items for the past 20 years (in millions): Emerson has achieved consistent earnings growth for more than 160 straight quarters (more than 40 years). CHECK Income smoothing strategy Required: a. What earnings strategy do you think Emerson has applied over the years to maintain its record of earnings growth? b. Describe the extent you believe Emerson's earnings record reflects business activities, excellent management, and/or earnings management. c. Describe how Emerson's earnings strategy is applied in good years and bad. d. Identify years where Emerson likely built hidden reserves and the years it probably drew upon hidden reserves