3. Assume that a pretax operating loss was reported for the third quarter of the current year and that prior quarters reported pretax income that was taxed at an effective tax rate of 30%. What are...

3. Assume that a pretax operating loss was reported for the third quarter of the current year and that prior quarters reported pretax income that was taxed at an effective tax rate of 30%. What are the likely explanations as to why a tax benefit was not recognized on the entire third-quarter loss?

4. Why isn’t the total operating profit of all reportable segments normally equal to the consolidated operating profit?