Disclosures in the Financial Statements [CMA Adapted] Bennett Inc. is a publicly held corporation whose diversified operations have been separated into five industry segments. Bennett is in the process of preparing its annual financial statements for the year ended December 31, 20X5. The following information has been collected for the preparation of the segment reports required by FASB 131 (ASC 280). BENNETT INC. Selected Data For the Year Ended December 31, 20X5 (in thousands) Power Fastening Household Plumbing Security Item Tools Systems Products Products Systems Sales to Unaffiliated Customers $32,000 $4,500 $4,800 $3,000 $2,000 Intersegment Sales 10,000 5,500 200 1,000 ---- Total Revenue 42,000 10,000 5,000 4,000 2,000 Cost of Goods Sold 30,000 8,000 4,500 3,100 1,700 Operating Profit 4,500 1,000 (600) 700 (100) Net Income 2,600 800 (750) (100) (200) Segment Assets 50,000 23,000 17,000 6,000 4,000 Required: a. Determine which of the operating segments are reportable segments for Bennett. Your determi-nation should include all required tests and the results of those tests for each of Bennetts five segments. b. The reportable segments determined in (a) must represent a substantial portion of Bennetts total operations when taken together. Describe how to determine whether a substantial portion of Bennetts operations are explained by its segment information