What can you learn about business combinations from the Internet? Visit the Web sites of at least three major publicly traded companies. Review their recent annual reports for evidence of significant merger and acquisition activities over the past three years. Answer the following questions for each company.

a. What information is provided about recent merger activity?
b. What was the cost of the company’s most significant acquisition? How was that cost allocated? What amount of goodwill was recorded?
c. What was the business strategy motivation underlying the merger activity?
d. How were major acquisitions financed (e.g., common stock, preferred stock, cash, debt securities, or some combination thereof)?