Examine Notes 2 b ii and 7 Note 7 is in Exhibit
Examine Notes 2(b)(ii) and 7 (Note 7 is in Exhibit 11.4) to Brookfield's financial statements. What is an associate company and how are "associate" companies accounted for? What companies does Brookfield account for as associates? Which associate company had the highest carrying value on December 31, 2011 and what was its carrying value? Is it possible for an associate company to have an ownership interest greater than 50 percent? Explain. Why is equity-accounted income deducted from net income when calculating cash from operations?

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