ÐÏࡱá>þÿ ŽþÿÿÿŠ‹Œÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿì¥Á` ð¿Ybjbjæ‡æ‡ ªÚ„í„íSÿÿÿÿÿÿ€L"L"L"L"L"L"L"4€"ŸŸŸhlŸÄ0¿4€"œpÁpÁ:ªÁªÁªÁ‰Â‰Â‰ÂÏÞÑÞÑÞÑÞ=ß4B÷4v$µh`šL" DžÂ‰Â Ç ÇšL"L"ªÁªÁÛ¯.ÙÙÙ ÇL"ªÁL"ªÁ«Þ$Ù ÇÏÞÙÙ:»Ý,L"L"ÞªÁdÁ  bzy.ÆŸ!ÏžçÝ wÞ4Ý<ñÝ.}ÙÒæ}Þ}L"7Þ@‰ÂHÑÃêٻČwŖ‰Â‰Â‰Âšš¿ØX‰Â‰Â‰Â Ç Ç Ç Ç€"€"€"„›Ÿ€"€"€"Ÿ€"€"€"L"L"L"L"L"L"ÿÿÿÿ CHAPTER 16 QUESTIONS 1. Income measurement for financial reporting purposes is designed to measure as fairly as possible the increase in equity arising from operations during the period. Income measurement for tax purposes is selected by the company to minimize its income tax liability and by the government to raise revenue and to meet changing economic and policy objectives. These different objectives frequently result in different accounting methods for financial reporting and for income tax purposes. 2. Certain expenses will never be deductible for tax purposes because of provisions within the tax law. These are referred to as permanent differences or nondeductible expenses. Temporary differences are differences between taxable and financial income that result in taxable or deductible amounts when the reported amount of an asset or liability in the financial statements is recovered or settled, respectively. A temporary difference that results in a larger current-year taxable income will reverse in a future year and result in a deductible amount to offset against other taxable income. While a nondeductible expense is never deductible for tax purposes, a temporary difference is deductible in future periods. 3. A taxable temporary difference is one that will result in taxable amounts in future years. Taxable temporary differences involve reporting high deductions for tax purposes now with corresponding low deductions in future years. An example is the difference between straight-line depreciation for financial reporting purposes and MACRS for tax purposes. A taxable temporary difference can also stem from reporting low revenue for tax purposes now with corresponding high taxable revenue in future years. An example is the difference between the installment sales method for tax purposes and the accrual method for financial reporting. A deductible temporary difference is one that will result in deductible amounts in future years. Deductible temporary differences involve reporting low deductions for tax purposes now with corresponding high deductions in future years. An example is the difference between reporting an estimate of future warranty costs as an expense in the year of the sale for financial reporting and waiting to record the deduction for tax purposes until the actual warranty costs are paid. A deductible temporary difference can also stem from reporting high revenue for tax purposes now, with corresponding low taxable revenue in future years. An example is the difference between reporting the receipt of advance rent payments as revenue for tax purposes when they are received and waiting to report the revenue until it is earned for financial reporting purposes. 4. The no-deferral approach is simple, but it violates a fundamental precept of accrual accounting: Reported expenses should reflect all current and future outflows resulting from a transaction. The no-deferral approach ignores the fact that transactions in one period often have foreseeable tax consequences in future periods. 5. The major advantages of the asset and liability method are that the assets and liabilities recorded under this method match the conceptual definitions for these elements and that the method allows for recognition of changes in circumstances and changes in enacted tax rates. 6. One drawback of the asset and liability method is that in some ways it is too complicated. Many financial statement users claim that they ignore deferred tax assets and liabilities anyway; thus, efforts devoted to deferred tax accounting are just a waste of time. 7. When rate changes are enacted after a deferred tax liability or asset has been recorded, the beginning deferred tax account is adjusted to reflect the new enacted rates. The income effect of the change is shown as either an addition to or subtraction from income tax expense for the period. 8. A valuation allowance is necessary when available evidence indicates that it is more likely than not that some portion or all of the benefit of a deferred tax asset will not be realized. 9. The Board indicated that “more likely than not” means a level of likelihood that is at least more than 50%. The FASB did not establish specific criteria for evaluating more likely than not but did suggest that if a company has a history of operating losses, has had tax carryforwards expire unused, or has prospective future losses even if the company has been profitable in the past, it may be more likely than not that the benefit of deferred tax assets may not be realized. 10. Some possible sources of income through which the tax benefit of a deferred tax asset can be realized are as follows: (a) Future reversals of existing taxable temporary differences (b) Future taxable income (c) Taxable income in prior carryback years 11. Current federal tax laws provide for an optional 2-year carryback and a 20-year carryforward of net operating losses. If the carryback provision is used, the earliest carryback year (second previous year) is used first. If there is still unused loss, it is carried forward to the immediately succeeding year. Any remaining unused portion of the loss is then forwarded to the next year and so on until 20 years have passed or until the loss is completely offset against income, whichever comes first. 12. Deferred tax assets arising from NOL carryforwards are classified according to the expected time of their utilization. If the NOL carryforward is expected to be used in the coming year, the deferred tax asset is classified as current. Otherwise, it is classified as noncurrent. 13. FASB Statement No. 109 requires scheduling when differences in enacted future tax rates from one year to the next make it necessary to schedule the timing of a reversal in order to match the reversal with the tax rate expected to be in effect in the year in which it occurs. 14. Prior to FASB Statement No. 109, income tax carryforwards could be recognized only if future income was assured beyond reasonable doubt. If Statement No. 96 had been implemented, income tax carryforwards would never have been recognized. However, under FASB Statement No. 109, income tax carryforwards can be recognized unless it is more likely than not that future income will not be sufficient to realize a benefit from the carryforward. 15. Changes in the amount of deferred tax assets and liabilities do not require or provide cash. However, they do affect the amount of income tax expense that is deducted in arriving at net income. Therefore, a statement of cash flows must adjust for this fact. Under the indirect method, changes in the deferred balances are reported as adjustments to net income in arriving at cash flow from operations. Under the direct method, the actual income tax payments or refunds would be reported rather than the amount reported as income tax expense or benefit. 16. Income tax carrybacks and carryforwards reduce the amount reported as an operating loss for the current period. However, they do not provide cash flows until carryback refunds are received or future tax payments are reduced due to the existence of the carryforward. The statement of cash flows must show these carrybacks and carryforwards as adjustments to cash flow from operations. 17. Current deferred tax assets and current deferred tax liabilities are netted against one another and reported as a single amount. Also, noncurrent deferred tax assets and liabilities are netted and reported as a single amount. 18. In many foreign countries, generally accepted accounting standards are based on the income tax laws of the country. Thus, in these countries very few, if any, temporary differences exist between reported income and taxable income. 19. In 1996, the IASB revised IAS 12; the accounting required in the revised version is very similar to the deferred tax accounting practices used in the United States. 20. The partial recognition approach results in a deferred tax liability being recorded only to the extent that the deferred taxes are actually expected to be paid in the future. The reasoning behind the partial recognition approach is that if a liability is deferred indefinitely, the present value of that liability is zero. Despite its conceptual attractiveness, the partial recognition approach is on the verge of being dropped in the United Kingdom in the interest of international harmonization. PRACTICE EXERCISES PRACTICE 16–1 SIMPLE DEFERRED TAX LIABILITY Income statement Sales $ 100,000 Income tax expense: Current ($70,000 ( 0.25) $17,500 Deferred ($30,000 ( 0.25) 7,500 Total income tax expense (25,000) Net income $ 75,000 Income Tax Expense 25,000 Income Tax Payable 17,500 Deferred Tax Liability 7,500 PRACTICE 16–2 SIMPLE DEFERRED TAX ASSET Income statement Sales $ 100,000 Expenses (75,000) Bad debt expense (5,000) Income before income taxes $ 20,000 Income tax expense: Current ($25,000 ( 0.30) $ (7,500) Deferred benefit ($5,000 ( 0.30) 1,500 Total income tax expense (6,000) Net income $ 14,000 Income Tax Expense 6,000 Deferred Tax Asset 1,500 Income Tax Payable 7,500 PRACTICE 16–3 PERMANENT AND TEMPORARY DIFFERENCES Pretax financial income $ 50,000 Add (deduct) permanent differences: Nontaxable interest revenue on municipal bonds $ (10,000) Nondeductible expenses 17,000 7,000 Financial income subject to tax $ 57,000 Add temporary difference on warranty expenses 8,000 Taxable income $ 65,000 1. Financial income subject to tax = $57,000 2. Taxable income = $65,000 3. Income tax expense = $57,000 ( 0.30 = $17,100 4. Net income = $50,000 – $17,100 = $32,900 PRACTICE 16–4 DEFERRED TAX LIABILITY Income Tax Expense 3,780 Income Tax Payable 3,500 Deferred Tax Liability 280 Income tax expense: ($10,000 + $800 unrealized gain) ( 0.35 = $3,780 Income tax payable: $10,000 ( 0.35 = $3,500 PRACTICE 16–5 DEFERRED TAX LIABILITY Income statement for 2008: Revenue $20,000 Depreciation expense (straight line) 6,000 Income before income taxes $14,000 Income tax expense: Current [($20,000 – $10,000) ( 0.40] $ 4,000 Deferred ($4,000 ( 0.40) 1,600 Total income tax expense 5,600 Net income $ 8,400 2008 Income Tax Expense 5,600 Income Tax Payable 4,000 Deferred Tax Liability 1,600 2009 Income Tax Expense 5,600 Income Tax Payable 4,800 Deferred Tax Liability 800 Income tax payable: ($20,000 – $8,000) ( 0.40 = $4,800 2010 Income Tax Expense 5,600 Income Tax Payable 5,600 Income tax payable: ($20,000 – $6,000) ( 0.40 = $5,600 2011 Income Tax Expense 5,600 Deferred Tax Liability 800 Income Tax Payable 6,400 Income tax payable: ($20,000 – $4,000) ( 0.40 = $6,400 2012 Income Tax Expense 5,600 Deferred Tax Liability 1,600 Income Tax Payable 7,200 Income tax payable: ($20,000 – $2,000) ( 0.40 = $7,200 PRACTICE 16–6 VARIABLE FUTURE TAX RATES Income Tax Expense 3,836 Income Tax Payable 3,500 Deferred Tax Liability 336 Income tax expense: Current $10,000 ( 0.35 = $3,500 Deferred $800 ( 0.42 = $336 PRACTICE 16–7 CHANGE IN ENACTED TAX RATES As of the beginning of 2010, the accumulated excess of tax depreciation over book depreciation is $6,000 composed of a $4,000 ($10,000 – $6,000) excess in 2008 and a $2,000 ($8,000 – $6,000) excess in 2006. This means that the existing deferred tax liability is $2,400 ($6,000 ( 0.40). 1. Deferred Tax Liability 300 Income Tax Benefit—Rate Change 300 Change in deferred tax liability: $2,400 – ($6,000 ( 0.35) = $300 2. Income Tax Expense—Rate Change 360 Deferred Tax Liability 360 Change in deferred tax liability: ($6,000 ( 0.46) – $2,400 = $360 PRACTICE 16–8 DEFERRED TAX ASSET Income Tax Expense 1,845 Deferred Tax Asset 405 Income Tax Payable 2,250 Income tax expense: ($5,000 – $900 unrealized loss) ( 0.45 = $1,845 Income tax payable: $5,000 ( 0.45 = $2,250 PRACTICE 16–9 DEFERRED TAX ASSET Income statement: Revenue $ 60,000 Postretirement health care expense (15,000) Bad debt expense (10,000) Income before income taxes $ 35,000 Income tax expense: Current [($60,000 – $2,000) ( 0.35] $20,300 Deferred benefit [($8,000 + $15,000) ( 0.35] (8,050) Total income tax expense 12,250 Net income $ 22,750 Income Tax Expense 12,250 Deferred Tax Asset 8,050 Income Tax Payable 20,300 PRACTICE 16–10 DEFERRED TAX LIABILITIES AND ASSETS Income statement: Income before trading securities, restructuring, and taxes $10,000 Unrealized gain on trading securities ($2,300 – $1,000) 1,300 Restructuring charge (impairment write-down) (3,000) Income before income taxes $ 8,300 Income tax expense: Current ($10,000 ( 0.35) $ 3,500 Deferred expense ($1,300 ( 0.35) 455 Deferred benefit ($3,000 ( 0.35) (1,050) Total income tax expense 2,905 Net income $ 5,395 Income Tax Expense 2,905 Deferred Tax Asset 1,050 Deferred Tax Liability 455 Income Tax Payable 3,500 It must be assumed that future income will be sufficient to allow for the full utilization of the $3,000 deduction from the decline in the value of the manufacturing facility. The unrealized gain of $1,300 on the trading securities will provide a portion, but not all, of the necessary future income. PRACTICE 16–11 DEFERRED TAX LIABILITIES AND ASSETS Income statement: Income before trading securities, depreciation, and taxes $ 4,000 Unrealized loss on trading securities ($1,000 – $700) (300) Depreciation ($10,000/4 years) (2,500) Income before income taxes $ 1,200 Income tax expense: Current [($4,000 ( $3,300) ( 0.40] $ 280 Deferred expense [($3,300 – $2,500) ( 0.40] 320 Deferred benefit ($300 ( 0.40) (120) Total income tax expense 480 Net income $ 720 Income Tax Expense 480 Deferred Tax Asset 120 Deferred Tax Liability 320 Income Tax Payable 280 The reversal of the temporary depreciation difference will create $800 of additional taxable income in future years. This is a probable source of future taxable income against which the $300 unrealized loss on the trading securities can be offset. So, in this case there is already strong evidence, without additional assumptions, that there will be sufficient future taxable income to allow for the full utilization of the unrealized loss. PRACTICE 16–12 VALUATION ALLOWANCE The amount of the $900 loss that can be used as a tax deduction in future years is $400. Thus, even though a $405 ($900 ( 0.45) deferred tax asset has been recognized, only $180 ($400 ( 0.45) of the future benefit will be realized. The necessary adjustment is as follows: Income Tax Expense 225 Valuation Allowance ($405 – $180) 225 The net deferred tax asset is now $180 = $405 deferred tax asset – $225 valuation allowance. PRACTICE 16–13 VALUATION ALLOWANCE The amount of the future $8,000 bad debt write-off and the future $15,000 retiree health care expenditure that can be used as a tax deduction in future years is limited to $20,000. Thus, even though a $8,050 ($23,000 ( 0.35) deferred tax asset has been recognized, only $7,000 ($20,000 ( 0.35) of the future benefit will be realized. The necessary adjustment is as follows: Income Tax Expense 1,050 Valuation Allowance ($8,050 – $7,000) 1,050 The net deferred tax asset is now $7,000 = $8,050 deferred tax asset – $1,050 valuation allowance. More precise estimates of the timing of the future taxable income would be needed to determine how the valuation allowance should be allocated between the bad debt and the postretirement health care portions of the overall deferred tax asset. PRACTICE 16–14 NET OPERATING LOSS CARRYBACK The $50,000 net operating loss is first carried back two years to recover the tax paid on the $40,000 taxable income reported in 2006. The remaining $10,000 ($50,000 – $40,000) NOL is carried back to 2007. The income tax refund is computed as follows: NOL Carried Taxable Income Tax Tax Back to Income Rate Refund 2006 $40,000 30% $12,000 2007 10,000 35 3,500 Total refund $15,500 Journal entry: Income Tax Refund Receivable 15,500 Income Tax Benefit—NOL Carryback 15,500 PRACTICE 16–15 NET OPERATING LOSS CARRYFORWARD 1. The $100,000 net operating loss is first carried back two years to recover the tax paid on the $40,000 taxable income reported in 2006. The remaining $60,000 ($100,000 – $40,000) NOL is carried back to 2007. The income tax refund is computed as follows: NOL Carried Taxable Income Tax Tax Back to Income Rate Refund 2006 $40,000 30% $12,000 2007 30,000 35 10,500 Total refund $22,500 PRACTICE 16–15 (Concluded) Journal entry: Income Tax Refund Receivable 22,500 Income Tax Benefit—NOL Carryback 22,500 No assumption is necessary here; this is a straightforward request to the government to refund cash paid for income taxes in prior years. 2. The two-year carryback used $70,000 ($40,000 + $30,000) of the net operating loss, leaving $30,000 ($100,000 – $70,000) as an NOL carryforward. The future benefit of the NOL carryforward in terms of future tax reductions is $12,000 ($30,000 ( 0.40). The journal entry to record the NOL carryforward is as follows: Deferred Tax Asset—NOL Carryforward 12,000 Income Tax Benefit—NOL Carryforward 12,000 One must assume that it is more likely than not that future taxable income will be sufficient, within the 20-year carryforward period, to allow the company to utilize the $30,000 in NOL carryforwards. PRACTICE 16–16 NET OPERATING LOSS CARRYFORWARD Treatment of NOL in 2009: NOL Carried Taxable Income Tax Tax Back to Income Rate Refund 2007 $15,000 35% $ 5,250 2008 20,000 35 7,000 Total refund $12,250 The carryback period is just two years, so the NOL in 2009 cannot be carried back against 2006 taxable income. The NOL carryforward remaining in 2009 is $65,000 ($100,000 – $15,000 – $20,000). In 2010, the $65,000 NOL carryforward will be offset against the $50,000 taxable income for the year. No income tax will be paid in 2010, and there will remain a $15,000 ($65,000 – $50,000) NOL carryforward from 2009. In 2011, there is no taxable income against which the $200,000 NOL can be carried back; the $50,000 in taxable income in 2010 was offset against the NOL carryforward from 2009. So, the entire $200,000 NOL from 2011 is carried forward. The NOL carryforward is worth $80,000 ($200,000 ( 0.40) in future tax benefits. The appropriate journal entry is as follows: Deferred Tax Asset—NOL Carryforward 80,000 Income Tax Benefit—NOL Carryforward 80,000 PRACTICE 16–16 (Concluded) Of course, one must assume that it is more likely than not that future taxable income will be sufficient, within the 20-year carryforward period, to allow the company to utilize the $215,000 in NOL carryforwards ($15,000 remaining from 2009 plus $200,000 from 2011). With the company’s rocky recent past, this may not be a reasonable assumption. PRACTICE 16–17 SCHEDULING FOR ENACTED FUTURE TAX RATES The $4,000 taxable temporary difference created in 2008 will reverse partially in 2011, with the remainder reversing in 2012. As seen in the solution to Practice 16–5, the pattern of the creation and reversal of this temporary difference is as follows: Temporary Difference Creation (reversal) 2008 $ 4,000 2009 2,000 2010 0 2011 (2,000) 2012 (4,000) The income tax expected to be paid when the $4,000 temporary difference from 2008 reverses is computed as follows: Temporary Difference Creation Additional (reversal) Tax Rate Income Tax 2011 $(2,000) 35% $ 700 2012 (2,000) 30 600 $ 1,300 The necessary journal entry to record income tax expense in 2008 is as follows: Income Tax Expense 5,300 Income Tax Payable 4,000 Deferred Tax Liability 1,300 PRACTICE 16–18 REPORTING DEFERRED TAX ASSETS AND LIABILITIES 1. The $120 deferred tax asset is related to a current item (trading securities). The $320 deferred tax liability is related to a noncurrent item (equipment). Accordingly, the deferred tax asset and liability should not be netted against one another for reporting purposes. In the balance sheet, the company would report a current deferred tax asset of $120 and a noncurrent deferred tax liability of $320. 2. Deferred tax asset: Unrealized loss on trading securities $120 Deferred tax liability: Depreciation $320 PRACTICE 16–19 COMPUTATION OF EFFECTIVE TAX RATE Effective tax rate = Income tax expense/Pretax financial income = $17,100/$50,000 = 34.2% PRACTICE 16–20 RECONCILIATION OF STATUTORY RATE AND EFFECTIVE RATE Sales $50,000 Add: Interest revenue from municipal bonds 6,000 $56,000 Deduct: Depreciation expense $ 20,000 Expenses not deductible for tax purposes 15,000 Warranty expenses 12,000 47,000 Pretax financial income $ 9,000 Add (deduct) permanent differences: Nontaxable interest revenue on municipal bonds $ (6,000) Nondeductible expenses 15,000 9,000 Financial income subject to tax $18,000 Add temporary difference on warranty expenses $ 9,000 Deduct temporary difference for excess depreciation (10,000) (1,000) Taxable income $17,000 1. Effective tax rate = Income tax expense/Pretax financial income = ($18,000 × 0.35)/$9,000 = $6,300/$9,000 = 70.0% PRACTICE 16–20 (Concluded) 2. Amount Rate Pretax financial income $ 9,000 Income tax at statutory rate of 35.0% $ 3,150 35.0% Nontaxable interest revenue (2,100) (23.3%) Nondeductible expenses 5,250 58.3% Income tax expense $ 6,300 70.0% PRACTICE 16–21 DEFERRED TAXES AND OPERATING CASH FLOW Net income $10,000 Plus: Depreciation 2,000 Less: Increase in accounts receivable (1,200) Plus: Decrease in inventory 850 Less: Decrease in accounts payable (300) Plus: Increase in income taxes payable 40 Plus: Increase in deferred tax liability 1,430 Cash flow from operating activities $12,820 PRACTICE 16–22 CASH PAID FOR INCOME TAXES Compute the current portion of income tax expense. The deferred portion does not need to be paid. Total income tax expense $40,000 Less: Deferred tax expense ($100,000 – $75,000) 25,000 Current income tax expense $15,000 Compute how much of the current expense was paid in cash this year. Beginning balance in income taxes payable $17,000 Plus: Current year’s tax bill 15,000 Total payable $32,000 Less: Ending balance in income taxes payable 13,000 Cash paid for income taxes $19,000 EXERCISES 16–23. Deferred Tax Asset Type of Difference or Liability (a) Temporary Deferred tax liability (b) Temporary Deferred tax liability (c) Nondeductible Not applicable (d) Temporary Deferred tax asset (e) Temporary Deferred tax asset (f) Nontaxable Not applicable 16–24. Pretax financial income $ 3,100,000 Permanent differences: Add: Life insurance premium $ 95,000 Less: Municipal bond interest 30,000 65,000 Pretax financial income subject to tax $ 3,165,000 Timing differences: Add: Rent collected in advance of period earned $ 75,000 Warranty provision in excess of payments made 40,000 115,000 $ 3,280,000 Less: Tax depreciation in excess of book depreciation $ 150,000 Installment sales income on books in excess of taxable income 130,000 280,000 Taxable income $ 3,000,000 16–25. 1. Income Tax Expense 192,500 Income Taxes Payable 178,500 Deferred Tax Liability—Current 14,000 Income tax expense: Current (0.35 ( $510,000) + Deferred (0.35 ( $40,000) = $192,500 2. Income Tax Expense (0.35 ( $40,000)* 14,000 Deferred Tax Liability—Current 14,000 *Alternate computation: $80,000 ( 0.35 = $28,000; $28,000 – $14,000 = $14,000 16–26. 1. Current asset section: Deferred tax asset $ 9,600* Noncurrent asset section: Deferred tax asset $38,400† *($120,000 ( 0.20) ( 0.40 = $9,600 †($120,000 ( 0.80) ( 0.40 = $38,400 2. Current asset section: Deferred tax asset $ 9,600 Less: Valuation allowance (2,880)* $ 6,720 Noncurrent asset section: Deferred tax asset $38,400 Less: Valuation allowance (11,520)† $26,880 COMPUTATIONS: Total valuation allowance: $48,000 – ($48,000 ( 0.70) = $14,400 *$14,400 ( 0.20 = $2,880 †$14,400 ( 0.80 = $11,520 16–27. 1. Deferred Tax Asset—Current 10,000 Income Taxes Payable 4,000 Income Tax Benefit 6,000 Income tax benefit: Current expense (0.40 ( $10,000) – Deferred benefit (0.40 ( $25,000) = $6,000 2. One source of taxable income through which the benefit of the deferred tax asset can be realized is through the NOL carryback provision in the income tax laws. If Fulton has tax losses in the next 2 years, they may be carried back against the $10,000 in 2008 taxable income. Another source of potential taxable income is income from the sale of appreciated assets. Statement No. 109 stipulates that both positive and negative evidence be considered when determining whether deferred tax assets will be fully realized and thus whether a valuation allowance is necessary. Examples of negative evidence include unsettled circumstances that might cause a company to report losses in future years. 16–28. 1. Deferred Tax Asset—Current (0.40 ( $28,000) 11,200 Income Taxes Payable 9,200 Income Tax Benefit 2,000 Income tax benefit: Current expense (0.40 ( $23,000) – Deferred benefit (0.40 ( $28,000) = $2,000 2. If future taxable income is zero, the only source of taxable income through which the benefit of the deferred tax asset can be realized is the $23,000 taxable income for 2008 via the carryback provisions. Thus, the deferred tax asset must be reduced by a valuation allowance for the tax effect of the $5,000 ($28,000 – $23,000) in tax benefits that are unlikely to be realized. The following entry would be added to those already given in (1): Income Tax Benefit (0.40 ( $5,000) 2,000 Allowance to Reduce Deferred Tax Asset to Realizable Value—Current 2,000 16–29. 1. Income Tax Expense 20,000 Income Taxes Payable 6,000 Deferred Tax Liability—Noncurrent 14,000 Income tax expense: Current (0.40 ( $15,000) + Deferred [(0.40 ( $155,000) – $48,000] = $20,000 2. Deferred Tax Liability—Noncurrent 12,400 Income Tax Benefit—Rate Change 12,400 [(0.40 ( $155,000) – (0.32 ( $155,000); or (0.40 – 0.32) ( $155,000] 16–30. Income Tax Expense 209,200 Income Taxes Payable 181,200* Deferred Tax Liability—Noncurrent 28,000 Income tax expense: Current ($181,200) + Deferred (0.40 ( $70,000) = $209,200 *Pretax financial income $ 621,000 Less: Interest revenue (permanent difference) 98,000 Pretax financial income subject to income tax $ 523,000 Deduct: Excess of tax depreciation over book depreciation ($650,000 – $580,000) 70,000 Taxable income $ 453,000 Income tax rate ( 0.40 Income taxes payable $ 181,200 16–31. Income Tax Expense 30,600 Income Taxes Payable 30,600 [($35,000 + $55,000) ( 0.34] Deferred Tax Asset—Current 5,100 Deferred Tax Asset—Noncurrent 12,560 Income Tax Benefit 17,660 The income tax benefit account offsets the income tax expense account. Enacted Deductible Asset Rate Amount Valuation 2009 34% $15,000 $ 5,100 2010 30 20,000 6,000 2011 30 12,000 3,600 2012 37 8,000 2,960 $55,000 $17,660 Because the unearned rent revenue account under these conditions would be reported as part current and part noncurrent, the deferred tax asset would be classified in the same pattern. The current deferred taxes balance would be $5,100 and the noncurrent is $12,560 ($17,660 – $5,100). Because it is assumed that in each year from 2009–2012 there is sufficient income to equal the temporary difference reversal, the carryback and carryforward rules would not be needed, and the tax rate applied to each reversal would be the marginal tax rate for each year. 16–32. Income Tax Expense 24,400 Income Taxes Payable 24,400 [($40,000 + $25,000 – $22,000 + $18,000) ( 0.40] Deferred Tax Asset—Current 5,940 Income Tax Expense 1,170 Deferred Tax Liability—Current 1,750 Deferred Tax Liability—Noncurrent 5,360 Enacted Deductible Asset Taxable Liability Rate Amount Valuation Amount Valuation 2009 35% $ 6,000 $2,100 $ 5,000 $1,750 2010 32 12,000 3,840 7,000 2,240 2011 30 — — 4,000 1,200 2012 32 — — 6,000 1,920 $18,000 $5,940 $22,000 $7,110 16–32. (Concluded) Current items: Deferred tax asset $5,940 (underlying asset is current) Deferred tax liability 1,750 Net deferred tax asset $4,190 Noncurrent items: Deferred tax liability ($7,110 – $1,750) $5,360 16–33. Income Tax Expense 331,600 Income Taxes Payable 331,600 ($829,000 ( 0.40) Deferred Tax Asset—Current 50,000 Income Tax Expense. 88,000 Deferred Tax Liability—Current 106,000 Deferred Tax Liability—Noncurrent 32,000 COMPUTATIONS: Current items: Deferred tax liability ($265,000 ( 0.40) $106,000 (underlying asset is current) Deferred tax asset ($125,000 ( 0.40) 50,000 (underlying liability is current) Net deferred tax liability $ 56,000 Noncurrent items: Deferred tax liability ($80,000 ( 0.40) $ 32,000 (underlying asset is noncurrent) (Note: In connection with the deferred tax asset, no assumption about future income is necessary because the taxable temporary differences are sufficient to allow for complete recognition of the deferred tax asset.) 16–34. 1. Income Tax Expense 10,500 Income Taxes Payable 10,500 ($30,000 ( 0.35) Deferred Tax Asset—Noncurrent 11,440 Income Tax Benefit 11,440 The income tax benefit account offsets the income tax expense account. 16–34. (Concluded) Enacted Deductible Asset Rate Amount Valuation 2009 34% $ 8,000 $ 2,720 2010 30 12,000 3,600 2011 32 16,000 5,120 $36,000 $11,440 2. If taxable income in future periods is more likely than not to be zero and in the absence of taxable temporary differences, the one source of taxable income through which to recognize the tax benefit of the deductible amounts is by carrying them back and applying them against 2008 taxable income. Deductible amounts totaling $20,000 can be carried back, yielding a tax benefit of $7,000 ($20,000 ( 0.35). The carryback amount is restricted to $20,000 ($8,000 + $12,000) because losses can be carried back only two years. Note that because the tax benefit is realized through carryback to 2008, the 2008 tax rate is used to compute the amount of the tax benefit. A valuation allowance is needed to reduce the deferred tax asset to its realizable amount. The following journal entry would be added to those given in (1): Income Tax Benefit 4,440 Allowance to Reduce Deferred Tax Asset to Realizable Value—Noncurrent 4,440 ($11,440 – $7,000) 16–35. 1. Income Tax Expense 30,000 Income Taxes Payable 30,000 ($75,000 ( 0.40) Deferred Tax Asset—Noncurrent 30,180 Income Tax Benefit 30,180 The income tax benefit account offsets the income tax expense account. Enacted Deductible Asset Rate Amount Valuation 2009 35% $14,000 $ 4,900 2010 32 24,000 7,680 2011 30 16,000 4,800 2012 32 40,000 12,800 $94,000 $30,180 16–35. (Concluded) 2. If taxable income in future periods is more likely than not to be zero, and in the absence of taxable temporary differences, the one source of taxable income through which to recognize the tax benefit of the deductible amounts is by carrying them back and applying them against 2008 taxable income. However, recall that the tax code allows carryback for only 2 years. Accordingly, the $40,000 deductible amount in 2012 and the $16,000 deductible amount in 2008 will not be realizable because it cannot be carried back and offset against 2008 taxable income. Deductible amounts totaling $38,000 ($14,000 + $24,000) can be carried back, yielding a tax benefit of $15,200 ($38,000 ( 0.40). Note that because the tax benefit is realized through carryback to 2008, the 2008 tax rate is used to compute the amount of the tax benefit. A valuation allowance is needed to reduce the deferred tax asset to its realizable amount. The following journal entry would be added to those given in (1): Income Tax Benefit 14,980 Allowance to Reduce Deferred Tax Asset to Realizable Value—Noncurrent 14,980 ($30,180 – $15,200) 16–36. 1. Calculation of refund due: Amount of 2008 Income Amount of Refund Loss Applied Tax Due from Prior Year Income against Income Rate Years 2006 $230,000 $230,000 42% $ 96,600 2007 310,000 310,000 35 108,500 $540,000 $540,000 $205,100 (Note: The loss in 2008 can be carried back for only 2 years. Thus, it cannot be offset against taxable income reported in 2005.) Amount of 2008 loss available for carryforward to future years: 2008 net operating loss $ 820,000 Less: Amount applied against prior years’ income 540,000 Amount available for carryforward $ 280,000 16–36. (Concluded) 2. Income Tax Refund Receivable 205,100 Income Tax Benefit from NOL Carryback 205,100 To record refund from applying operating loss carryback. Deferred Tax Asset from NOL Carryforward 95,200 Income Tax Benefit from NOL Carryforward 95,200 ($280,000 ( 0.34 = $95,200) 3. Net operating loss before income tax benefit $ 820,000 Income tax benefit from NOL carryback and carryforward. 300,300 Net loss $ 519,700 16–37. 1. Refund due: $45,000 + $9,000 = $54,000 (Note: The loss in 2008 can be carried back for only 2 years. Thus, it cannot be offset against taxable income reported in 2005.) Carryforward: $1,000,000 – $150,000 – $30,000 = $820,000 2. Income Tax Refund Receivable 54,000 Income Tax Benefit—NOL Carryback 54,000 Deferred Tax Asset* ($820,000 ( 0.40) 328,000 Income Tax Benefit—NOL Carryforward 328,000 *Classification of the deferred tax asset depends on the expected timing of the utilization of the NOL carryforward. 3. With Lexis’ downward trend in income in recent years, it is questionable whether the NOL carryforward will ever be used. Even assuming that profitability is restored to the 2006 level, it will take more than 5 years to fully utilize the NOL carryforward. Thus, it seems more likely than not that at least some portion of the NOL carryforward will expire unused. Further evidence would be needed to estimate an appropriate valuation allowance. 16–38. Cash flow from operations: Increase in income taxes payable $ 6,000 Decrease in deferred tax liability (8,000) Supplemental disclosure to the statement of cash flows should also report $26,000 cash paid for income taxes ($32,000 current – $6,000 increase in income taxes payable). 16–39. 1. Cash flow from operations: Increase in deferred tax asset $(31,000) Increase in income tax refund receivable (10,000) Supplemental disclosure to the statement of cash flows should also report $5,000 cash refund received for income taxes ($5,000 due at the end of 2007). 2. Cash received from income tax refund $ 5,000 PROBLEMS 16–40. 2008 Income Tax Expense 17,680 Income Taxes Payable 11,520 Deferred Tax Liability—Noncurrent 6,160 Income tax expense: Current (0.40 ( $28,800) + Deferred (0.40 ( $15,400) = $17,680 (Classification Note: The deferred tax liability is classified as noncurrent because the underlying receivable, to be collected in 2010, is noncurrent as of December 31, 2008.) 2009 Income Tax Expense 8,640 Income Taxes Payable 8,640 ($21,600 ( 0.40) Income Tax Expense 6,640 Deferred Tax Liability—Current 6,640 [($15,400 + $16,600) ( 0.40] – $6,160 = $6,640 Deferred Tax Liability—Noncurrent 6,160 Deferred Tax Liability—Current 6,160 To reclassify deferred tax liability recorded in 2008 because the underlying receivable is current as of December 31, 2009. 2010 Income Tax Expense 21,240 Income Taxes Payable 21,240 ($53,100 ( 0.40) Deferred Tax Liability—Current 12,800 Income Tax Benefit 12,800 ($6,640 + $6,160 = $12,800) The income tax benefit account offsets the income tax expense account. 16–41. 1. Taxable income $ 1,996,000 Add temporary difference: Tax depreciation in excess of book depreciation 275,000 Pretax financial income subject to tax $ 2,271,000 Add permanent differences: Proceeds from life insurance policy $125,000 Interest revenue on municipal bonds 98,000 223,000 Pretax financial income $ 2,494,000 16–41. (Concluded) 2. 2008 Income Tax Expense 798,400 Income Taxes Payable 798,400 ($1,996,000 ( 0.40) Income Tax Expense 110,000 Deferred Tax Liability—Noncurrent 110,000 ($275,000 ( 0.40) 3. Tristar Corporation Partial Income Statement For the Year Ended December 31, 2008 Income from continuing operations before income taxes $ 2,494,000 Income taxes on continuing operations: Current provision $ 798,400 Deferred provision 110,000 908,400 Net income $ 1,585,600 16–42. 1. Income Tax Expense 27,000 Income Taxes Payable 27,000 ($67,500 ( 0.40) Pretax financial income $ 90,000 Nondeductible expenses 25,000 Nontaxable revenues (15,500) Gross profit on installment sales (32,000) Taxable income $ 67,500 Income Tax Expense 10,445 Deferred Tax Liability—Current 2,450 Deferred Tax Liability—Noncurrent 7,995 Enacted Taxable Liability Rate Amount Valuation 2009 35% $ 7,000 $ 2,450 2010 33 16,500 5,445 2011 30 8,500 2,550 $32,000 $ 10,445 (Classification Note: The receivable from the installment sale would be classified according to the time of its expected collection. At December 31, 2008, $7,000 would be classified as current and $25,000 as noncurrent. The classification of the deferred tax liability mirrors this split.) 16–42. (Concluded) 2. Olympus Motors, Inc. Partial Income Statement For the Year Ended December 31, 2008 Income from continuing operations before income taxes $90,000 Income taxes on continuing operations: Current provision $ 27,000 Deferred provision 10,445 37,445 Net income $52,555 16–43. 1. Income Tax Expense 22,800 Income Taxes Payable 22,800 [(–$15,000 + $55,000 + $20,000) ( 0.38] Deferred Tax Asset—Current 6,480 Deferred Tax Asset—Noncurrent 17,760 Income Tax Benefit 24,240 The income tax benefit account offsets the income tax expense account. Enacted Deductible Asset Rate Amount Valuation 2009 36% $18,000 $ 6,480 2010 32 33,000 10,560 2011 30 19,000 5,700 2012 30 5,000 1,500 $75,000 $24,240 Because both unearned rent revenue and estimated warranty liability accounts are usually separated into current and noncurrent classifications, the expected reversal dates would be used to separate the $24,240 deferred tax asset into current and noncurrent portions; $6,480 would be classified as current and $17,760 as noncurrent. 2. Davidson Gasket Inc. Partial Income Statement For the Year Ended December 31, 2008 Loss from continuing operations before income taxes $ (15,000) Income taxes on continuing operations: Current provision $ (22,800) Deferred benefit 24,240 1,440 Net loss $ (13,560) 16–43. (Concluded) 3. One source of taxable income through which the benefit of the deferred tax asset can be realized is through the NOL carryback provision in the income tax laws. If Davidson has tax losses in the next 2 years, they may be carried back against the $60,000 in 2008 taxable income. Another source of potential taxable income is income from the sale of appreciated assets. Statement No. 109 stipulates that both positive and negative evidence be considered when determining whether deferred tax assets will be fully realized and thus whether a valuation allowance is necessary. Examples of negative evidence include unsettled circumstances that might cause a company to report losses in future years. 16–44. 1. Income Tax Expense ($57,000* ( 0.40) 22,800 Income Taxes Payable 22,800 *$100,000 – $60,000 + $17,000 = $57,000 taxable income Deferred Tax Asset—Current ($5,000 ( 0.40) 2,000 Deferred Tax Asset—Noncurrent ($12,000 ( 0.40) 4,800 Income Tax Expense 17,200 Deferred Tax Liability—Current ($20,000 ( 0.40) 8,000 Deferred Tax Liability—Noncurrent ($40,000 ( 0.40) 16,000 For disclosure purposes, the current deferred tax asset and liability would be netted against one another, resulting in the reporting of a net current deferred tax liability of $6,000. In addition, the noncurrent deferred tax asset and liability would be netted, resulting in the reporting of a net noncurrent deferred tax liability of $11,200. Current items: Deferred Tax Asset $ 2,000 Deferred Tax Liability 8,000 Net Deferred Tax Liability—Current $ 6,000 Noncurrent items: Deferred Tax Asset $4,800 Deferred Tax Liability 16,000 Net Deferred Tax Asset—Noncurrent $ 11,200 16–44. (Concluded) 2. Income Tax Expense ($57,000* ( 0.40) 22,800 Income Taxes Payable 22,800 *$100,000 – $60,000 + $17,000 = $57,000 taxable income Income Tax Expense 17,200 Deferred Tax Asset—Current ($17,000 ( 0.40) 6,800 Deferred Tax Liability—Noncurrent ($60,000 ( 0.40) 24,000 In both (1) and (2), no valuation allowance is needed because 2008 taxable income and the existing taxable temporary differences are sufficient to allow for full realization of the deferred tax assets. 16–45. 1. Income Tax Expense 8,000 Income Taxes Payable 8,000 [($40,000 – $50,000 – $20,000 + $50,000) ( 0.40] Deferred Tax Asset—Current 3,150 Deferred Tax Asset—Noncurrent 12,630 Income Tax Benefit 9,390 Deferred Tax Liability—Current 1,750 Deferred Tax Liability—Noncurrent 4,640 The income tax benefit account offsets the income tax expense account. Enacted Deductible Asset Taxable Liability Rate Amount Valuation Amount Valuation 2009 35% $ 9,000 $ 3,150 $ 5,000 $1,750 2010 32 16,500 5,280 7,000 2,240 2011 30 20,500 6,150 2,000 600 2012 30 4,000 1,200 6,000 1,800 $50,000 $15,780 $20,000 $6,390 Because both the installment sale receivable and the estimated warranty liability are usually separated into current and noncurrent classifications, the expected reversal dates would be used to separate the deferred tax asset and liability into current and noncurrent portions. Current items: Deferred Tax Asset $ 3,150 Deferred Tax Liability 1,750 Net Deferred Tax Asset—Current $ 1,400 Noncurrent items: Deferred Tax Asset ($15,780 – $3,150) $12,630 Deferred Tax Liability ($6,390 – $1,750) 4,640 Net Deferred Tax Asset—Noncurrent $ 7,990 16–45. (Concluded) 2. Stratco Corporation Partial Income Statement For the Year Ended December 31, 2008 Income from continuing operations before income taxes $40,000 Income taxes on continuing operations: Current provision $ 8,000 Deferred benefit (9,390) 1,390 Net income $41,390 16–46. 1. Income Tax Expense ($11,000 ( 0.35) 3,850 Income Taxes Payable 3,850 Income Tax Expense ($24,000 ( 0.35) 8,400 Deferred Tax Liability—Noncurrent 8,400 Deferred Tax Asset—Current ($13,000 ( 0.35) 4,550 Income Tax Benefit 4,550 The income tax benefit account offsets the income tax expense account. The deferred tax liability and the deferred tax asset are not netted against one another on the balance sheet because the liability is noncurrent and the asset is current. 2. All entries would be the same. If future taxable income is zero, the two sources of taxable income through which the benefit of the deferred tax asset can be realized are the $11,000 taxable income for 2008 through the carryback provisions and the $24,000 in existing taxable temporary differences that will reverse in the future. These two sources are sufficient to realize the entire amount of the deferred tax asset, and no valuation allowance is needed. 16–47. 1. Before After Tax Rate Tax Rate Decrease Decrease Deferred Tax Liability—Noncurrent $44,000 $37,400 ($110,000 ( 0.40) ($110,000 ( 0.34) Deferred Tax Liability—Noncurrent ($44,000 – $37,400) 6,600 Income Tax Benefit—Rate Change 6,600 16–47. (Concluded) 2. Before After Tax Rate Tax Rate Increase Increase Deferred Tax Liability—Noncurrent $44,000 $50,600 ($110,000 ( 0.40) ($110,000 ( 0.46) Income Tax Expense—Rate Change 6,600 Deferred Tax Liability—Noncurrent ($50,600 – $44,000) 6,600 16–48. 1. Tax refund claim is as follows: Amount of Amount of Refund Loss Applied Income Due from Prior Year to Income Tax Rate Years’ Income Taxes 2006 $33,100 40% $13,240 2007 22,500 34 7,650 Amount of income tax refund due Aruban $20,890 (Note: The operating loss of $94,300 can be carried back only to 2006 and 2007.) 2. Operating loss carryforward: ($94,300 – $33,100 – $22,500) = $38,700 The expected tax benefit from the $38,700 NOL carryforward would be reported as an asset. It would be valued using the enacted tax rate expected to prevail when the NOL carryforward is used. For example, if the enacted tax rate for all future periods is 30%, the following journal entry would be recorded: Deferred Tax Asset from NOL Carryforward 11,610 Income Tax Benefit from NOL Carryforward 11,610 ($38,700 ( 0.30) This deferred tax asset would be reduced by a valuation allowance if it were deemed more likely than not that taxable income in the carryforward period would not be sufficient to fully realize the tax benefit. The deferred tax asset would be classified current or noncurrent, according to the expected time of its realization. 16–48. (Concluded) 3. (a) Tax refund claim is as follows: Amount of Amount of Refund Loss Applied Income Due from Prior Year to Income Tax Rate Years’ Income Taxes 2006 $33,100 40% $13,240 2007 5,900 34 2,006 $39,000 $15,246 Income Tax Refund Receivable 15,246 Income Tax Benefit from NOL Carryback 15,246 (b) Amount Amount Used by Available Taxable and Pretax 2008 for 2009 Year Financial Income Net Loss Net Loss 2007 $22,500 $5,900 $ 16,600 2008 (39,000) 0 0 2009 operating loss carryback $ 16,600 2009 operating loss carryforward 11,400 2009 total operating loss $ 28,000 16–49. 1. Tax refund claim is as follows: Amount of 2002 Amount of Refund Loss Applied Income Due from Prior Year to Income Tax Rate Years’ Income Taxes 2000 $12,300 50% $ 6,150 2001 11,950 44 5,258 $24,250 $11,408 Income tax refund due in 2002 $11,408 Amount of operating loss carryforward 0 Amount of 2004 Amount of Refund Loss Applied Income Due from Prior Year to Income Tax Rate Years’ Income Taxes 2002 $ 0 44% $ 0 2003 7,200 44 3,168 $ 7,200 $ 3,168 16–49. (Concluded) Income tax refund due in 2004 $3,168 Amount of operating loss carryforward: ($21,750 – $7,200) $14,550 (applied to 2005 income) Amount of 2007 Amount of Refund Loss Applied Income Due from Prior Year to Income Tax Rate Years’ Income Taxes 2005 $ 2,050* 46% $ 943 2006 32,000 40 12,800 $34,050 $13,743 Income tax refund due in 2007 $13,743 Amount of loss carryforward: ($58,700 – $2,050 – $32,000) $24,650 *There is $2,050 available at December 31, 2007, because $14,550 is used by the operating loss carryforward from 2004 ($16,600 – $14,550 = $2,050). 2. The expected tax benefit from the NOL carryforward would be reported as an asset. It would be valued using the enacted tax rate expected to prevail when the NOL carryforward is used. The deferred tax asset would be reduced by a valuation allowance if it were deemed more likely than not that taxable income in the carryforward period would not be sufficient to fully realize the tax benefit. The deferred tax asset would be classified current or noncurrent, according to the expected time of its realization. 3. Income taxes paid, 2005 and 2008: 2005 net income $16,600 Less: Loss carryforward from 2004 14,550 Taxable income $ 2,050 Tax rate ( 46% Income taxes paid $ 943 2008 net income $65,000 Less: Loss carryforward from 2007 24,650 Taxable income $40,350 Tax rate ( 40% Income taxes paid $16,140 4. Because the benefit of the net operating loss carryforward was recognized in 2007, there would be no credit to income tax expense in 2008. The entry to record the income tax liability would be as follows: Income Tax Expense ($65,000 ( 0.40) 26,000 Income Taxes Payable [see (3)] 16,140 Deferred Tax Asset—NOL Carryforward ($24,650 ( 0.40) 9,860 16–50. 1. The correct answer is b. A company will net current deferred tax assets against current deferred tax liabilities and noncurrent deferred tax assets against noncurrent deferred tax liabilities. As a result, Bren would offset the $3,000 noncurrent deferred tax asset against the $15,000 noncurrent deferred liability and report a net noncurrent deferred tax liability of $12,000. The current deferred tax asset of $8,000 will be reported separately in the Current Assets section of the balance sheet. 2. The correct answer is a. The provision for current income taxes is calculated by multiplying taxable income of $150,000 by the tax rate of 30%, giving an amount of $45,000. CASES Discussion Case 16–51 This case introduces students to the long-standing debate over the merits of interperiod tax allocation. The principal issue is whether income taxes are an expense that should be accrued or an annual assessment made against income as defined by the government at rates determined each year. Those who defend interperiod tax allocation might argue as follows: 1. Income taxes are an expense of doing business. If revenues are reported to the government on a timing basis that is different from that used for the general-purpose financial statements, a proper matching of expenses with revenues requires interperiod tax allocation. The current income tax expense should be computed on the basis of the reported financial income, not on the basis of the taxable income. A proper matching of expense against revenue is possible only if this approach is used. 2. The fact that the total balance of deferred income taxes continues to grow is irrelevant. In a growing company, all accounts increase. The total accounts payable grows, yet individual balances are paid according to the contractual terms. This is also true of deferred income tax assets and liabilities. Individual timing differences always reverse, or they would not be timing differences. 3. Generally accepted accounting principles require interperiod tax allocation. If Hurst desires audited statements, it must comply with currently accepted GAAP. 4. If taxes were charged to expense as paid, net income would not be comparable across years. Treatment of revenues and expenses on the books that is different from that used on the tax returns could be applied so as to manipulate reported net income and possibly mislead statement users. Those who are opposed to interperiod tax allocation might argue as follows: 1. The deferral is not a liability. There is no obligation to pay any amount in the future. Payment is contingent on the earning of income, the continuity of operations, and the tax laws in effect when the items reverse. Many analysts recognize the “softness” of this amount by excluding it from analysis. 2. If deferral is to be followed, it should be in terms of a partial allocation, not a comprehensive one. Only those timing differences that are nonrecurring in nature should be deferred. The type of timing difference that recurs will never be liquidated in total. Therefore, it gives rise to large balances on the financial statements that have little meaning. 3. Income taxes are a charge made against businesses annually. Tax laws are designed to raise revenue and to control the economy. The amounts are determinable each year by legislative bodies. Income taxes are really divisions of business profits, not an expense of doing business. Class discussion should be lively for this case. Instructors are encouraged to explore these arguments with the students. Discussion Case 16–52 1. The theoretical basis for deferred income taxes under the asset and liability method includes the following concepts: (a) Deferred tax accounting requires that a current or deferred tax liability or asset be recognized for the current or deferred tax consequences of all events that have been recognized in the financial statements. The asset or liability created must meet the definitions of Concepts Statement No. 6. (b) The current or deferred consequences of events are measured in accordance with provisions of enacted tax law. (c) Deferred tax assets are reduced by a valuation allowance if all available evidence indicates that it is more likely than not that the deferred tax asset will not be fully realized. (d) The recorded valuation of deferred tax liabilities and assets is changed in response to enacted changes in future tax rates. 2. Reporting higher depreciation for tax purposes than for financial reporting purposes results in a taxable temporary difference. A deferred tax liability is recorded to represent the higher taxes that will be paid when the temporary difference reverses. The deferred tax liability is valued using the enacted tax rate expected to be in effect when the difference reverses. The deferred tax liability is classified as noncurrent since the underlying depreciable asset is noncurrent. The rent revenue received in advance gives rise to a deductible temporary difference. A deferred tax asset is recorded to represent the fact that the taxes on the revenue have already been paid even though the revenue has not yet been recognized for financial reporting purposes. The deferred tax asset is valued using the enacted tax rate expected to be in effect when the difference reverses. The deferred tax asset is classified as current because the underlying unearned revenue liability is current. If it is more likely than not that part or all of the entire deferred tax asset will not be realized, the reported amount of the deferred tax asset is reduced by a valuation allowance. Discussion Case 16–53 With the asset and liability approach to deferred taxes adopted by the FASB, a credit in the deferred tax account represents a liability, and, as such, the measurement of its value is an important issue. Conceptually, it seems clear that a deferred tax liability should reflect the time value of money. If not, then the advantage of deferring taxes until later periods is not reflected in the financial statements. The FASB decided not to consider the issue of discounting in Statement No. 109 for a variety of practical reasons. The implementation issues associated with the discounting of deferred taxes could be numerous and complex. For example, an appropriate discount rate would have to be specified. It was thought that discounting would add unnecessary complexity and that consideration of discounting of deferred taxes should be addressed in the broader context of discounted values in the financial statements. Discussion Case 16–54 1. The 1986 corporate tax rate reduction coincided with the adoption of FASB Statement No. 96 by many firms. Statement No. 96 incorporated the asset and liability method and, accordingly, required adjustment of the reported deferred tax asset and liability amounts in response to a change in the enacted tax rate. Recall also that Statement No. 96 disallowed the recognition of most deferred tax assets. Therefore, the large majority of firms using Statement No. 96 reported larger deferred tax liabilities than deferred tax assets. Consider how a reduction in tax rates would be recorded by a company with a deferred tax liability. The amount of the liability would be reduced through a journal entry like the following: Deferred Tax Liability XXX Income Tax Benefit—Rate Change XXX As Congress considered raising the corporate tax rate in 1993, most firms had adopted or would soon adopt FASB Statement No. 109. Like Statement No. 96, Statement No. 109 also incorporates the asset and liability method. However, unlike Statement No. 96, Statement No. 109 allows for the recognition of most deferred tax assets. Therefore, the mix between firms with net deferred tax assets and those with net deferred tax liabilities is more equal. A tax rate increase would increase the recorded amounts of both deferred tax assets and liabilities and would be recognized through journal entries like the following: Deferred Tax Asset XXX Income Tax Benefit—Rate Change XXX Income Tax Expense—Rate Change XXX Deferred Tax Liability XXX 2. It is clear that none of the journal entries needed to adjust a deferred tax asset or liability involve cash. Financial statement users sometimes mistakenly think of deferred tax liabilities, accumulated depreciation, and retained earnings as if they represent piles of cash tucked away somewhere. Discussion Case 16–55 The carryback and carryforward provisions of the U.S. tax code impact the recognition of deferred tax assets but not the recognition of deferred tax liabilities. The realization of a deferred tax liability is not contingent on the existence of other future tax events. However, the realization of a deferred tax asset depends on the existence of future taxable income against which the deductible temporary difference can be offset. Possible sources of future taxable income include the following: (a) Future reversals of existing taxable temporary differences (b) Future taxable income (c) Taxable income in prior carryback years Under Cardassian tax law, source (c) would be completely eliminated. In addition, sources (a) and (b) would be greatly restricted because, with no carrybacks and carryforwards, the future taxable income would have to occur in the exact year of the deductible temporary difference reversal. In summary, implementation of Statement No. 109 under Cardassian tax law (no carrybacks or carryforwards) would require careful scheduling of the reversal of temporary differences and careful forecasting of future taxable income to determine whether sufficient taxable income would exist in the exact years of deductible difference reversals. Discussion Case 16–56 You may find it difficult to answer your friend’s perceptive question. FASB Statement No. 5 that establishes the standard for recognizing contingent liabilities was issued in the mid-1970s. It requires recognition of contingent liabilities only if it is probable the liability will have to be paid. No attempt was made in the statement or in later pronouncements to define the cutoff for probable. Research studies of statement users discovered a wide range of interpretations—from 50% to 99% probability. If a contingent liability is deemed to have only a reasonable possibility of occurrence, the contingent liability must be disclosed only in notes to the statements. FASB Statement No. 109 introduced for the first time the probability term “more likely than not.” The statement indicates that the cutoff for this term is 50%. Thus, contingent assets may be reported at a lower level than that used by many preparers for contingent liabilities. You must tell your friend that this difference has not been dealt with by the FASB as yet, although some accountants have suggested that the criteria for Statement No. 5 need to be reconsidered in light of the new term used in Statement No. 109. This case would make a good debate question or the basis for a written research assignment. Discussion Case 16–57 This case gives students the opportunity to consider how difficult it can be in practice to decide whether a valuation allowance for deferred tax assets is necessary and how it might be measured. If a company has been experiencing financial difficulty and has had several loss years, the presumption would most likely be that an allowance would be required. “More likely than not” is defined as being above 50% probability. If a company has positive sales prospects, has a strong liquidity position, and past years have been profitable, the assumption would be that an allowance would not be required. In addition, to the extent that a company has profitable years to carry back an operating loss or has deferred tax liabilities against which deferred tax assets can be offset, a valuation allowance would not be required. Case 16–58 1. From the income statement we can determine that Disney reported income tax expense for the year ended September 30, 2004, of $1,197 million. 2. Note 7 of Disney’s annual report breaks income tax expense into two parts: current and deferred. The portion of income tax expense related to current items totals $1,275 million, and the portion related to deferred items amounts to $(78) million. 3. By dividing income tax expense ($1,197 million) by income before income taxes ($3,739 million), we can arrive at the 32.0% number. 4. The journal entry establishing this allowance account would have involved a credit to the allowance account itself and a debit to Income Tax Expense. 5. In Note 7, we see that the lower effective tax rate was caused primarily by two items—impact of audit settlements and foreign sales corporations. Case 16–58 (Concluded) 6. Effective income tax rates can differ from company to company for many reasons, including the following: a. There are other nondeductible expenses and nontaxable revenues that would impact the effective tax rate. b. Some companies are based in, or do their business in, states that do not have an income tax. For example, the great state of Texas does not have an income tax. These companies would have a lower effective tax rate. c. For U.S. multinationals, there are also differing tax rates from country to country. These differing rates can cause a difference in effective tax rate. 7. In general, differences in effective tax rates are caused by permanent differences. For example, in Disney’s case, the nondeductible intangible asset amortization will never be deductible, and Disney will never receive a return of the additional income taxes it pays to the states. In general, temporary differences (such as accelerated depreciation) do not cause a change in the effective tax rate because the computed income tax expense reflects the fact that these temporary differences will reverse in the future. 8. All U.S. companies are required to give supplemental disclosure of cash paid for income taxes (and cash paid for interest). This information is sometimes in the notes and sometimes at the bottom of the cash flow statement. At the bottom of its cash flow statement, Disney reports that it paid $1,349 million in taxes in 2004. 9. The deferred portion of income tax expense reflects the amount of income tax expense (included in the computation of net income) that is not legally due to be paid this year. In this case, the deferred portion of income tax expense is negative which represents taxes that are paid this year but were recorded in prior years. Thus, the deferred portion of income tax expense involves additional cash outflow. Using the indirect method, this amount must then be subtracted in the computation of cash flow from operating activities. Note that the cash flow statement amount of $78 million reconciles with the amount of deferred tax expense reported in Note 7. This perfect reconciliation is not always possible and can be frustrating. For example, the change in deferred taxes does not reconcile with the total change in the deferred tax accounts shown in Disney’s balance sheet. The differences arise from a host of events during the year, such as the acquisition of a new business (or the selling of an old business) that has deferred tax amounts associated with it. Case 16–59 1. From the information provided, we can see that Sara Lee reported income tax expense of $270 million. Further disclosure indicates that this is split between current and deferred portions with $143 million being allocated to current and $127 million being allocated to deferred tax benefits. The journal entries to record this would have been (numbers in millions): Income Tax Expense—Current 143 Income Taxes Payable 143 Income Tax Expense—Deferred 127 Deferred Tax Liability 127 2. As noted near the bottom of the information provided, Sara Lee paid $184 million in taxes for the year. The journal entry to record this event would have been (numbers in millions): Income Taxes Payable 184 Cash 184 Case 16–60 1. Net earnings $7,308 + Other comprehensive income items $879 = $8,187 2. Cash ($4,560 + $5,637 + $2,610) 12,807 Realized Gain 3,496 Investment Securities 9,311 3. This is the amount of realized gains that are reclassified out of accumulated other comprehensive income and into retained earnings (via net earnings for the year). 4. Investment Securities 2,599 Deferred Income Tax Liability 905 Other Comprehensive Income 1,694 The debit to Investment Securities could also be to a market adjustment account. The net “Unrealized appreciation of investments” reported as part of Accumulated Other Comprehensive Income is $1,694, which is the amount of the increase in the value of the securities less the deferred taxes that are expected to be paid when these appreciated securities are sold. Note that when this deferred income tax liability is recognized, there is no corresponding increase in income tax expense. This is because the deferred gain itself was not reported as part of net income. If these were trading securities, the $2,599 million would be recorded as a gain in the income statement, and income tax expense would be increased by $905 million. Case 16–61 1. $1.100 billion/0.330 = $3.333 billion 2. $3.333 billion/57,000 employees = $58,474 3. The stock option income tax benefit reduces the amount of cash paid for income taxes but does not reduce reported income tax expense. Recall that, with the indirect method, the computation of operating cash flow starts with Net Income. In the computation of Microsoft’s net income, the entire amount of income tax expense was subtracted. However, we now know that the amount of cash Microsoft had to pay for taxes was actually $1.100 billion less than the reported income tax expense. Accordingly, this amount is added back in the computation of operating cash flow. The classification of this adjustment is included in the Operating Activities section in accordance with EITF Issue No. 00–15. Before 2000, Microsoft reported this as an addition to cash flow from financing activities. 4. This accounting for ESOs results in a reduction in income tax payable without a corresponding reduction in income tax expense. Thus, the “current taxes” amount of $4.996 billion reported by Microsoft is not what would be shown on this hypothetical worldwide income tax return. That amount would be reduced by the $1.100 billion in tax benefit associated with the ESOs. Thus, “Total tax for the year” for Microsoft for 2004 would be somewhere around $4.996 billion – $1.100 billion = $3.896 billion. This number is supported by the fact that the cash paid for taxes for Microsoft in 2004 was $2.5 billion (other factors also decrease the total tax), as shown just below the operating cash flow information. Case 16–62 The objective of this assignment is to get students thinking about ways in which accounting principles and concepts differ around the world. In this case, the United Kingdom historically incorporated present value concepts in valuing deferred taxes while the United States has not. However, the rationale for not recognizing deferred taxes that will not crystallise breaks down when applied to accounts payable. Total accounts payable increases each year in a growing firm—the old accounts that are paid off are more than replaced by new accounts payable. Using the “crystallisation” concept, accounts payable could also be reported as $0 because the ultimate payoff of the entire balance is far in the future for a going concern. This illustrates, the authors think, a hole in the old UK approach. The most theoretically correct approach is one that is midway between the U.S. and UK approaches—recognize all deferred tax liabilities (U.S.) but take into consideration the timing of the reversal in computing the present value of the deferred tax liability. As mentioned in the chapter, the Accounting Standards Board in the United Kingdom has dropped its partial recognition approach to deferred tax accounting. Case 16–63 1. The two objectives of accounting for income taxes are: a. Recognize the amount of taxes payable or refundable for the current year. b. Recognize deferred tax liabilities and assets for the future tax consequences of events that have been recognized in either the firm’s financial statements or the firm’s tax return. 2. Total income tax expense (or benefit) for a year consists of two parts. Those two parts are: a. Income taxes payable or refundable relating to the current year. b. Deferred tax expense or benefit, which is the change during the year of the company’s deferred tax assets and liabilities. 3. The valuation allowance is designed to reduce any deferred tax assets to the amount that is more likely than not to be realized. The amount of the valuation allowance is determined by examining positive and negative evidence as discussed in paragraphs 23 and 24. Case 16–64 In this case, the accountant is making projections about the future profitability of the company. If it is not expected that profits will be available against which previous losses can be offset, then a valuation allowance account must be used. If the accountant’s assessment of the future does not coincide with management’s, a debate between the two can result. Accountants must understand that their assumptions and estimates can have a material impact on the financial results of a company. In this case, using a valuation allowance account actually increases the amount of income tax expense reported, thereby increasing the amount of the reported loss. Case 16–65 Solutions to this problem can be found on the Instructor’s Resource CD-ROM or downloaded from the Web at http://stice.swlearning.com.     PAGE 764 Chapter 16 PAGE 765 Chapter 16  PAGE 763 ?@ ‘ Œ œ ö ÷ ÿ   € „ … • ™ ¯ ± Æ Ø Ù   ‰ Š ¢ £ ä å i j È É Î Ï Ñ Ô ð L M w x  ž Ç È ð ñ ABjk—˜çè;<On¡¢ÈÉno”•ü÷üñüñüñüñü÷üèÜÎÜèÜèÜèÃèÃèÃèÃèÃèÃèÃèü÷üŒüñüñüñüžüñüñüñüñüñüñüŒüñüñüñüñüñh{] h\K6]hìt§h\K@ˆþÿNHhìt§h\K6@ˆþÿNH]hìt§h\K6@ˆþÿ]hìt§h\K@ˆþÿ h\KNH h\K5h\KH þ ÿ Î Ï LM¢£€ìí7õöÖ×QRýûù÷õ÷õ÷õïõê÷õäêõäõ÷äõäõâà//„œþ`„œþgdìt§0„`„0"!Xýý•éê;<®¯âã[\ˆ‰š›£€Š«¿"#NOxyÎÏæçíïEFXY}~ÔÕ;<de‰Š°±0179<OöøwxÒÓ×Ú,-ÛÞ 34\]_`  Š‹¶·üöüöüöüöüöüöüöüöüòíüæüöüöüöüöüöüíüöüöüòüíüöüöüöüíüöüöüöüöüöüíüæüíüöüöüíüöüíüöüöüâüöüöüöüöh{] h\K6] h\K5hìt§ h\KNHh\KYR’­ÚÛÔÕïðÄ Å Æ ó"ô"y$z${$a%b%c%O&P&Q&ú&û&ü&ò(ýýýûùûùûùûùôûùûùôûùôûùôûùôûùgdìt§/2·ÕØ-.°±ðóù •– +…†˜šÑÒ  E F ž Ÿ Ä Å Æ É ñ ò !!!ž!""6"7"ô"÷"F#G#š#›#=$>$y$z${$~$% %a%b%c%f%%Ž%ä%&4&5&O&P&Q&T&o&u&|&}&ú&û&ü&ÿ&'†'ü÷üñüñüñü÷üêüñüñü÷üêüñüêüñüêüñüñüæü÷üñüñüñüñüñü÷üñüñüæüæü÷üñüæü÷üñüàüñüæü÷üêüñüæü÷üÙ hôëh\K h\K@ˆhìt§ h\K6] h\KNH h\K5h\KT†'‡'Ý'Þ'è' (([(\(œ(Ÿ(é(ê(7)H)…)†)ª)«)³)¹)Ø)à)ñ)ù)**Ð*×*)+*+W+X+`+f+†++Ÿ+§+Ï,Ö,×,Ý,=-C-W-_-Ê-Ë-º.».ç.è.v/|/Ø/Ù/ü/ý/0 0*000@0G0J0O0­0²05161G1L1¯1°1Á1Æ1G2H2Y2^2á2â2˜3™3÷ð÷ðìæìæìæìæìáìÚìÚìáìáìÕìáìáìÚìÚìáìáìÕìáìáìáìÕìÚìÚìÚìáìÚìÚìáìáìÕìáìáìÚìáìÚìáìÚìáìÚìÚ h\K>* jŽðh\K h\K>* h\KNHh\K hôëh\Khôëh\KNHTò(ó(ô(õ(ö( )6)H)I)])r)–)º)â)ú)û)*5*V*~**€*»*Ù*++ýýýýûù÷õîîæÝîîõÛÛÛÙ÷îîîîî#a d Æ PÆ d Æ P d ÆP db"+<+h++š+©+Ä+ß+ü+.,S,x,µ,Þ, -D-`-a-Ž-ª-Û-.,.G.d.ƒ.ööïïíëëëéàààààààíÙÙÙÙ×ëëëbd ÆX  ! d Æ PX  ! #ad ÆP d Æ PÆ ƒ.„.Ê.ø./9/M/}/€/¹/é/ 010H0I0O0k0‰0«0¬0²0Î0ì0 1 1ýûûù÷ïæïßÖÖææýûûûûýûûûûý d Æ P  d ÆP d Æ PX  ! d Æ PX  d#a 1E1F1L1h1†1‡1¿1À1Æ1â1222W2X2^2z2š2ž2¹2ñ2343Q3p3q3†3‡3ýûýýýûýûýýýýûýûýýýýûýùýýýûý÷ba‡3©3Æ3ð355/5V5W5š5›5Â5á5â5%6F6a6z6—6˜6Ý6 7,7?7T7…7øøöôôôôòôòôôòôöôôôòôôðîåÞd ÆP d Æ PX ² dba#a Æì™3ž3¹3ë4ì455‹5Œ5 66Í6Î6ù6ú6š7¢7ÿ787888@8G8g8n8~8†8ß9æ97:8:c:d:Œ::•:œ:Œ:Â:Ò:Ù:î;ï;?<@<o<p<}<<q=x=É=Ê=Ó=Ô=> >/>0>8>=>]>a>q>v>3?4?ˆ?‰?%@&@“@”@;A* h\K>* h\KNH jŽðh\Kh\KT…7€7Ì7á78I8o8‡8ˆ8€8¿8Ý89#9k9®9è9:$:H:q:ž:ööïçÞööÜÚÚÚØÖÃﺺïÞÞÞ d Æ PX  ! d$ Æ PX  „„„|ü^„„`„|üa$d#a d Æ PÆ d Æ P d ÆP d Æ PX ² ž:Ã:Ú:Û:ö:;0;M;N;}<~<<³<Æ< =N=z=¡=¶=â=>?>ööôòòòòôèââàÙÅöööÙŒŒŒ d Æ Pz d$ Æ PX  ! „„„|ü^„„`„|üa$d ÆP b Æ a„„äý^„`„äýa d Æ PX  ! ?>b>w>x>‘>ª>É>ä>å>Ÿ@Â@ÔAÕAîABBwBxBœBDD.D^D_D·EööôòòòòôèæèôòòôØØÖòôòòôòb a„Šÿ„„äý]„Šÿ^„`„äý# a„„äý^„`„äýa d Æ PX  ! vCºC»CùCúC±D²D€E¥EãE¶F·FßFàFGGGGGGGGG#G$G%GOGXGiGpGqGõHöHI I.I7I8I>I?IEIFIGIHILIMINIxI€I‘I˜I™ImJnJKžKœLŸLZMMˆM‰MMM–M—M˜Müõüïüïüïüä×äüäËäËäËäËœËäüäËä±äüïü©äËäËäËäËœËäüäËä±äüïüõüïüäËäËäËäËh\KOJQJh\K5>*CJ\^Jh\K5>*CJNH\^Jh\K5>*CJ\^Jh\K5CJNH\^Jh\K5CJ\^J h\KNH jŽðh\Kh\KB·EãEßFàFG$G%G?GYGqGrG‚GƒGªG×GHI I-IMIý÷õèØÖÉ¿µõ³õ³³ý©õèØ a„„äý^„`„äýa Æ€ð ÆÐÌð  ÆЀðÂÂÂdð Æ’bürèð  Æè<ÂÂÂdð Æ#MINIhII™IšI¶IÆIÇIîIJJšJ©JæKçKLELFLM?MYMZMýðãÖÔÒÐýÐÐÔÆÐÆÔÐÐÔÆÄÐÔ# a„„äý^„`„äýab  Æ€ðÂÂÂdð ÆÞÌðÂÂÂgdôë ÆÞ€ðÂÂÂgdôëZM~MžMŸMºMÔMìMíM®N¯NŠO‹OôPõP"QQQRQnQÊRSòâàÐöŽ²Ž²Ž²Ž²²Ž°²®#ba  Æ€ðÂÂÂdð ÆÞÌðÂÂgdôë ÆÞ€ðÂÂÂdðgdôë Æ’bürèð  Æè<ÂÂÂdð˜M™MMžMŸMÊMÓMäMëMìMOO‚PƒPŠP§PÚPÛPQQIQJQRRÃRÄRScSdSþSÿS%T0T1TaToTÜTÝTãTäTU U!U)U*U5U6UKUOU`UaUdUjUkUñåÚÖÚåÚÊÚÖÄÖÄÖœÖÄÖ¹Ö¹ÖÄÖÄÖ²©²ÖÚåÖڲڜÚÖÚåÚåÚå֕²Ú‰åÚÊhôë5>*CJ\^J hôë\^Jh\K5CJNH\^Jh\KNH\^J h\K\^Jh{] jŽðh\K h\KNHh\K5>*CJ\^Jh\Kh\K5CJ\^Jh\K5>*CJ\^Jh\K5>*CJNH\^J5SþSÿS TT#T0T1T?TKTSTaToTpTãTäTðTíëßßÓÊÈŸ·Ÿ·€žžë‘  Ær dð Æ Æ hvØ ¶ î°Ÿ þX 6$† Ɔ  Ɔdð Æ à  Æ Šdð  Æ àÂdð Æ hvØ ¶ î°Ÿ þX 6$ðTýTU5U6UOUeUrUsUÃUÄUßUüUVVVõéõçÌœ­££¡ŸŸŸ‹… ÆL$ Ƙþh8°P(#„¬þ]„¬þa$a Æà€ ‚‚ Æà€žˆ‚‚‚gdôë Ɔ̞ˆ‚gdôë Æ) hvØ ¶ î°Ÿ þX 6$†Ìžˆ‚gdôë Ɔr  Ær kUlUrUÃUVVVWWWW5W8W]W^W·WžWXûX}YƒYZ Z ZZ³ZºZ»ZÁZY[a[c[j[~[…[†[‡[Ë[\\\ \%\+\,\3\4\L\T\U\V\Î\×\Ø\Þ\ó\û\ü\]]:];]óçÜØÑÉØÃØÃØŒØÃØÃØÜطططططططزØÜ«ÜاØܛܛØÜçÜØܛܛÜçÜçÜØÉh\K5>*CJ\^JhŸ|å h\K\^J h\K>* h\K>* h\K6] h\KNHh\KOJQJ h\K5CJh\Kh\K5CJ\^Jh\K5>*CJ\^Jhôë5>*CJ\^J=V]VõWöW XXYOY„Y‘Y™YýóññïñíñïñëáÚÚëÑź± d Æ „hÐ d Æ„PX hÐ d Æ„X hÐ !d Æ „X h Æ~  Æ~ dð#a a„„äý^„`„äýb™YºYïYZ8Z9Z]Z™ZÂZìZíZ$[l[†[‡[óèØÌÊÁó³šÊ³³ž• Æ Ð€ BB d Æ„X hÐ d Æ„X hÐd Æ„X hÐl ! d Æ „hÐ d Æ„X hÐ !d Æ„X hÐlÆ ! d Æ„hÐl d Æ„hÐl‡[Ë[ç[ù[\\ \#\3\4\U\V\‹\·\à\]:]O]j]š]Œ]éàààÚØÚÌÊÁ¿Á¶ÁÁŽ¯¯¯¯d Æ# Æ ÈhBB Æ € BB Æ€Å÷ Bb Æ Æ Ø @  Æ% hv¶ î°ŸþX 6$Ø @ € BBŒ]ç]^E^s^^ÿ^_#_]_ƒ_„_È_É_ý_%`>`u`›`œ`§`®`Ä`ç`è`úúóúñïíúóúïïíúóúóúïëéÚÚØ ÆhРp@ Œx°è€€b"d#d ÆÆd Æ;]>^D^k^r^©^°^Ô^Ü^U_\_{_‚_œ_£_`$`m`t`“`š`®`Å`×`Ø`ç`CbJbKbRb¶b·b cccc‡cˆcµcŸc¿cÇcØcãcwdxdŽdd•d–dÈdÉd*e+eXeYeÏeÐeÝeÞeåeæeõeöefff fkfrfvf~fÐfØfÙfÚfÝfäfü÷üòüëüëü÷üòüëü÷ü÷üòüäÛäÛü÷ü÷üÕü÷ü÷üÕü÷ü÷üòüÎüÊüÎüÎüÎüäüÃüÎüÎüÃüÎüÎü÷üòü÷üÃüò h\KH*^Jhôë jŽðh\K h\KNHh\K5>*CJ h\K5CJ h\K6] h\K>* h\K>*h\KMè`a4aVaxaša¹aÀaåaüa#bSbˆbœbØbcôôôôôôòàÒ¿ª™Ò¿Ò9 Æ ² $„JÜ#€„^„9 Æ l² $„ðJÜ#€€„^„9 Æ lJ² $„ð€„^„ 9 Æ  „€€€„^„9 Æ l² $„JÜ#€„^„#  Æô š 8 x€Àcc,cXcrc cÈcäcëc d*dSdê×ɶɡwcc$ Æ p.æ $„^Ü# „^„$ Æ pØ .æ Є^ð „^„#9 Æ l² $„JÜ#€„^„9 Æ l² $’ðJÜ#€„^„9 Æ lJ’ð€€€„^„ 9 Æ  Þ€€€„^„9 Æ ^l² $„JÜ#€„^„9 Æ l² $ÞðJÜ#€€„^„ SdTd«d¬dÜdeeeXeYeae{e™ešeŽeýëéÐŒýŒŒºž§“‘}< ÆÂrPðJ€ª^Àƒ„Ð^„Ð< ÆÂrPðJ€ª^Àƒ„8^„8< ÆÂrPðJЀª^Àƒb$ Æ p.æ $„^Ü# „^„$ Æ p.æ $„^ðÜ# „^„gdŸ|å$$$ Æ „„äý^„`„äýa$ŽeÒeõeff4fPfvf~ff™fµfÜfåfíÙÙ×Ʋ²›Ùí²†< ÆÂrPðJ€ª^Àƒ„€^„€< ÆÂrPðJ€ª^Àƒ„€^„€< ÆÂrPðJ€ª^Àƒ„8^„8< ÆÂrPðJЀª^Àƒ< ÆÂrPðJ€ª^Àƒ„Ð^„Ð< ÆÂrPðJª^ƒ„8^„8 åfófg3g4gMgggng”g±gÌgÍg0h1hêjëjëë×ÕëëÓÈÁ¿¹«›ŒŠ ÆhÐÀ„Є0ý^„Ð`„0ý Æ hÐ8À„8„Èû^„8`„Èû Æh „Є0ý^„Ð`„0ý„8^„8$$ Æ Ð $ ƠЄ^„#< ÆÂrPðJ€ª^Àƒ„8^„8< Æ ÂrPªðJ² $ê$„Ð^„Ðäf!g"g=g>gMgNgVgWgÍgâgøgùghh*h+h/h0h¢i³i4j5jëjkkkkckxkŽkk²k³kÆkÇkNmOm‡m¡m¢mnn¬n­n#o*o+o>o?o^o_ojoppp†püõüõüîüõüçÞÒÞÒÉÀÞ¹ç¯çŠçü üõüçÞÒÞÒÞüçŠçüõüõüõü›“›“›“›üõüŽ h\K>* jŽðh\K6 h\K6 h\KNHh\K5CJNHh\K56CJ] h\K5CJhŸ|å5CJ\h{]5CJ\ jŽðh\K5CJ\h\K5CJ\ h\K5CJ h\KH*^J jŽðh\Kh\K8ëjój*kGkbkckÆkÇk‡mˆm²mÝmþmn#n@nknlnÍnÎnûn#oKoýòððîàîàîÚðÔÒòððîÃîòðœ$„ ^„ $ ƠЄЄ0ý^„Ð`„0ý#$„ì^„ì$„Ð^„Ð Æh „Є0ý^„Ð`„0ý$ $ ƠЄ^„bKojoqoo­oØoÜo+p,pPp‡pÀpípq4qMqmqq­qýûõïýíâíÜÒÒÒÒÒÇÁ¶°$„ ^„  $ Æ 8„^„9 Æ’€ 9 Æ’ˆ€„*^„* 9 Æ’€„*^„*9„Ð^„Ð $ ƠЄ^„$ Ɛ$$„Ð^„Ð#$†pqqEqFqLqcqlq­qÂqÃqÊqzr™rŸr ršr©r²r³rs s sssss&s'sGtHtÞtßt'u(uZušuÃuÄuËuYv‰vvv˜v™v¢v£v©vªv³vŽv"w$w%w'w(w.w/w5w9w@wAwGwHwOwPwWwÐwÖwñwøw7x>x€xŠx‹x’xü÷üï÷üêüåÝåüÖÍÖÍÖÍÖü÷ü÷üêüêüÖüÖÄÖÄÖüåÝåüÖÍÖÍÖÍÖÍÖÍÖü÷ü÷ü÷ü÷üêüêüêüêü÷üêüêüåÝåh\K5CJNHh\K5>*CJ h\K5CJ jŽðh\K6 h\K6 h\K>* jŽðh\K>* h\K>*h\KM­qÊqËqíqr/r0rxryrzr–r³rÍrårýrðîììæîÛîîʳ£’’ Æ $ t"x èð‚€€ Æ $ t",èÆð‚€ Æ'hРp@ *\ àd€œˆ€€€€ ÆhРp@ *€ˆ $ Æ 8„^„$„ ^„ $$ Æ pØ .æ $„^„ýrs's(sGtHtZu|ušuËuÌuîuv/vYvZv‡vîâÓÓÑÓÄ»¬Ñªª€€’’ ÆhРp@ úŒ ,ržX $„ ^„ $$ Æ pØ .æ $„^„ $ Æ „ ^„  $ Æ 8„€h^„ ÆÐ8À„8„Èû^„8`„Èû  Æ$ t"š èð‚ Æ $ t"xŸèÆð‚€€‡vŽvÛvÿvw6wWwXwlw{w˜w·wçͱ±“zxrhh 9 ÆlJ² Æð9 Æzƒbd°ÿ Æ"ü4ÔJÜ#6$š j”€ À!‚€ƒ Æ-š ü4ÔJÜ#6$ æ j”Í€ö  À!‚€ƒ€ƒ„8^„8 Æ*š ü4ÔJÜ#6$æ j”€ö ðÀ!‚€€€ƒ„8^„8 Æ%ü4ÔJÜ#6$š j”€ö À!‚€€ƒ„8^„8 Æ*hРp@ úÊŒ N ,HržX €€€ ·w×wøwùw x>xax€x’x“x¶xÒxûx&y'y5yEyxy—yÅyçyõëéëëÜÓÄéÂÂŒŒéºº±±±± 9 Æ „®^„®9$„ ^„ $$ Æ pØ .æ $„^„ $ Æ „ ^„  $ Æ 8„€h^„ 9 ÆlJ² Æð 9 ÆlJ² =ð’xfygyŽyµyœyÄyùyúyz z?z@zsztzuzyzzz{zŒzœz{ {‘{š{›{¢{B|a|g|h|p|q|z|{|¹|À|Á|Ç|Ì|Ó|Ô|Ü|x}y} ~)~_~h~n~o~w~ë~ÅÆÙÚ€*€/€x€}€~€Š€üõüõüðüêüåüõüàüÙüàüêüêüàÑàüÊÁÊÁÊÁÊüðüðüåüåʞʱʱʧʱʞʞÊü£ü£üàhŸ|å jŽðh\K5CJ hŸ|å5CJh\K5CJNHh\K5>*CJ h\K5CJ jŽðh\K6 h\K6] h\K6 h\K>* h\KNH h\K>* jŽðh\Kh\K?çy z zzQzrzszM{N{U{s{‘{¢{£{É{å{æ{.|B|öôëööôàÞÜÑÆ·ôµÆôѳb$$ Æ pØ .æ $„^„ $ Æ p„ ^„  $ Æ 8„^„#9 9 Æ „Èû`„Èû 9 Æ „ ^„  9 Æ „®^„®B|^|{|–|¯|È|Ü|Ý|€€0€Q€~€‘€î×ı±¡‘‘‡r$ Æ pØ .æ $„b^„b$„ú^„ú$„ ^„ $ Æ hÐ8À„8„Èû^„8`„Èû Æ $ t"h,èð€‚ Æ $ t"hxŸèÆð€‚€€ Æ $ t"h,ŸèÆð€‚€À Æ'hРp@ *\ àd€œˆ€€€€ ÆhРp@ *€ˆ Š€€‘€Õ€Þ€ß€æ€s’˜™¡¢«¬‚ ‚ ‚‚‚‚‚'‚+‚,‚<‚Ù‚Ú‚õƒöƒ<„=„ƒ„„„ç„è„(…)…Ê…Ë…†…†™† †¿†À†‡‡‡‡‡*‡+‡1‡2‡:‡k‡s‡t‡|‡€‡ˆ‡Œ‡”‡•‡‡Ÿ‡§‡«‡°‡úõñõéõñâÙâÙâÙâñÔñÔñÏñÏñÉñâÀâÀâÀâÀâ¶âÀâÀâñõñâñâÙâÙâÙâÙâÙñÔñÔñÔñÏñÏñÏñ¯ h\K6] jŽðh\K5CJh\K5CJNH h\K^J h\K>* h\K>*h\K5>*CJ h\K5CJ jŽðh\K6h\K h\K6 hŸ|å6E‘€˜€¶€Õ€æ€ç€ )*rs¬Çàù‚ýòðáßðÙßòßȱ  Æ $ t"hxŸèÆð€‚€€ Æ $ t"h,èÆð€‚€ Æ'hРp@ *\ àd€œˆ€€€€ ÆhРp@ *€ˆ$„ ^„ $ Æ pØ .æ $„b^„b$ $ Æ 8„^„#‚'‚(‚<‚††6†W†…†™† †¿†À†ê† ‡:‡ïíëÜíÚÑȹ·¯íŸŸ† Æ+hÐp@   æ š ¢BªzX 6$€€€€€€ ÆhÐp@  Œ ¢ªX  Æ Ð 8À#$ Æ pØ .æ $„^„ $ Æ „T^„T $ Æ „ ^„ $ ÆÐ8À„8„Èû^„8`„Èûb Æ $ t"h,èð€‚:‡;‡d‡‰‡š‡©‡,ˆ-ˆ.ˆnˆ‘ˆÌˆùˆ ‰6‰ýèÓÂÀ¶ÀÀ°ŸŸŸ$ Æ .æ 8 X „^„b9 Æ^lJ² ˆË $ „ ^„ 9 Æð 9 Æð „Èû`„Èû Æõ ¶ €ˆÜ#hš džÀ!€‚ Æ$õ ¶ €ˆÜ#h š µdÀ!€€€‚€ Æ$õ ¶ €ˆÜ#hÊš †džâÀ!€€€‚€°‡ÃˆËˆïˆùˆg‰¡‰ŠŠŠ"Š˜Š Š¬ŠµŠèŠíŠŒŒ`a…Ž†Ž†‡¡‘¢‘œ‘Ÿ‘Ö‘ê‘h’i’Å’Î’Ï’Ö’ÿ’““-“.“G““€“˜“”U”^”_”f”ª”Æ”€•ˆ•-–4–5–=–W–b–x–{–º–ƖǖΖ—!—"—)—*——˜#˜$˜,˜;˜ü÷üòüíüíåíü÷üòüÞü×üÑüÑüËü×ü×üíüÑüíåíüÑüíåíüÑüíüíåíüíü÷ü÷ü÷üòüÄüíåíüíåíüÄü÷ü÷ü h\K5CJ h\K^J h\KNH jŽðh\K h\K6] jŽðh\K6 h\K6 h\K>* h\K>*h\KM6‰g‰‘‰¡‰¢‰Ó‰Š"Š#Š^Š¡Š¶ŠœŠçŠèŠj‹k‹€‹òããáØÍ㺺º­« áž™žd°ÿ$ $ Æ 8„^„# 9 Æ^lJ² .Ë $ 9 Æ ^lJ² 8.Ë $ „^„ $ Æ.  „F^„F $ Æ .æ  X $ Æ pØ .æ $„^„ $ Æ .æ  ð „F^„F€‹¥‹Í‹÷‹ø‹'ŒVŒWŒÍŒÎŒŒŽ“Ž®ŽÙŽ²ºØôôîéççåÖÐÐÎÌÆŒºŽ²§ 9 Æ 8„^„b9„Èû`„Èû 9 Æ lJ² $<9 Æ<9#$„Èû`„Èû$ Æ ’„’„Šÿ^„’`„Šÿ$d°ÿ$„ ^„  $ Æ 8„^„؏89ÒÓ‘‘‘‘6‘T‘~‘‘Ò‘Ó‘’M’ˆ’‰’÷÷õïããáßÝÌÃÃÁ»Á²¬¬Á+„„^„„ + Æh„h^„h$„^„ + Æ hv„’p+ Æhv„’pØ Ðš „^„b"9 9 Æ  8<„^„9„Èû`„Èû9 Æ lž<‰’š’Å’Ö’×’ñ’“G“H“q“˜“Ï“”””7”U”f”g”Ž”ª”Æ”ïæÕÓÅæÕÓµæÕÕÕÓïæÕÓµæÕ+ Æhv„’pØ ô „Ð^„Ð+ Æhv„’pØ „Ð^„Ð+ Æ hv„’pØ .æ $„ ^„  + Æ hv„’p+ Æhv„’pØ Ð„^„Ɣǔ••4•O•‰•œ•Ÿ•Ù•–>–c–d–ý÷õçÞÍœ·«›‡rý9 Æ ^lJ² hvþ$€ „Ð^„Ð9 Æ! ^lJ² hv›<þ$€ 9 Æ lJhv^<þ€ € 9 Æ  þ €„Ð^„Ð Æ 8 Æÿðþ$ „Ð^„Ð8 Æ8ÿðþ$ „8^„8 8 Æ 8ÿÐ 8 Æ8ÿðÐþ$ #$„^„ d–x–{–œ–º–Ζϖì–—)—*—-—A—ýöàÐœ· Ž}{yl $&d PÆÿ a$+ Æ hv„’pØ .æ $„F^„F+ Æ hv„’pØ .æ $ž6$ + Æ hv„’pØ .æ $ОJ6$ „^„ Æ6$+ Æ hv„’pØ .æ $6$„F^„F+ Æ hv„’pØ .æ $ž6$ + Æ hv„’pØ .æ $ОJ „^„ ÆÐ8Àb A—Z——€—×ê—˜-˜G˜N˜l˜Š˜òòðÞÎœ£’…s+ Æhv„’pØ .N  „Ð^„Ð + Æ.  „^„#9 Æ ^² $P€6$ „^„9 Æ ^lJ² $Pð€6$ €„Z„h]„Z^„h9 Æ ^lJPð „h^„h9 Æ^² $PþÜ# „^„9 Æ^lJ² $P€6$ „^„ $&d PÆÿ a$ ;˜G˜Š˜“˜”˜›˜®˜¯˜Í˜Î˜™™ ™(™:™B™²™Ò™Ø™Ù™ß™à™é™ê™þ™ÿ™šš)š/š0š1š7š<šCšDšEšFšMšNšPšdšq›…›Ý›uœ|œ}œ„œ“œšœÏœÐœáœ »ÚàáéêóôLžRžSžYž^žežfžúöñéñöãöãöãöÞöúö×Î×Î×Î×öÊöÊöÞöÂÞöúöúœúö׎×ö×öÞöÞöúöãöñéñö×Î×Î×Î×öÞöÞöúöh\K56CJ hôë>*hôëhôë>*hôëh\K5>*CJ h\K5CJ h\K>* h\KNH jŽðh\K6 h\K6h\K h\K>*GŠ˜›˜œ˜Ÿ˜Þ˜ý˜*™C™D™_™†™°™±™²™Ï™ê™òðßßßßßðÍÇ·ððŠ’ Æ!hРp@ *\ à€ˆ€€ ÆhРp@ *€ˆ+ Æhv„’pØ ,„Ð^„Ð+„Ð^„Ð+ Æhv„’pØ æ 2 X „h^„h9 Æ ^JhvPð€ „Ð^„Ð + Æ hv„’pØ .æ $Ꙛš8šMšNšq›…››·›Ý›Þ›éÒ»§¥›™ŽŽwu ÆhРp@ ü„h&d PÆÿ ^„h  ÆhРp@ üb „h„˜þ^„h`„˜þ Æ $ t"h,èÆð€‚gdôë Æ" $ t"hxŸèÆ=ð€‚€€gdôë Æ" $ t"hxŸèlÆð€‚€€gdôë Æ $ t"h,ŸèÆð€‚€gdôë ޛœDœ`œ…œ›œ¢œÀœáœ  -ëÜÊŽžœ‹Ž|vb+ Æv„’pØ .Œ žðÜ# „^„ ÆÜ#+ Æ hv„’pØ .æ $Ü#+ Æv„’pØ .žð „^„#9 Æ ^lJ$hvžÆðÜ#€ „h^„h9 Æ ^lJ$hžÆðÜ#€ €ƒ„Ð^„Ð9 Æ ^lJ² žÆ𠃄Ð^„Ð9 Æ lð ! €ƒ€„h^„h9 Æ ^lJ² $žÜ#Š„h^„hgdôë -Trsº»×ôž)žBžZžnžožëÖÔÎÔœŠ•‚‚‚rÔ Æ $ t"h,èð€‚ Æ $ t"hxŸèÆð€‚€€ Æ $ t"h,èÆð€‚€ Æ'hРp@ *\ àd€œˆ€€€€ ÆhРp@ *€ˆ$„^„9 Æ ^lJ$hžÆðÜ#€ €ƒ„Ð^„Ð+ Æv„’pØ .Œ žðÜ# „^„ fžnžož\Ÿ]Ÿ²Ÿ³Ÿ ° · ž Ÿ É Ê Ó ê ]¢n¢s¢t¢££`£a£Š£Í£Î£W€X€€Ž€ß€à€¥¥~¥¥Ó¥Ô¥ËŠÒŠÓŠíŠ÷ŠþŠF§M§q§z§®§¯§VšWšš‘šJ©K©¯©Ø©Ù©à©ßª «««««%«&«úöïæïæïöáöáöÝúöïÓïæïæïæïöÌöÌöÌöÌöÌöÆöÆöáöÂöúöáöúöÌöÌöÌöÆöœµœöï¬ï¬ï¬ïh\K5>*CJ jŽðh\K6 h\K6h-`­ h\KNH jŽðh\Kh\K56CJ]hŸ|å h\K>*h\K5CJNH h\K5CJh\K h\K>*DožŒŸœŸÕŸïŸ  Y € ž ¿ Õ Ö ê Š£õêêêÓÑÁ³£‘}{yõb9 Æ lJ² ì !$„h^„hgdŸ|å9 Æ lJ² € !$€ƒ€„Ð^„Ð9 Æ lJ€ !€ƒ€„Ð^„Ð9 Æ ^lJ² $„h^„h9 Æ ² Ê !$ „h^„h ÆhРp@ ü„h&d PÆÿ ^„h  ÆhРp@ ü „h„˜þ^„h`„˜þŠ£­£Ý£û£ü£3€4€f€œ€·€ï€+¥,¥‡ŠˆŠ—Š³ŠÓŠÿŠý÷íëßÝ×××ÑÑÝÇÝœ®ž®8 Æÿðf!Î!$ „Ð^„Ð8 Æÿðf!$ „Ð^„Ð 8 Æf!€„h^„h +„h„˜þ^„h`„˜þ+„Ð^„Ð+„h^„h + Æ hv„’„h^„h + Æhv„Ð^„Ð+„^„#ÿŠ§§.§N§z§Ž§Ÿ§Ü§Ý§šš1šeš¡š¢šn©u©’©ýóäÕÕÓÍÇÅŽýÍÍšýžœÍ# +„h„˜þ^„h`„˜þ + Æ hv„’„Ð^„Ð+ Æ hv„’pØ .æ $„h^„h+„Ð^„Ð+„^„b8 Æÿðf!$ „Ð^„Ð8 Æÿð !$ „Ð^„Ð 8 Æf!€„h^„h’©¯©à©á©ª)ªDªkª•ª–ªÝªÞªßª «7«ñäâÜÌÆƹâ³â⢍ Æ#hÐp  b$ @ \ x ž² €€€ ÆhРp@ b\ ^² $„^„ + Æ hv„’p„Ð^„Ð+„Ð^„Ð+ Æhv„’pØ ¶ „h^„h+„h^„h + Æ hv„’pØ .æ $+ Æhv„’pØ „Ð^„Ð&«,«-«6«7«³«¹«º«À«Á«Ç«È«Î«Ò«Ù«Ú«á«â«é«ê«ð«ò«ê¬ë¬ ­M­T­u­|­ê­ð­®®0®‡®¯%¯'¯-¯;¯B¯i¯j¯²¯³¯°°ƒ°*±+±ÿ².³8³:³D³ƒ³„³•³–³@ŽJŽLŽVŽ”Ž•Ž§ŽšŽµ?µ@µ„µˆµ‰µ”µ•µµžµ±µ²µßµåµ¶¶¶÷ð÷ðìçìçìçìçìâìâìâìâìðÙðìçìâìçìâìðìçìçìâìÒìÒìÒìðÙðìçìçìÒìÒìçìçìÒìÒìðìð÷ð÷ð÷ð÷ðìçìâì jŽðh\Kh\K5CJNH h\K>* h\K>*h\K h\K5CJh\K5>*CJS7«`«†«ª«Ï«ñ«ò« ­ ­­5­U­}­~­­åË˰宀®š‹{‹®š8 Æÿðf!Î!$ „Ð^„Ð8 Æÿðf!$ „Ð^„Ð 8 Æf!€„h^„h „h„˜þ^„h`„˜þ Æ0 ü4ÔJÜ#6$ hŒš Ä¢Ìö r"€‚€€€ Æ. ü4ÔÜ#6$ hŒš Ä¢Ìö J"€‚€€€ Æ- ü4ÔJÜ#6$ hpš Ä¢Ìö "€‚€€­À­ñ­®®0®G®a®‡®ˆ®Ê®ñ® ¯ðááßÝÒÒ»¹©˜„9 Æ^lJ² hО¢€€€ „Ð^„Ð9 Æ^hžÔ€ !€ €ƒ€„h^„h9 Æ^² hž !$€ „h^„h ÆhРp@ ü„h&d PÆÿ ^„h  ÆhРp@ üb8 Æÿðf!$ „Ð^„Ð8 Æÿð !$ „Ð^„Ð ¯.¯C¯J¯x¯•¯–¯Á¯ë¯ì¯°:°;°‚°ƒ°1±2±ÿ²³êØÖÊœ»µœ»µœ»¯»¥¥¥Ö „h„˜þ^„h`„˜þ$„h^„h+„h^„h + Æ hv„’p„Ð^„Ð + Æ v„’p„^„#9 Æ^lJ² hž !$€ „h^„h9 Æ^lJ² hО¢€j!€€ „Ð^„г³-³E³x³³ž³Ÿ³Ü³ŽŽŽŽ+Ž?ŽðãÐœ±¯­ “¯¯‘ã9 Æ ^JhèX €„^„b + Æ hv„’p„Ð^„Ð + Æ hv„’p„h^„h 9 Æ J² hèX €9 Æ ^J² $hÐèX €„h^„h9 Æ ^J² hŸè.X ‚#€€€€€ 9 Æ ^J² hèX €9 Æ ^hèX €„^„?ŽWŽ‰Ž¯Ž°Ž±Ž×ŽùŽµµ?µ@µ^µƒµ²µéÖÇÅ÷ª›™Å‹‹z ÆРp@ hT$ ô ”ž€€€ ÆРp@ h$ ”ž€# + Æ hv„’p„„^„„ + Æ hv„’p„Ð^„Ð + Æ hv„’„h^„h9 Æ ^lJ² $hèX €9 Æ ^lJ² $ÐèX „h^„h9 Æ% ^J² hŸèl.X ‚#Ü#€€€€€²µÎµæµ¶¶h¶i¶‰¶Š¶²¶³¶æ·ç·žJž[ž\žïïßÝÏÉÉǶǬNJ™ŒÇ + Æ hv„’pØ .æ $ + Æ hv„’p„Ð^„Ð+„h^„h +„h„˜þ^„h`„˜þ+ Æ hv„’pØ .æ $„h^„h+„^„ + Æ hv„’8@„h^„h9 Æ ^lÚö  ƒ„h^„h Æ $ hŒæ ”ö €ƒƒ€¶¶œ·Ÿ·JžSžTž[ž…¹†¹®¹¯¹Œ¹ã¹ä¹(º,º-º8º:ºBºDºWºXºzº€º„º‹ºº”º–ºžºöºE»I»J»\»]»e»f»n»o»Ÿ»¿»æ»ç»ð»÷»ŒŒŒ#ŒFŒGŒŒ”Œ•Œ Œ¢ŒªŒ¬Œ¿ŒÀŒáŒèŒìŒóŒõŒüŒþŒœZœ£œ§œšœ³œùõïõêâêõïõÞõ×õ×Î×Î×Î×Î×õÉõÉõÄõÄõ×Î×Î×Î×Î×õïõïõÉõÄ¿õ×õ×Î×Î×Î×Î×õÉõÉõÄõÄõ×Î×Î h\K5 h\K>* h\K>*h\K5>*CJ h\K5CJhŸ|å jŽðh\K6 h\K6 h\KNHh\K h\K6]K\ž/¹0¹Š¹§¹š¹Œ¹ã¹ä¹º'ºXºtº‹ºžºŸº ºÅºõóõóñïíóßßË»»®óó¡ + Æ hv„’p„h^„h  Æ $ К H €ƒƒ Æ $ Ðpš Hö €ƒƒ€ Æ"h p@ Ðb2  xîdž€€€€€ Æh p@ Ð2 b +„h„˜þ^„h`„˜þźôºõºöºûº »!»D»o»»¥»Š»Î»ø»Œ#ŒFŒGŒóññïáááПŸñ­œ­šïñ#9 Æ ^lÐèöz€ Àƒ„Ð^„Ð9 Æ ^lÐèöz€ €ƒ„Ð^„Ð Æ $ Ðpš †°öz€ƒ€ƒ€ Æh p@ ÐT2 Hž€€€ Æh p@ Ð2 Hž€ + Æ hv„’„Ð^„ÐGŒjŒŒÀŒÛŒóŒœœœ/œXœYœZœ}œ¢œÓœåœüœŸŸññÝÍÍÀŸŸžžŸŸññÝšššŸ Æ $ ÐÊš HP €ƒƒ€+„h^„h  Æ $ К H €ƒƒ Æ $ Ðpš Hö €ƒƒ€ Æ"h p@ Ð2 \ xîdž€€€€€ Æh p@ Ð2 ³œµœœœ¿œÒœÓœëœñœõœüœþœŸŸŸ°ŸùŸýŸþŸ ¿ ¿¿¿(¿)¿H¿O¿S¿Z¿]¿d¿f¿n¿Û¿\À]ÀpÀrÀÂÀÃÀ^Á_ÁlÂmÂuÂÈÂÉÂÙÂàÂÃÃÃÃ!ÃPÃQÃaÃhÌÍÑÊíðÃfÄgĀĝĞÄÅÅÅ»ÅøïøïøëæëæëáëáëøïøïøïøïøëæëæëáëáëøëøëøØøØøØøëÒëæëÊæëáëÒëæëÊæëáëøØøëÃëÃëºh\K5CJ\ jŽðh\K jŽðh\K>* h\KNHh\K5CJNH h\K>* h\K>*h\Kh\K5>*CJ h\K5CJGŸŸ%ŸKŸLŸsŸ Ÿ¯Ÿ°ŸÓŸøŸ)¿B¿[¿n¿o¿–¿ýûðêðÛÔýÆƲ¢¢•ýŠ + Æ€  „Ð^„Ð  Æ $ К H €ƒƒ Æ $ Ðpš Hö €ƒƒ€ Æ"h p@ Ð2 \ xîdž€€€€€ Æh p@ Ð2 + Æ z€+ ÆpØ € z €„h^„h„h^„h + Æ€  „h^„hb–¿—¿Ž¿Ú¿Û¿pÀqÀrÀuÂvÂwϦÂáÂù ÃùîçåÛååÑååöŠ•„9 Æ lJh^Æð€Š„h^„h9 Æ lJh^Æð€Š„h^„h9 Æ lJhÆð€„h^„h 9 Æ  Jhð€„h^„h 9 Æ  h^ˆ€€‚„^„ „h„˜þ^„h`„˜þ „„>þ^„Â`„>þ+ Æ€   + Æ€  „Ð^„ЄÐ^„Ð Ã"Ã#Ã>ÃiÂÒîïðÀāĭÄÕÄÅÅïéÜÌÜ»¯­­£­˜ˆˆ†b+ Æhv„’p.ž „Ð^„Ð + Æ.ž „h^„h „h„˜þ^„h`„˜þ 9 Æ  Jð„^„9 Æ lJh^Æð€Š„h^„h9 Æ lJhÆð€„h^„h 9 Æ  Jhð€„h^„h„h^„h9 Æ lJ^ÆðŠ„#^„#»ÅŒÅ^Æ_ÆÇÇ{Ç|ÇÂÇÃÇ­È®ÈÞÈßÈIÉKÉ;Ë=ˑ˒ËqÌrÌÆÌÈÌhÍiÍk͊ÎØÎÚÎÐÐ ÐÐfÐgÐ:Ñ;ÑVÑWÑwÑxÑzÑÙÑÚÑ:Ò;ҒÒ%Ó'ӌӍÓýÓþÓ²Ô¿ÔÀÔÊÔ#Õ$՘ՙÕxÖ{ÖàÖáÖ(×)׮دØQÚRÚøÛùÛõìõìõìõìåáÛáÛáÖáÖáÛáÛáÖÑáÖÑáÖáÛáÖÑÊÑÊÑÊÑáÖÑÊÑÊÑáÖáÛáÛáúÃáÛáÛáÖáÛáÛáÛáÛáÛh\K6NH] h\K6] h\KNH\ h\K\ h\K5 h\KNHh\K h\K5CJh\K5CJ\h\K5CJNH\IÅÇÇÂÇÃÇÊÇàÇÉÉHÉIÉ:Ë;ËÅÌÆÌhÍi͊΋Î×ÎØÎ Ð ÐwÑxђÒðððëéçåãåãÙãÙãÙãÙãåãÙãÙãÙ F„„>þ^„Â`„>þFb""$a$F ÆŸ„„äý^„`„äý’Ò“Ò ÓÓ%ӞӟÓÌÔ>Õ÷ÕxÖyÖ]Ø^ØÛ'ۧݚÝÅÞÜÞ¯á°áÌáñáòáýûù÷íýààààííýÞÜûýû÷íýÚÏý J ÆÐ8p„F^„FJ#G G ÆŸ„*„˜þ^„*`„˜þ F„„>þ^„Â`„>þbFùÛÒÜÓÜÝÝ@ÝAÝsÞtÞÜÞÞÞ)ß-ß.ß9ßIßYß'à7àà­à"á#áŠá§áaârâyâ‰â‹âœâßâïâñâãtãuã<ä=äÝäàäÞåßåùæúæ†ç‡çEéFéÑéÒéßéðéë ëëë}ëŒë–ë—ëìì=ì>ì×ìØì@íAííŽíÕíæí î îPïQï€ïïÉïÚï1ð2ð¿ðÀððñññÌòÍò7óüöüïüöüöüêüïáïüïüïüïüöüöüïüïüïüïüïüöüöüêüöüöüöüöüöüïüöüöüïüöüöüöüöüöüöüïüöüöüïüïüöüöüöüöüh\K6NH] h\K5 h\K6] h\KNHh\KYòá]ä^ävä›äœäÀäÝäÞä æ!æèèVèqèžèŸèëë1ë8ðNð†ó‘ó!ôù÷õêèõêÞÞÜÚ÷ØØØ÷ÚÖÔÚÜÚÜÞbGF# F„„>þ^„Â`„>þ J ÆÐ8p„F^„FJF„Â^„Â7ó8ó‘ó“óàóáó!ô$ô@ôAôêôëôõ õyõzõ€õ§õöö>öAö—ö˜ö€ö¥öÖö×öïöñöS÷T÷]÷`÷¹÷º÷É÷Ë÷£ø¥ø/ù0ù?ùBù€ù‰ùùùëùðùiúrú¥úšúDûEûKûNû¡û¢û•ü˜üçüèüfþqþèþéþÐÒ23þÿÂÄ®±ÕÖøûXZ¿Àúöïöúöïöúöúöïöúöïöúöïöéöúöïöïöúöïöúöïöïöúöïöâöúöâöâöâöúöïöúöïöúöâöúöïöúöúöïöïöúöïöïöúöïöú h\K6] h\K^J h\K5\h\K h\KNHY!ô"ôõõ€õ¥õ>ö?öÖö×öïö\÷]÷É÷£ø?ù@ùKûLû•ü–üÅÐAõõõõõõõõõóõñâââõõõõ××ÕÆF ÆŸh„h„˜þ^„h`„˜þ# F„Ÿ„Bþ1$^„Ÿ`„BþF ƟЄЄòþ^„Ð`„òþb F„„>þ^„Â`„>þABc€£ÁÂ{|—¢®÷ø#9WX"FiýóéýóéçÝýóéÛÌçóééçÌçóééF ÆŸh„h„˜þ^„h`„˜þb F„h„˜þ^„h`„˜þF F Æ Ÿ8°l  F Æ ŸÐ°è ij»ŒØÙKV€­®à Ä ‰•qrU`šèýòèòèòæ×ÕÎÕ×Õ×ÉÕýÕæÂŒF Æ„F ÆŸÂbgd-`­F ÆŸhFF ÆŸh„h„˜þ^„h`„˜þ#  Æh„h^„h F ÆŸh„h^„h‚žŸ  VY€ƒ®¯°²úû  v w ƒ „   V b c e ® ¯ Ä Å Æ ) * † ‡ ò ó — ˜ ‚ƒ‰Š>?ÒÓCDjkÆÇÜÝ`c›Ÿ¿é웜£ŠJM€¥±²üöüöüöüïüïüèïäüöüÝüöüöüöüÝÑÝüöüèïüöüöüöüÈüöüäüöüöüöüöüöüöüöüïüïüöüïüöüïüïüïüöüöh\K5\^Jh\K56\]^J h\K6]h$ Ü h$ Ü5\ h\K5\ h\KNHh\KO袣IÈÉÓÞr}ñïèâñïÓÎïÌï…DFC$Eƀ;–Š##gd$ ÜF Ɵ„„>þ^„Â`„>þF Æ„F ÆŸÂF F Æ„„„„|ü^„„`„|ü²ÉÌ‘’+,·žvwGH}   ,-34789IJPQTUWXYüõüïüïüïüïüïüïüëüãßãßãßãßÓÌÓ¿ÓÌüÓÌÓ¿ÓÌüµ¯µ€µüßüh-`­0J5mHnHu h\K0J5jh\K0J5Uh-`­0J55mHnHu h\K0J55jh\K0J55UhÓ1ŠjhÓ1ŠUh$ Ü h\KNH h\K5\h\K/   +,9FGHIVWXYýýýýýýôíýôëýæýæýý¡DFC$Eƀ;–Š$a$  ÆÀ!$ „ðÿ„&`#$B 0 000+&PPû:pôë°Ð/ °à=!° "° # $ %°°Ð°Ð Ð3 0&P°Ð/ °à=!° "° # $ %°°Ð°Ð P Ð/ 0&P°Ð/ °à=!° "° # $ %°°Ð°Ð Ð†eœT@ñÿT Normal$a$%B*OJQJ_HmH nHphsH tHJ@J Heading 1$$€h@&a$ 5CJKHB@B Heading 2$$€h@&a$5H@H Heading 3$€ð€<@& 5OJQJR@R Heading 4$ Æ ž}À!‚@C„„@&^„„5CJR@R Heading 5$ Æ  l !€‚C„@&^„5CJR@R Heading 6$ Æ ìl !€‚C„Ð@&^„Ð5CJ\@\ Heading 7'$ ÆìÚ4Æ.À!€ŠÀ‚‚„ì@&^„ì5CJJ@J Heading 8$$@&a$5>*B*phÿDA@òÿ¡D Default Paragraph FontVióÿ³V  Table Normal :V ö4Ö4Ö laö (kôÿÁ(No List 2þOò2 3pt linedÄÿ2þO2 6pt linedˆÿnþOn Balance Sheet1$ Æ& hvØ ¶ î°Ÿ þX 6$  a$5CJRþO"R Columnlist# ÆŸ&,”„&„Úü^„&`„Úü@þOA2@ Columns-3 Æ$ t"à NþOBN Columns-4 Æ $ t"d5CJTþORT Columns-5 Æ õ ¶ €ˆÜ#d5CJ\þOb\ Columns-6( Æ  š ü4ÔJÜ#6$d5CJZþOarZ Columns-7. Æ)  š ü4ÔJÜ#6$ÐpjŸª–‚#BþO‚B E-TX ÆhРp@ dCJPþO’P Exercise Æ„„„>þ^„Â`„>þ5CJVþO¢V Exercise-3col Æì,4P5CJ^þO‘²^ Exercise-indented! Æ Â„8 „8„Èû^„8`„ÈûVþOÂV Exercise-text Æ8 Œªd5CJDþOÒD Exercise1 Æ 8ìp5CJBþOÑâB Exercise2col Æ pô š 4 @ò4 Footer  ÆàÀ!<@< Header ÆàÀ!5CJ>þO> HEADER 1 !$€ha$5CJ >þO"> HEADER 2 "$€ha$5CJbþO2b HEADER 3+# Æ„ Œõ€h€ð5$7$8$9DH$ 5CJtH ^þOB^ Journal-1*$ Æ pØ .æ $ „8d^„85CJDþOARD Journal-2% Æ pØ TŒ$ BþOAbB Journal-3& Æ®Œ X HþOArH Journal-big#' ÆpØ .æ lþ dþO‚d Journal-date*( Æ p~ æ .æ $ „8d^„85CJdþO’d Journal-date1() Æ 8 Ê~ Œ š X 6$ d5CJHþO‘¢H Journal-date2* ÆÊ~ 2 š JþOA²J Journal-prob+ Æ hv„’XþO±ÂX Journal-probdate, Æv„’FTbžJ ZþOÁÒZ Journal-probdate2- Æh’FTb*ÞìúPþOÁâP Journal-probdate3. Æh’Fv HþOòH Numpara+10/ ÆŸ„Ÿ„Bþ^„Ÿ`„BþDþOD Numpara10 ÆŸ„Ÿ„˜þ^„Ÿ`„˜þDþOD Numpara21 Æ&„&„0ý^„&`„0ý:þO": Numpara2+10 2„Úü`„ÚüDþO2D Numpara33 Æ8„8„Èû^„8`„ÈûLþO1BL Numpara3+104 Æ8€„ó„ û^„ó`„ û>)@¢Q> Page Number5CJOJQJhþObh t-accttextcr6$ Æ„Œda$B*OJQJmHnHphÿuHþOarH t-accttextdb7 Æ Œ dèþJþO‚J Table-1col8 Æ8ÿð 5CJ^þO’^ Table-2col'9 Æ ^lJ² $ „8d^„85CJfþO‘¢f Table-2col#6: Æ) ^lJ² $ ž–ÓþÜ#$ „^„bþO²b Table-3col+; Æ FTÚž €² $ d5CJjþO±Âj Table-3col(a)5< Æ0FTÚž € ÂrPªðJê$ bþO±Òb Table-4col4= Æ/ FTž €² $ hàîÆðX 6$ dþOâd Table-5col.> Æ) 8 ”=€užÆ–€Î"ž#' 5CJ`þOò` Table-6col1? Æ,8\ ÄHü€4žlð€(#Ü#`' RþO¡R Table-bank$@ Æž–ÓþÜ#$4è<À! hþOh Tablehead-centered!A$„8&d PÆÿ ^„8a$5CJ^þO"^ Tablehead-exerciseB Æd„8d^„85CJ8þOA28 tacctheadCdèþ6PþOBPsubheadD$a$6B*OJQJmHnHphÿuNþORN Temp#E Æhô  j€‚€€„h„˜þ^„h`„˜þ5CJ,þOb, Text F ÆŸNþOrN Text2indentG ÆŸ&„Ÿ„Bþ^„Ÿ`„BþpþO‚p Worksheet-7colportrait"H Æ È jîüÚè X $ 5CJŽþO’Ž ws-10 col]I ÆA›$ š \ à”ÌPˆ<À!t"ø%¬&0*ä*h./ 2 d$d NÆÿ CJ\þOA¢\ Journal-10 pt J Æ Pð6$Ð8°è @ 5CJH™²H  Balloon TextKCJOJQJ^JaJL>@ÂL TitleL$a$5B*CJOJQJ\aJphÿ4Ò4  Comment TextMhþOñÿâh Body StyleN Æ Ð  )B*CJOJQJ_HmH nHphsH tHNþOòN 6 pt(O Æ ÛÐì p@ P€$ dˆÿCJ rR@r Body Text Indent 2P$„hdà€x^„ha$B*CJOJQJaJphÿ€þO€ aadouble column8Q ÆÐ $„dð€1$5$7$8$9DH$^„CJOJQJaJ>'¢!> Comment ReferenceCJ†þO2†EOC/ExtextNL+a4S Æž „ž „˜þdÿ€x5$7$8$9DH$^„ž `„˜þB*OJQJmHnHphÿu0U@¢A0 Hyperlink>*B*XþORXje babyU ÆРðÜ#„0ý]„0ýOJQJmHnHuBþObB Journal 6ptV$dˆÿa$CJ lþOrl Main Obj. sidebar txtW$d8ÿ€Pa$B*CJOJQJphÿdþO‚d naccount listX$ Æ p *$a$@ˆýÿB*OJQJphÿfþO’f numbered listY$„„äý*$^„`„äýa$@ˆýÿB*OJQJphÿdþO¢dnumbered list3Z„¶„ þ^„¶`„ þB*OJQJmHnHphÿuZþO²Z Numlist 1-9![ ÆhЄh„˜þ€x^„h`„˜þOJ QJ <þOÂ< Numparindent \ Æ*RþOÒR Practice Exercises ] Æ 5;\4B@â4 Body Text^$a$@jÑÒ@ Comment Subject_5\FV@¢F FollowedHyperlink >*B* ph€€\þO¡\ Journal-New(a Æ# 8 2 Œ š š X „ìð ^J|þO"| HEADER 3-TOP=b$ Æ„ Œõ„Œ„Dø€ð5$7$8$9DH$^„Œ`„Døa$ 5CJtH dþO‘Bd Table-2ColNew0d Æ# ^lJ² $„PðX 6$ „^„ó YÚÿÿÿÿDÚÿÿÿÿyÚÿÿÿÿ þÿÎÏLM¢ £ € ì í    7õöÖ×QR’­ÚÛÔÕïðÄÅÆóôyz{abcOPQúûüò ó ô õ ö !6!H!I!]!r!–!º!â!ú!û!"5"V"~""€"»"Ù"##<#h##š#©#Ä#ß#ü#.$S$x$µ$Þ$ %D%`%a%Ž%ª%Û%&,&G&d&ƒ&„&Ê&ø&'9'M'}'€'¹'é' (1(H(I(O(k(‰(«(¬(²(Î(ì( ) )E)F)L)h)†)‡)¿)À)Æ)â)***W*X*^*z*š*ž*¹*ñ*+4+Q+p+q+†+‡+©+Æ+ð+--/-V-W-š-›-Â-á-â-%.F.a.z.—.˜.Ý. /,/?/T/…/€/Ì/á/0I0o0‡0ˆ0€0¿0Ý01#1k1®1è12$2H2q2ž2Ã2Ú2Û2ö2303M3N3}4~44³4Æ4 5N5z5¡5¶5â56?6b6w6x6‘6ª6É6ä6å6Ÿ8Â8Ô9Õ9î9::w:x:œ:<<.<^<_<·=ã=ß>à>?$?%???Y?q?r?‚?ƒ?ª?×?@A A-AMANAhAA™AšA¶AÆAÇAîABBšB©BæCçCDEDFDE?EYEZE~EžEŸEºEÔEìEíE®F¯FŠG‹GôHõH"IQIRInIÊJKþKÿK LL#L0L1L?LKLSLaLoLpLãLäLðLýLM5M6MOMeMrMsMÃMÄMßMüMNNN]NõOöO PPQOQ„Q‘Q™QºQïQR8R9R]R™RÂRìRíR$SlS†S‡SËSçSùSTT T#T3T4TUTVT‹T·TàTU:UOUjUšUŒUçUVEVsVVÿVW#W]WƒW„WÈWÉWýW%X>XuX›XœX§X®XÄXçXèXY4YVYxYšY¹YÀYåYüY#ZSZˆZœZØZ[[,[X[r[ [È[ä[ë[ \*\S\T\«\¬\Ü\]]]X]Y]a]{]™]š]Ž]Ò]õ]^^4^P^v^~^^™^µ^Ü^å^ó^_3_4_M_g_n_”_±_Ì_Í_0`1`êbëbób*cGcbcccÆcÇc‡eˆe²eÝeþef#f@fkflfÍfÎfûf#gKgjgqgg­gØgÜg+h,hPh‡hÀhíhi4iMimii­iÊiËiíij/j0jxjyjzj–j³jÍjåjýjk'k(kGlHlZm|mšmËmÌmîmn/nYnZn‡nŽnÛnÿno6oWoXolo{o˜o·o×oøoùo p>pap€p’p“p¶pÒpûp&q'q5qEqxq—qÅqçq r rrQrrrsrMsNsUsss‘s¢s£sÉsåsæs.tBt^t{t–t¯tÈtÜtÝtxx0xQx~x‘x˜x¶xÕxæxçx y)y*yrysyy¬yÇyàyùyz'z(zŽcŽdŽxŽ{ŽœŽºŽÎŽÏŽìŽ)*-AZ€Ãê-GNlŠ›œŸÞý*‘C‘D‘_‘†‘°‘±‘²‘Ï‘ê‘’’8’M’N’q“…““·“Ý“Þ“”D”`”…”›”¢”À”á” • •-•T•r•s•º•»•×•ô•–)–B–Z–n–o–Œ—œ—Õ—ï—˜˜Y˜€˜ž˜¿˜Õ˜Ö˜ê˜Š›­›Ý›û›ü›3œ4œfœœœ·œïœ+,‡žˆž—ž³žÓžÿžŸŸ.ŸNŸzŸŽŸŸŸÜŸÝŸ  1 e ¡ ¢ n¡u¡’¡¯¡à¡á¡¢)¢D¢k¢•¢–¢Ý¢Þ¢ß¢ £7£`£†£ª£Ï£ñ£ò£ ¥ ¥¥5¥U¥}¥~¥¥À¥ñ¥ŠŠ0ŠGŠaŠ‡ŠˆŠÊŠñŠ §.§C§J§x§•§–§Á§ë§ì§š:š;š‚šƒš1©2©ÿª««-«E«x««ž«Ÿ«Ü«¬¬¬¬+¬?¬W¬‰¬¯¬°¬±¬×¬ù¬­­?­@­^­ƒ­²­Î­æ­®®h®i®‰®Š®²®³®æ¯ç¯°J°[°\°/±0±Š±§±š±Œ±ã±ä±²'²X²t²‹²ž²Ÿ² ²Å²ô²õ²ö²û² ³!³D³o³³¥³Š³Î³ø³Ž#ŽFŽGŽjŽŽÀŽÛŽóŽµµµ/µXµYµZµ}µ¢µÓµåµüµ¶¶¶%¶K¶L¶s¶ ¶¯¶°¶Ó¶ø¶)·B·[·n·o·–·—·Ž·Ú·Û·pžqžržuºvºwºœº¶ºáºùº »"»#»>»i»‚»’»®»¯»°»€ŒŒ­ŒÕŒœœ¿¿Â¿Ã¿Ê¿à¿ÁÁHÁIÁ:Ã;ÃÅÄÆÄhÅiŊƋÆ×ÆØÆ È ÈwÉxÉ’Ê“Ê ËË%˞˟ËÌÌ>Í÷ÍxÎyÎ]Ð^ÐÓ'Ó§ÕšÕÅÖÜÖ¯Ù°ÙÌÙñÙòÙ]Ü^ÜvܛܜÜÀÜÝÜÞÜ Þ!ÞààVàqàžàŸàãã1ã8èNè†ë‘ë!ì"ìíí€í¥í>î?îÖî×îïî\ï]ïÉï£ð?ñ@ñKóLó•ô–ôÅøÐøAúBúcúú€ú£úÁúÂú{û|û—û¢û®û÷ûøû#ü9üWüXüýý"ýFýiýjý»ýŒýØþÙþKV€­®Ãĉ•q r U ` š è ¢ £  I È É ÓÞr}   +,9FGHIVWZ˜!0€€˜"0€€y‰0€˜00€€˜0€€˜00€€˜0€€˜00€€˜0€€˜00€€˜0€€˜0€€˜00€€˜0€€˜/0€€˜0€€˜0€€˜/0€€˜0€€˜00€€˜/0€€˜0€€˜/0€€˜0€€˜/0€€˜0€€˜20€€˜20€€˜20€€˜0€€˜/0€€˜0€€˜/0€€˜0€€˜/0€€˜0€€˜/0€€˜0€€˜0€€˜/0€€˜0€€˜/0€€˜0€€˜0€€˜/0€€˜0€€˜0€€˜/0€€˜0€€˜0€€˜/0€€˜0€€˜0€€˜/0€€y‰00€˜0€€˜0€€˜0€€˜"0€€˜b0€€˜d0€€˜0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜a0€€˜a0€€˜a0€€˜#0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜a0€€˜a0€€˜a0€€˜#0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜d0€€˜d0€€˜d0€€˜d0€€˜b0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜a0€€˜#0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜a0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜b0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜a0€€˜#0€€˜a0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜a0€€˜0€€˜a0€€˜#0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜a0€€˜b0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜a0€€˜a0€€˜a0€€˜#0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜a0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜0€€˜0€€˜b0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜a0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜#0€€˜a0€€˜0€€˜a0€€˜a0€€˜0€€˜a0€€˜a0€€˜b0€€˜a0€€˜0€€˜a0€€˜a0€€˜0€€˜a0€€˜#0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜a0€€˜0€€˜a0€€˜a0€€˜#0€€˜a0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜b0€€˜a0€€˜0€€˜a0€€˜a0€€˜0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜a0€€˜0€€˜a0€€˜#0€€˜a0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜a0€€˜0€€˜b0€€˜a0€€˜#0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜a0€€˜a0€€˜a0€€˜L0€€˜0€€˜b0€€˜a0€€˜a0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜0€€˜a0€€˜#0€€˜0€€˜0€€˜0€€˜#0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜d0€€˜d0€€˜d0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜b0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜#0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜#0€€˜d0€€˜0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜d0€€˜"0€€˜b0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜#0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜#0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜0€€˜b0€€˜<0€€˜<0€€˜0€€˜<0€€˜<0€€˜<0€€˜<0€€˜0€€˜<0€€˜<0€€˜<0€€˜<0€€˜0€€˜<0€€˜<0€€˜<0€€˜<0€€˜<0€€˜<0€€˜<0€€˜0€€˜<0€€˜<0€€˜#0€€˜$0€€˜$0€€˜$0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜b0€€˜$0€€˜$0€€˜$0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜$0€€˜$0€€˜$0€€˜#0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜0€€˜$0€€˜$0€€˜$0€€˜$0€€˜#0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜$0€€˜$0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜b0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜0€€˜90€€˜90€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜$0€€˜$0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜0€€˜90€€˜90€€˜90€€˜0€€˜90€€˜90€€˜#0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜0€€˜$0€€˜b0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜$0€€˜$0€€˜$0€€˜$0€€˜#0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜0€€˜$0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜b0€€˜0€€˜0€€˜$0€€˜$0€€˜$0€€˜$0€€˜#0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜90€€˜0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜b0€€˜$0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜$0€€˜90€€˜90€€˜90€€˜90€€˜#0€€˜$0€€˜0€€˜$0€€˜0€€˜$0€€˜$0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜0€€˜$0€€˜$0€€˜$0€€˜#0€€˜90€€˜90€€˜90€€˜0€€˜90€€˜b0€€˜90€€˜90€€˜90€€˜0€€˜90€€˜90€€˜90€€˜90€€˜"0€€˜b0€€˜+0€€˜+0€€˜+0€€˜0€€˜$0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜$0€€˜#0€€˜80€€˜80€€˜80€€˜80€€˜0€€˜90€€˜90€€˜90€€˜90€€˜0€€˜b0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜#0€€˜+0€€˜+0€€˜+0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜b0€€˜0€€˜0€€˜0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜#0€€˜+0€€˜90€€˜+0€€˜0€€˜+0€€˜+0€€˜90€€˜0€€˜$0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜0€€˜b0€€˜0€€˜#0€€˜+0€€˜+0€€˜0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜0€€˜80€€˜80€€˜80€€˜80€€˜0€€˜80€€˜80€€˜80€€˜80€€˜b0€€˜+0€€˜+0€€˜0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜#0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜+0€€˜+0€€˜0€€˜$0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜80€€˜80€€˜80€€˜80€€˜0€€˜80€€˜80€€˜80€€˜80€€˜0€€˜b0€€˜0€€˜0€€˜0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜#0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜0€€˜+0€€˜+0€€˜0€€˜$0€€˜0€€˜0€€˜0€€˜0€€˜#0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜0€€˜0€€˜+0€€˜+0€€˜0€€˜0€€˜b0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜0€€˜0€€˜+0€€˜+0€€˜+0€€˜#0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜90€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜+0€€˜0€€˜+0€€˜0€€˜0€€˜b0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜+0€€˜+0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜90€€˜90€€˜90€€˜#0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜+0€€˜+0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜b0€€˜+0€€˜0€€˜+0€€˜+0€€˜+0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜+0€€˜0€€˜+0€€˜+0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜90€€˜0€€˜90€€˜90€€˜90€€˜90€€˜90€€˜0€€˜0€€˜0€€˜0€€˜+0€€˜+0€€˜+0€€˜b0€€˜F0€€˜F0€€˜F0€€˜"0€€˜"0€€˜b0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜b0€€˜F0€€˜0€€˜G0€€˜G0€€˜G0€€˜G0€€˜F0€€˜F0€€˜0€€˜G0€€˜#0€€˜F0€€˜0€€˜F0€€˜b0€€˜F0€€˜0€€˜J0€€˜J0€€˜0€€˜F0€€˜0€€˜J0€€˜J0€€˜0€€˜J0€€˜J0€€˜F0€€˜F0€€˜#0€€˜F0€€˜0€€˜G0€€˜G0€€˜G0€€˜0€€˜F0€€˜0€€˜b0€€˜F0€€˜#0€€˜F0€€˜#0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜b0€€˜F0€€˜0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜#0€€˜F0€€˜0€€˜F0€€˜F0€€˜0€€˜F0€€˜F0€€˜F0€€˜F0€€˜0€€˜F0€€˜F0€€˜b0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜0€€˜F0€€˜#0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜#0€€˜F0€€˜0€€˜F0€€˜#0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜F0€€˜#0€€˜F0€€˜#0€€˜F0€€˜F0€€˜F0€€yÉ00Fy‰00ŸyÉ00Fy‰00ŸyÉ00Fy‰00ŸyÉ00Fy‰00Ÿ@ 0€€˜@ 0€€yÉ00F@ 0€€˜@ 0€€yÉ00F@0€€yÉ00F@0€€yÉ00Ÿy‰00 Ÿ 'BBDDRRRRRRRRRRRRRU•·†'™3vC˜MkU;]äf†p’xŠ€°‡;˜fž&«¶³œ»ÅùÛ7ó²YŽ‘“”šž¢¥ª°³ž»¿ÇÌÑØÜàãåéëRò(+ƒ. 1‡3…7ž:?>·EMIZMSðTV™Y‡[Œ]è`cSdŽeåfëjKo­qýr‡v·wçyB|‘€‚:‡6‰€‹Ø‰’Æ”d–A—Š˜ê™Þ›-ožŠ£ÿŠ’©7«­ ¯³?Ž²µ\žÅºGŒŸ–¿ ÃŒÒòá!ôAièY’•–—˜™›œŸ ¡£€Š§š©«¬­®¯±²Žµ¶·¹ºŒœŸÀÁÂÃÄÅÆÈÉÊËÍÎÏÐÒÓÔÕÖ×ÙÚÛÝÞßáâäæçèêìX '.2DKOU!ÿ€!ÿ€!ÿ€ð8ð@ñÿÿÿ€€€÷ð’ðð0ð( ð-à= ððB ðS ð¿Ëÿ ?ðYÿÿ~Ö|JÖLCÓ€Ö\Â#Ö¬_‚ÖlÄ#ƒÖÌÅ#„Ö䁅ÖD̆֬K‡ÖŒŸˆÖÔZ‰Ö[ŠÖŽ‹ÖôŒÖ4Ö”ãŽÖÔãÖäÖœ~‘ÖÜ~’Ö“Ö$”Ödëë³ ³ ×`×`ÅÅRÞRÞIðIðªðªðSóSó4˜˜© © ý ý Z     øøÁ Á Ý`Ý`ÅÅVÞVÞNðNð®ð®ðWóWóB¥¥« «   Z 9 *€urn:schemas-microsoft-com:office:smarttags€State€8*€urn:schemas-microsoft-com:office:smarttags€City€B*€urn:schemas-microsoft-com:office:smarttags€country-region€9*€urn:schemas-microsoft-com:office:smarttags€place€ Ž-ì ÊÓ /;]f‡þ [gãí8EÊ×,9¶Â –Ÿô.8>KÄ?Í?BB¹BÂB.C:CZCfCÊCÖCD D/D;D¹DÅDEEñEúEdFpFÈFÔFrG~G$H0H~HŠH II;IGIëI÷I5JBJßNéNÊOÔOš]€]^‰^š`±`‚d‹dWfafèfòfÄgÎgj j–k kl'lÌlÕlÚlælFnPnùopqq rrfrpr¶sÀs{v„v!w*wkxuxúxy•{ž{&}/}q~{~P€\€á€í€S\–ŸŸÊðü{‚„‚‰‚•‚kƒwƒäƒíƒ?„K„¿„Ë„*…6…Â…Î…†&†k‰u‰Š"ŠcŠmŠ_‹i‹ -4‘§‘“)“A•K•ä–î–f—p—°—º—a™j™yœƒœøžYžcžŸ ŸeŸoŸ| † ¢ ¢‚¢Œ¢l€v€ô€þ€~¥ˆ¥ŠŠ3Š:ŠØ§â§ ©©ªª\«f«¶«À«n¬x¬î¬ø¬® ®{®‡®â®î®]¯i¯°°4°@°á°í°g±q±á²ê²º³Ã³â³î³HµTµe¶q¶Š·²·;žGž›ž§ž¹#¹°¹Œ¹5º?ºÁºÍºI»U»á»í»ìŒøŒ‘œ›œ¹œÃœëœïœ ŸŸ;ŸEŸjŸtŸ-À8ÀÁ Á<ÂGÂúÄŀƯÆÐ&ÐQÐ[Ð%Þ.Þ3Þ?ގà—à¥à¯à2á<áAáNá÷áââââ)âÛß26÷ÍÜ   WZš+¡+c;d;±E¹E&L.LMMLTTT|T„TóTûT§X­X¹Y¿Y[ [Z[f[¢[€[ä[ê[Z]`]õ]÷]Ø^Ú^g_m_ìbòbþefMgOgjgpgîhúhmisiZm`mYo_ošo€o>pDp¶pÉpyqƒqÆqÐqRr\rNsTs/t5t‘x—x)z/z™~Ÿ~ú€‘•_‚–‚¶‚Œ‚Ñ„Ü„Œ†’†³‡¹‡‰‰ŠŠMŠVŠÏ‹Ö‹eŽkŽGMr“x“›”¡”טݘŠ›¬›{ŸŸn¡t¡Š#ŠC§I§ÿª«¬ ¬­­œ°-±©±¯±À±Á±Ž"Ž¶¶§¶­¶Œ¹ü¹³»º»œœÇûÌû   WZ333333333333333333333333333333333333333333333333333333333333333333333333ËË  JJÅÅKK™™ÇÈ••»»77  kk““  7 7 « « O O ¢ £ ! ! w w   ? ? ¹ ¹   ::vv\]‰‰µµ,,ƒƒÄÅ=>CCyzabOPúûž ž IIIIJIJMKM`MaMkMlMTTóTóTŽ\\Ÿ\Ÿ\*`+`(v)v_vdvgvhvwvëv*x/xxx}xŠxxþ‘ÿ‘’’0’1’E’F’ɘʘížíž®±¯±oÂpÂmÄnÄ`Ì`̻̻ÌÞÎÞÎ{Ñ{ÑgÔhÔÐÔÑÔËØÌØrÛsۇވÞ`ßaßÍáÍá—â—âŸâ âøâøâ’ã’ã æ æÙæÙæAçAçëë5ë6ëPïQïµïµïÒòÓò3ó4óÅõÆõU÷V÷/ù0ùûùûùœüŸüþ€þ®¯±²ùù³³Ã‚èè66’’ÄÅ%%……‰Š78h h ÓÓ³³EF}    *9EWZ   WZxS ˆÏÿÿÿÿÿÿÿÿÿŸ)ÞýÞKÿÿÿÿÿÿÿÿÿ„Є˜þÆÐ^„Ð`„˜þo(.€„ „˜þÆ ^„ `„˜þ.‚„p„LÿÆp^„p`„Lÿ.€„@ „˜þÆ@ ^„@ `„˜þ.€„„˜þÆ^„`„˜þ.‚„à„LÿÆà^„à`„Lÿ.€„°„˜þÆ°^„°`„˜þ.€„€„˜þÆ€^„€`„˜þ.‚„P„LÿÆP^„P`„Lÿ.„*„>þÆ*^„*`„>þo(. „ „˜þÆ ^„ `„˜þ‡hˆH.‚ „p„LÿÆp^„p`„Lÿ‡hˆH.€ „@ „˜þÆ@ ^„@ `„˜þ‡hˆH.€ „„˜þÆ^„`„˜þ‡hˆH.‚ „à„LÿÆà^„à`„Lÿ‡hˆH.€ „°„˜þÆ°^„°`„˜þ‡hˆH.€ „€„˜þÆ€^„€`„˜þ‡hˆH.‚ „P„LÿÆP^„P`„Lÿ‡hˆH.xSŸ)ÿÿÿÿÿÿÿÿÿÿÿÿ†RÜá         @ @ å {]‘\KÓ1Šìt§-`­aÏ$ ܟ|åôë  WZÿÿtrailerHØÍnoneÿ@hp LaserJet 1320 PCL 6Ne01:winspoolhp LaserJet 1320 PCL 6hp LaserJet 1320 PCL 6ÜXCÿ€ê odXXLetterÿÿÿÿDINU"4$Û]®'$IUPH dLetter [none] [none]Arial4PÀÀÀÀÀÀd€?NEW USER<Automatic>  diñ j.’ô “mù ÿÿÿÿWINWORD.EXEhp LaserJet 1320 PCL 6ÜXCÿ€ê odXXLetterÿÿÿÿDINU"4$Û]®'$IUPH dLetter [none] [none]Arial4PÀÀÀÀÀÀd€?NEW USER<Automatic>  diñ j.’ô “mù ÿÿÿÿWINWORD.EXEŠ•Ž;-ŠŠY@@ÿÿUnknown James Sticeÿÿÿÿÿÿÿÿÿÿÿÿ G‡z €ÿTimes New Roman5€Symbol3& ‡z €ÿArialY New YorkTimes New Roman;& “Helvetica5& ‡za€ÿTahomaA"GenevaArial?5 ‡z €ÿCourier New71 Courier_ ZapfCalligr BTBook Antiqua#ŒðÐhs›&¢S¢Šäš¡†Aæ(錃ñæ(éŒñ¹ð€¥ÀŽŽ€4dyy¥ÌSæ2ƒQð€ßßHXðÿ?äÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿìt§2ÿÿÿ1. Income measurement for reporting purposes is designed to measure as fairly as possible the increase in equity arising from operations during the period. Income measurement for tax purposes is selected by the company to minimize its income tax liabilityMalvine LittenMalvine Litten  þÿà…ŸòùOh«‘+'³Ù0ˆ˜ šŽÌØäô  8 D P \hpx€ä1. Income measurement for reporting purposes is designed to measure as fairly as possible the increase in equity arising from operations during the period. Income measurement for tax purposes is selected by the company to minimize its income tax liabilityMalvine LittenNormalMalvine Litten16Microsoft Office Word@Æ~k@nÆ@µOéÅ@Dòðx.Ææ(éþÿÕÍ՜.“—+,ù®DÕÍ՜.“—+,ù®<ø px„Œ”œ€ ¬ŽŒÄ Ì Øä âñŒyØ 1. Income measurement for reporting purposes is designed to measure as fairly as possible the increase in equity arising from operations during the period. Income measurement for tax purposes is selected by the company to minimize its income tax liability Title(@ÌÔÜð_AdHocReviewCycleID_EmailSubject _AuthorEmail_AuthorEmailDisplayName_ReviewingToolsShownOnceäÝ7"° ch 16 files jds@byu.eduJames D Stice  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€‚ƒ„…†‡ˆ‰Š‹ŒŽ‘’“”•–—˜™š›œžŸ ¡¢£€¥Š§š©ª«¬­®¯°±²³Žµ¶·ž¹º»ŒœŸ¿ÀÁÂÃÄÅÆÇÈÉÊËÌÍÎÏÐÑÒÓÔÕÖ×ØÙÚÛÜÝÞßàáâãäåæçèéêëìíþÿÿÿïðñòóôõö÷øùúûüýþÿ      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyþÿÿÿ{|}~€þÿÿÿƒ„…†‡ˆ‰þÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿþÿÿÿþÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿRoot Entryÿÿÿÿÿÿÿÿ ÀFpæy.Æ‘€1Tableÿÿÿÿÿÿÿÿî‘WordDocumentÿÿÿÿÿÿÿÿªÚSummaryInformation(ÿÿÿÿzDocumentSummaryInformation8ÿÿÿÿÿÿÿÿÿÿÿÿ‚CompObjÿÿÿÿÿÿÿÿÿÿÿÿqÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþÿ ÿÿÿÿ ÀFMicrosoft Office Word Document MSWordDocWord.Document.8ô9²q