Segment reporting:

Magic Music Ltd has 3 business segments: Strings, Keys and Brass. The business segment information for the year ended 30 June 2022 is given as follows:

	Revenue($)	Profit/(Loss)($)	Asset
Strings	650,000	42,000	900,000
Keys	232,000	(30,000)	450,000
Brass	88,000	(70,000)	150,000
Total	970,000	58,000	1,500,000

Required:

a)Calculate the reporting thresholds for revenue, results and assets according to AASB 8 Operating Segments. Show all your workings. A table is not required.

b) Using your calculations in a) above, discuss which segments are reportable operating segments and explain the reason why, according to AASB 8 Operating Segments. Provide an overall conclusion in your answer.

c) Calculate and explain whether the 75% revenue benchmark test has been satisfied. Include workings in your answer.