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Problem 2 : Adjusting for Negative Equity / Noncontrolling Interest Phillip Morris reported the following information in its 2 0 1 8 Form 1 0

Problem

2

: Adjusting for Negative Equity

/

Noncontrolling Interest

Phillip Morris reported the following information in its

2018

Form

10 -

.

1 .

Compute ROE for

2018

using the equity numbers as reported. Does this result make

sense?

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