InstructionsAnswer the following questions.(a) How does the initial determinatio

InstructionsAnswer the following questions.(a) How does the initial determination and recording of goodwill compare with that in the United States? That is is goodwill initially recorded in the same circumstances and is the calculation of the amount the same in both the United Kingdom and the United States?(b) Prior to adoption of the new accounting standard (FRS 10) how did the company account for goodwill? What were the implications for the income statement?(c) Under the new accounting standard how does the company account for its goodwill?Is it possible under the new standard for a company to avoid charging goodwill amortization to net income?(d) In what ways is the new standard similar to U.S. standards and in what ways is it different?