Dear Dr. M. Susan Stiner,

I appreciate your last message.

Last Saturday I took English Accounting Test in Tokyo.

There are four grades for that and I took third grade. I hope

it will be my first step to get professional skills. I will

tell you whether I pass or fail the exam this month.

In the webpage, I noticed the following.

There are three generally accepted procedures for estimating

fair market value. The third method, income forecast, is generally

used for income-producing intangible assets such as technology,

particularly where the assets are truly relevant to the specific

business and are not capable of being readily replaced or replicated.

Income forecast method analyzing the present value of free

cash flows generated by the product line over the remaining economic

life of the technology associated with it.

It is important to remember that in-process R&D must be expensed

if it has no alternative use. During the acquisition process, discussions

held with management usually indicate how much of the technology is unique

to the product lines and how much, if any, may have an alternative use.

I quoted this but actually it was hard for me to understand this.

Please give me some advice.

Sincerely yours,

Fumi