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Why must inter-company transactions be reversed

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Reference no: EM132685128

Problem 1: Why must inter-company transactions be reversed? If not reversing the transactions, what effects do you think may have on a fair presentation of financial reports?

Problem 2: What is goodwill? What are the major features of goodwill?

Problem 3: For intangible assets, why do we need to amortize for those with limited useful lives, while we do not amortize goodwill?

Reference no: EM132685128

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