Prepare the report for your partner regarding the financial implications from your review of the 2 files. Prepare any journal entries in the appendix if necessary and also include any applicable note disclosures as part of your recommendation. For Marathon Ltd., prepare a revised income statement that reflects your recommendation for any applicable adjustments.

The depreciation expense was $2 million lower than CCA in 2021 not including any impact from transaction 3. The tax rate enacted for 2022 and beyond was increased to 32%.