1. How does the complete equity method, used to facilitate consolidation in subsequent years, differ from the equity method used for external reporting? A. The complete equity method adjusts for upstream and downstream unconfirmed profits, while the equity method used for external reporting does not make these adjustments. B. The complete equity method deducts unconfirmed profits on downstream sales to the extent of ownership interests, while the equity method used for external reporting deducts all unconfirmed profits on downstream sales. C. The complete equity method deducts unconfirmed profits on upstream sales to the extent of ownership interests, while the equity method used for external reporting deducts all unconfirmed profits on upstream sales.

None of the option is correct.

Explanation:

The major difference between the two methods is that under the complete equity method, an adjustment is made to the reported profit for impairment losses on the intangible assets that were not previously reported. However, under the he equity method used for external reporting, adjustment for impairment losses on the intangible assets that were not previously reported is not made.

Note that impairment loss occurs when the fair value of an intangible asset falls below its carrying amount. The amount by which the fair value is lower than the carrying amount is adjusted or written off.

Examples of intangible assets are goodwill, copyrights, brand recognition, patents, trademarks, and among others.

answer: b 56, 250

explanation:

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