Boston Celtics Limited Partnership II and Subsidiaries presented these consolidated statements of income for 1998, 1997, and 1996.

Required

a. Comment on Amortization of NBA Franchise and Other Intangible Assets.

b. Would the discontinued operations be included in projecting the future? Comment.

c. The costs and expenses include team costs and expenses. Speculate on the major reason for the increase in this expense between 1996 and 1997.

d. What were the major reasons for the increase in income from continuing operations between 1997 and 1998?

e. Speculate on why distributions declared were higher in 1998 than 1996. (Notice that net income was substantially higher in 1996.)

Provided substantive comments and support for discussion of the Amortization of NBA Franchise and Other Intangible Assets.

Provided decision and substantive comments and support for discussion of using discontinued operations to project the future.

Provided substantive comments and support for discussion of the major reasons for the increase in team costs and expenses.

Provided substantive comments and support for discussion of the major reasons for the increase in income from continuing operations.

Provided substantive comments and support for discussion of the increase in distributions.

Used appropriate and professional grammar, punctuation, and communication style.