Corcoran Heavy Industries Company (CHIC) is organized into four divisions, each of which operates in a different industry. The types of customer served and the method used to distribute products differ across all four of these industries. In addition, each division must comply with its own unique set of industry regulations related to issues such as safety and recyclability of materials. Operating profit before depreciation and amortization is the measure of profit regularly used by the chief operating decision maker for evaluating the performance of each of these divisions. In addition, information for each division on capital expenditures and depreciation and amortization is routinely provided by corporate headquarters to the chief operating decision maker. A summary of the information provided to the chief operating decision maker at the end of the current year is as follows:

In compiling notes to the financial statements, CHIC’s accountants prepared the following Note to comply with the operating segment disclosure requirements of ASC Topic 280, “Segment Reporting.

Required

1. Prepare a report for CHIC’s management evaluating whether the operating segments disclosures prepared by CHIC’s accountants comply with ASC 280.

2. Prepare a revised operating segments note to comply with ASC 280. CHIC does not have any unusual or extraordinary items, significant noncash items other than depreciation and amortization, or equity method affiliates