a. Would you consider the presentation to be a multiple-step income statement or a single-step income statement? Comment.
b. Does it appear that there is a 100% ownership in all consolidated subsidiaries?
c. If a subsidiary were not consolidated but rather accounted for using the equity method, would this change net earnings (loss)? Explain.
d. Describe equity in loss from unconsolidated entities (see Note 3).
e. Comment on Note 1. Does this note project favorably on the future of Lennar Corporation? Explain.
f. Comment on Note 2. Why take an impairment for goodwill under financial services? Why is this goodwill impairment disclosed separately from the line item goodwill impairments for 2007 ($190,198,000)?
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