Find the 2019 Annual Report (MD & A) and Consolidated Financial Statements for the 52 weeks ended May 4, 2019 of Empire Company Limited, read it carefully and highlight anything that relates to business combinations.

Annual Report Link: https://www.empireco.ca/wp-content/uploads/2019/07/2019-Empire-AR.pdf

Make a report with the following three sections:

1. Overview of the acquisition of Farm Boy (just Farm Boy, not Kim Phat). How it happened, why it happened and what is the significance of it.

2. A detailed analysis of accounting for business combination regarding the acquisition of Farm Boy (table format)

How did Empire's accountants account for each element (each asset and liability acquired) of the transaction

what was acquired and how it was accounted for?

How is each element consistent with IFRS and with Advanced Financial Accounting 7th edition

Whether or not other choices could have been available or not for each element

3. Your conclusion as to whether what we learn in class applies in real life