Hey, can you look at the attachment and answer the following questions:

1. 1. Prepare an Adjusted Income Statement for AOL, after taking out unusual items, purchased R&D, and adjusting the accruals for customer acquisition costs and product development costs. You can ignore taxes.
2. 2. Compare the inferences you would make for the original and adjusted statements.
3. 3. Is there any evidence that AOL benefited from operating leverage?
4. 4. What does the AOL story tell you about accounting for intangibles?