ĐĎॹá>ţ˙ ŒŽţ˙˙˙ˆ‰Š‹{Ă˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙ěĽÁ` řżúbjbjć‡ć‡ Ś˙„í„í­—O˙˙˙˙˙˙¤$$$$$$$4XüAüAüAhdB,C<X!´€ŘGćI: J J J J:J FJ˝żżż7öÄşšÄ~ł$Ąśh šN˘ł9$XQ J JXQXQ˘ł$$ J JŰłÚfÚfÚfXQX$ J$ J˝ÚfXQ˝ÚfÚfŽĽoX$$e JĚG  č ź;ĆüA°WČ ý€˝ńł0!´ XWşxc Wş eWş$eXNJ6„L”ÚfND\OüNJNJNJ˘ł˘ł‚fXNJNJNJ!´XQXQXQXQXXX¤%üAXXXüAXXX$$$$$$˙˙˙˙ CHAPTER 13 QUESTIONS 1. The basic rights of common stockholders, unless otherwise restricted in the articles of incorporation or bylaws, are as follows: (a) The right to vote in the election of directors and in the determination of certain corporate policies. (b) The right to maintain one’s proportional interest in the corporation through purchase of additional stock issued by the company. (In recent years, some states have eliminated this preemptive right.) 2. Historically, par value was equal to the market value of the shares at issuance. Par value was also sometimes viewed by the courts as the minimum contribution by investors. These days, par values for common stocks are usually set at very low values (less than $1), so the importance of par value has decreased substantially. 3. Preferred stock is stock that carries certain preferences over common stock, such as prior claims to dividends and liquidation preferences. Often preferred stock has no voting rights or only limited voting rights, and dividends are usually limited to a stated percentage or amount. The special rights of a particular issue of preferred stock are set forth in the articles of incorporation and in the preferred stock certificates issued by the corporation. 4. When stock is issued for noncash assets or for services, the fair market value of the stock or the fair market value of the property or services, whichever is more objectively determinable, is used to record the transaction. 5. A company may repurchase its own stock for any of the following reasons: ( To provide shares for incentive compensation plans ( To obtain shares for convertible securities holders ( To reduce the amount of equity outstanding ( To invest excess cash temporarily ( To protect against a hostile takeover ( To improve per-share earnings ( To display confidence that the stock is currently undervalued 6. a. The cost method of accounting for treasury stock records the treasury stock at cost, pending final disposition of the stock; the par value method treats the acquisition of treasury stock as effective or “constructive” retirement of outstanding stock. b. Total stockholders’ equity will be the same regardless of whether the cost method or the par value method is used to account for treasury stock. The respective amounts of retained earnings and paid-in capital may differ, however. 7. The difference between the purchase price and the selling price of treasury stock is properly excluded from the income statement because treasury stock transactions cannot be considered to give rise to a gain or a loss. Gain or loss arises from the utilization of assets or resources by the corporation in operating and investing activities. Because the recognition of treasury stock as an asset is discouraged, transactions in treasury stock are considered capital transactions between the company and its stockholders and thus do not give rise to a gain or a loss. 8. If warrants are detachable, the issuance proceeds are allocated between the security and the warrant, based on the relative fair market values of each. If warrants are nondetachable, no allocation is made to recognize the value of the warrant. The entire proceeds are assigned to the security to which the warrant is attached. 9. The option value used in the computation of compensation expense associated with a basic stock-based compensation plan is the estimated fair value of the option on the grant date. 10. The catch-up adjustment causes the cumulative expense recognized to equal the amount it would have been had the revised number of options probable to vest been used all along in the yearly computations of expense. 11. When a stock-based award calls for settlement in cash, the obligation is accounted for as a liability. 12. Mandatorily redeemable preferred shares should be reported in the balance sheet as a liability. 13. When a corporation writes a put option on its own shares, the corporation typically receives cash. In return, the corporation agrees to repurchase shares of its own stock at a set price at some future date if those shares are offered for sale by the option holder. 14. An obligation that requires a company to deliver a fixed number of its shares should be classified as equity because the party to whom the shares must be delivered is at risk to the same extent as are the existing shareholders. An obligation to deliver shares with a fixed monetary amount is reported as a liability rather than as equity. 15. If an error is discovered in the current year, it is corrected with a correcting entry. If a material error is discovered in a year subsequent to the error, the error is corrected by a prior-period adjustment whereby the beginning balance in Retained Earnings is adjusted. Some errors are counterbalancing (e.g., inventory errors) and may need no correction. 16. State incorporation laws are written to prevent corporations from wrongfully borrowing money and then funneling that money to shareholders. One device to prevent this is to restrict the payment of cash dividends to the amount of retained earnings. Retained earnings can also be restricted by private debt agreements in which lenders constrain the ability of a borrowing company to pay cash dividends. 17. a. June 15, 2008, is the date on which dividend action was formally taken. July 10, 2008, is the date dividend checks will be mailed to stockholders. June 30, 2008, is the date for determining the names of stockholders for purposes of the dividend; dividend checks will be mailed only to those stockholders whose names appear in the stockholders’ ledger at the close of business on this date. The period between the date of declaration and the date of record gives stockholders a chance to adjust their holdings in light of the dividend action taken by the company. The period between the date of record and the date of payment gives the corporation time to prepare dividend checks for mailing. b. The stock would normally be traded “ex-dividend” three or four days prior to June 30, 2008. A stockholder selling shares on or after that date would still receive the dividend on stock, and conversely, any person acquiring the stock between that date and July 10 would receive no dividend payment from the current declaration. 18. With a stock split, the par value of each share is reduced, and the number of shares outstanding is increased. The total par value of shares is unchanged. With a stock dividend, the par value of each share is unchanged, and because the number of shares outstanding is increased, total par value is increased. This par value increase is effected through a transfer to par value from Retained Earnings and/or Additional Paid-In Capital. With a small stock dividend, the market value of the newly issued shares is transferred. With a large stock dividend, the par value of the new shares is transferred. 19. a. A liquidating dividend is a distribution of contributed capital to stockholders. b. A liquidating dividend is paid when a corporation is undertaking a partial or complete liquidation. 20. The four types of unrealized gains and losses shown as direct equity adjustments are ( Foreign currency translation adjustment. This adjustment arises from the change in the equity of foreign subsidiaries (as measured in terms of U.S. dollars) that occurs as a result of changes in foreign currency exchange rates. ( Minimum pension liability adjustment. This adjustment is created when additional pension liability must be recognized. ( Unrealized gains and losses on available-for-sale securities. Available-for-sale securities are those that were not purchased with the immediate intention to resell but will be held for an indefinite time. Unrealized gains and losses arise because these securities must be reported on the balance sheet at their fair market value. ( Unrealized gains and losses on derivatives. Unrealized gains and losses from market value fluctuations of derivative instruments that are intended to manage risks associated with future sales or purchases are deferred to allow for proper matching. 21. Each equity reserve account is associated with legal restrictions dictating whether it can be distributed to shareholders. Therefore, the accounting for equity reserves directly influences a firm’s ability to pay dividends. The most important distinction is whether the equity reserve is part of distributable or nondistributable equity. PRACTICE EXERCISES PRACTICE 13–1 COMPUTATION OF DIVIDENDS, COMMON AND PREFERRED (1) Noncumulative 2007: Amount Comments Preferred shareholders $45,000 No dividends in arrears; noncumulative (10,000 shares ( 0.06 ( $100 = $60,000) Common shareholders 0 No remainder $45,000 2008: Amount Comments Preferred shareholders $ 60,000 No dividends in arrears; noncumulative Common shareholders 40,000 $100,000 (2) Cumulative 2007: Amount Comments Preferred shareholders $45,000 $15,000 dividends in arrears (10,000 shares ( 0.06 ( $100 = $60,000) Common shareholders 0 No remainder $45,000 2008: Amount Comments Preferred shareholders $ 75,000 $15,000 in arrears + $60,000 Common shareholders 25,000 $100,000 PRACTICE 13–2 ISSUANCE OF COMMON STOCK Cash (10,000 shares ( $40) 400,000 Common Stock, $1 par (10,000 shares ( $1) 10,000 Paid-In Capital in Excess of Par 390,000 PRACTICE 13–3 ACCOUNTING FOR STOCK SUBSCRIPTIONS Subscription: Common Stock Subscriptions Receivable 300,000 Common Stock Subscribed 10,000 Paid-In Capital in Excess of Par 290,000 Subscription amount = 10,000 shares ( $30 = $300,000 Collection of initial 30 percent of the cash: Cash ($300,000 ( 0.30) 90,000 Common Stock Subscriptions Receivable 90,000 Collection of remaining cash and issuance of shares: Cash ($300,000 – $90,000) 210,000 Common Stock Subscriptions Receivable 210,000 Common Stock Subscribed 10,000 Common Stock, $1 par (10,000 shares ( $1) 10,000 PRACTICE 13–4 ISSUING STOCK IN EXCHANGE FOR SERVICES Salaries Expense 700,000 Common Stock, $0.50 par (25,000 shares ( $0.50) 12,500 Paid-In Capital in Excess of Par 687,500 Paid-In Capital in Excess of Par = $700,000 ( $12,500 = $687,500 PRACTICE 13–5 ACCOUNTING FOR TREASURY STOCK: COST METHOD Treasury Stock 300,000 Cash 300,000 $300,000/10,000 shares = $30 per share Cash 144,000 Treasury Stock (4,000 shares ( $30) 120,000 Paid-In Capital from Treasury Stock 24,000 PRACTICE 13–6 ACCOUNTING FOR TREASURY STOCK: PAR VALUE METHOD Treasury Stock (10,000 shares ( $1 par) 10,000 Paid-In Capital in Excess of Par 190,000 Retained Earnings ($300,000 ( $200,000) 100,000 Cash 300,000 Paid-In Capital in Excess of Par = 10,000 shares ( ($20 – $1 par) = $190,000 Cash 144,000 Treasury Stock 4,000 Paid-In Capital in Excess of Par 140,000 PRACTICE 13–7 ACCOUNTING FOR STOCK WARRANTS Cash (20,000 units ( $55) 1,100,000 Preferred Stock, $50 par (20,000 shares ( $50) 1,000,000 Paid-In Capital in Excess of Par(Preferred 40,000 Common Stock Warrants (20,000 warrants ( $3) 60,000 Paid-In Capital in Excess of Par—Preferred = 20,000 shares ( [($55 – $3) – $50 par] = $40,000 Cash (20,000 warrants ( $20) 400,000 Common Stock Warrants (20,000 warrants ( $3) 60,000 Common Stock, $1 par 20,000 Paid-In Capital in Excess of Par(Common 440,000 PRACTICE 13–8 ACCOUNTING FOR A BASIC STOCK-BASED COMPENSATION PLAN Grant Date: No entry. End of First Year: Compensation Expense ($300,000/3 years) 100,000 Paid-In Capital from Stock Options 100,000 Total compensation over the 3-year life of the options: 100,000 options ( $3 = $300,000 The same adjusting entry would be made at the end of the second and the third years. Option Exercise Date: Cash (100,000 options ( $30) 3,000,000 Paid-In Capital from Stock Options 300,000 Common Stock, $1 par (100,000 shares ( $1) 100,000 Paid-In Capital in Excess of Par 3,200,000 PRACTICE 13–9 ACCOUNTING FOR A PERFORMANCE-BASED STOCK OPTION PLAN End of First Year: Compensation Expense ($300,000/3 years) 100,000 Paid-In Capital from Stock Options 100,000 Total probable compensation over the 3-year life of the options: 100,000 options ( $3 = $300,000 End of Second Year: Compensation Expense ($160,000 – $100,000) 60,000 Paid-In Capital from Stock Options 60,000 Total probable compensation over the 3-year life of the options: 80,000 options ( $3 = $240,000 Cumulative expense as of the end of the second year: $240,000 ( 2/3 = $160,000 PRACTICE 13–10 ACCOUNTING FOR CASH STOCK APPRECIATION RIGHTS End of First Year: Compensation Expense ($1,000,000/3 years) 333,333 Share-Based Compensation Liability 333,333 Total estimated compensation over the 3-year life of the options: 100,000 options ( [$40 – $30] = $1,000,000 End of Second Year: Compensation Expense ($400,000 – $333,333) 66,667 Share-Based Compensation Liability 66,667 Total estimated compensation over the 3-year life of the options: 100,000 options ( [$36 – $30] = $600,000 Cumulative expense as of the end of the second year: $600,000 ( 2/3 = $400,000 PRACTICE 13–11 ACCOUNTING FOR MANDATORILY REDEEMABLE PREFERRED SHARES January 1, Year 1 Cash 1,000 Mandatorily Redeemable Preferred Shares (liability) 1,000 December 31, Year 1 Interest Expense ($1,000 ( 0.08) 80 Mandatorily Redeemable Preferred Shares (liability) 80 December 31, Year 2 Interest Expense ($1,080 ( 0.08) 86.40 Mandatorily Redeemable Preferred Shares (liability) 86.40 January 1, Year 3 Mandatorily Redeemable Preferred Shares (liability) 1,166.40 Cash 1,166.40 PRACTICE 13–12 ACCOUNTING FOR A WRITTEN PUT OPTION January 1, Year 1 Cash 1,200 Put Option (liability) 1,200 December 31, Year 1 Put Option (liability) ($1,200 – $350) 850 Gain on Put Option 850 December 31, Year 2 Treasury Stock ($46 ( 100 shares) 4,600 Put Option (liability) 350 Loss on Put Option 50 Cash ($50 ( 100 shares) 5,000 PRACTICE 13–13 ACCOUNTING FOR STOCK CONVERSION Preferred Stock, $50 par (10,000 shares ( $50) 500,000 Paid-In Capital in Excess of Par(Preferred 30,000 Common Stock, $1 par (50,000 shares ( $1) 50,000 Paid-In Capital in Excess of Par(Common 480,000 PRACTICE 13–14 PRIOR-PERIOD ADJUSTMENTS Retained earnings, unadjusted beginning balance $50,000 Add prior-period adjustment 4,000 Retained earnings, adjusted beginning balance $54,000 Add: Net income 12,000 $66,000 Deduct: Dividends 4,500 Retained earnings, ending balance $61,500 PRACTICE 13–15 ACCOUNTING FOR DECLARATION AND PAYMENT OF DIVIDENDS Dividends (or Retained Earnings) 35,000 Dividends Payable 35,000 Dividends Payable 35,000 Cash 35,000 PRACTICE 13–16 ACCOUNTING FOR PROPERTY DIVIDENDS Dividends (or Retained Earnings) 270,000 Property Dividends Payable (10,000 shares ( $20) 200,000 Gain on Distribution of Property Dividend 70,000 Gain on distribution of property dividend: 10,000 shares ( ($27 – $20) = $70,000 Property Dividends Payable 200,000 Investment Securities—Wilsonville 200,000 PRACTICE 13–17 ACCOUNTING FOR SMALL STOCK DIVIDENDS Retained Earnings 30,000 Stock Dividends Distributable (1,000 shares ( $1) 1,000 Paid-In Capital in Excess of Par 29,000 Reduction in retained earnings: 10,000 shares ( 0.10 ( $30 = $30,000 Stock Dividends Distributable 1,000 Common Stock, $1 par 1,000 PRACTICE 13–18 LARGE STOCK DIVIDENDS AND STOCK SPLITS (1) 100% Large Stock Dividend: Retained Earnings* 10,000 Stock Dividends Distributable (10,000 shares ( $1) 10,000 Reduction in retained earnings: 10,000 new shares ( $1 = $10,000 *Alternatively, the debit can be made to Paid-In Capital in Excess of Par. Stock Dividends Distributable 10,000 Common Stock, $1 par 10,000 (2) 2-for-1 Stock Split: There are no journal entries necessary with a stock split. In this case, only a memorandum entry would be made to note the fact that the par value per share had been reduced to $0.50 and the number of shares outstanding had been increased to 20,000. PRACTICE 13–19 ACCOUNTING FOR LIQUIDATING DIVIDENDS Dividends (or Retained Earnings) 30,000 Paid-In Capital in Excess of Par 470,000 Dividends Payable 500,000 Dividends Payable 500,000 Cash 500,000 PRACTICE 13–20 COMPREHENSIVE INCOME 2006 2007 2008 Net income (loss) $(1,000) $ 400 $1,700 Increase (decrease) from foreign currency 350 (800) (170) Increase (decrease) in portfolio value (1,100) (600) 420 Comprehensive income $(1,750) $(1,000) $1,950 PRACTICE 13–21 ACCUMULATED OTHER COMPREHENSIVE INCOME (1) Retained earnings Retained earnings, January 1, 2006 $ 0 Net loss (1,000) Dividends 0 Retained earnings (deficit), December 31, 2006 $ (1,000) Net income 400 Dividends (100) Retained earnings (deficit), December 31, 2007 $ (700) Net income 1,700 Dividends (300) Retained earnings (deficit), December 31, 2008 $ 700 (2) Accumulated other comprehensive income Accumulated other comprehensive income, January 1, 2006 $ 0 Increase (decrease) from foreign currency 350 Increase (decrease) in portfolio value (1,100) Accumulated other comprehensive income (deficit), December 31, 2006 $ (750) Increase (decrease) from foreign currency (800) Increase (decrease) in portfolio value (600) Accumulated other comprehensive income (deficit), December 31, 2007 $ (2,150) Increase (decrease) from foreign currency (170) Increase (decrease) in portfolio value 420 Accumulated other comprehensive income (deficit), December 31, 2008 $ (1,900) PRACTICE 13–22 INTERNATIONAL EQUITY RESERVES (1) Nondistributable Par value of shares $ 100 Share premium 1,700 Asset revaluation reserve 3,200 Total nondistributable equity $ 5,000 (2) Distributable Retained earnings $ 1,000 Special reserve 400 Total distributable equity $ 1,400 PRACTICE 13–23 STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY Paid-In Accumulated Common Capital Other Total Stock in Excess Comprehensive Treasury Retained Stockholders’ at Par of Par Income Stock Earnings Equity Begin $ 1,500 $ 10,000 $(2,200) $(5,000) $15,000 $ 19,300 (a) 4,500 $ 4,500 (b) 300 300 Comprehensive income $ 4,800 (c) (1,000) $ (1,000) (d) (1,200) (1,200) (e) 40 460 500 End $ 1,540 $ 10,460 $(1,900) $(6,200) $18,500 $ 22,400 EXERCISES 13–24. (a) Cash 600,000 Common Stock 40,000 Paid-In Capital in Excess of Par 560,000 Issued 20,000 shares of $2 par common stock at $30. (b) Organization Expense 9,000 Common Stock 500 Paid-ln Capital in Excess of Par 8,500 Issued 250 shares of $2 par common stock in return for legal services in organizing corporation. (c) Compensation Expense 10,000 Common Stock 600 Paid-ln Capital in Excess of Par 9,400 Issued 300 shares of $2 par common stock to employees; objective market value of stock = $10,000. (d) Buildings 295,000 Land 80,000 Common Stock 25,000 Paid-In Capital in Excess of Par 350,000 Issued 12,500 shares of $2 par common stock in exchange for a building and land valued at $295,000 and $80,000, respectively. (e) Cash 247,000 Common Stock 13,000 Paid-ln Capital in Excess of Par 234,000 Issued 6,500 shares of $2 par common stock at $38. (f) Cash 180,000 Common Stock 8,000 Paid-ln Capital in Excess of Par 172,000 Issued 4,000 shares of $2 par common stock at $45. 13–25. December 31, 2006, Dividend: Because no preferred stock had been issued at this time, the entire $24,200 dividend was paid to the common stockholders. December 31, 2008, Dividend: Because cumulative preferred stock had been issued, the preferred stockholders have the right to receive $17,500 in dividends before common stockholders receive payment. (25,000 shares ( $10 par = $250,000; $250,000 ( 0.07 = $17,500.) Thus, the entire $16,500 was paid to preferred stockholders. December 31, 2009, Dividend: Because preferred stockholders had not received all dividends they were entitled to on December 31, 2008, the remaining portion of the 2008 dividend plus the preference for 2009 must be paid to preferred stockholders before any payment to common stockholders. Thus, preferred stockholders will receive $18,500 in 2009, and common stockholders will receive $16,300 ($17,500 – $16,500 = $1,000; $1,000 + $17,500 = $18,500; $34,800 – $18,500 = $16,300). 13–26. 2006 2007 2008 (a) EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 (b) EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 None EMBED Equation.3 EMBED Equation.3 (c) EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 None EMBED Equation.3 EMBED Equation.3 (d) EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 None None EMBED Equation.3 13–27. (a) Cash 672,000 Common Stock 60,000 Paid-ln Capital in Excess of Stated Value—Common 612,000 Issued 12,000 shares of common stock, stated value $5, at $56. Cash 60,000 Preferred Stock 45,000 Paid-ln Capital in Excess of Par—Preferred 15,000 Issued 3,000 shares of preferred stock, par value $15, at $20. (b) Cash 39,000 Common Stock Subscriptions Receivable 91,000 Common Stock Subscribed 12,500 Paid-ln Capital in Excess of Stated Value—Common 117,500 Received subscriptions for 2,500 shares of common stock, stated value $5, at $52. (c) Cash 91,000 Common Stock Subscriptions Receivable 91,000 Collected remaining amount owed on stock subscriptions. Common Stock Subscribed 12,500 Common Stock 12,500 Issued 2,500 shares of subscribed stock. (d) Cash 335,500 Common Stock 27,500 Paid-ln Capital in Excess of Stated Value—Common 308,000 Issued 5,500 shares of common stock at $61. 13–28. 2008 Aug. 1 Common Stock 8,000 Paid-ln Capital in Excess of Par 144,000* Retained Earnings 40,000* Cash 192,000 *Alternatively, the entire $184,000 could be debited to Retained Earnings. Dec. 31 Common Stock 15,000 Paid-ln Capital in Excess of Par 270,000 Cash 255,000 Paid-ln Capital from Stock Reacquisition 30,000 13–29. 1. (a) 2008 June 1 Treasury Stock 240,000 Cash 240,000 Reacquired 15,000 shares of common at $16. July 1 Cash 100,000 Treasury Stock 80,000 Paid-ln Capital from Treasury Stock 20,000 Sold 5,000 shares of treasury stock at $20; cost $16. Aug. 1 Cash 98,000 Paid-ln Capital from Treasury Stock 14,000* Treasury Stock 112,000 Sold 7,000 shares of treasury stock at $14; cost $16. *Alternatively, Retained Earnings could be debited for $14,000. Sept. 1 Common Stock 1,000 Paid-ln Capital in Excess of Par 16,000* Treasury Stock 16,000 Paid-ln Capital from Treasury Stock 1,000 Retired 1,000 shares of treasury stock, cost $16; pro rata issuance cost, $17. [($240,000 + $3,840,000) ÷ 240,000 shares]. *Alternatively, Retained Earnings could be debited for $15,000, with no entries to paid-in capital accounts. (b) Stockholders’ Equity Contributed capital: Common stock, $1 par, 275,000 shares authorized; 239,000 shares issued; 2,000 shares held as treasury stock $ 239,000 Paid-in capital in excess of par 3,824,000 Paid-in capital from treasury stock 7,000 Retained earnings 1,005,000 Total contributed capital and retained earnings $5,075,000 Less: Treasury stock at cost 32,000 Total stockholders’ equity $5,043,000 2. (a) 2008 June 1 Treasury Stock 15,000 Paid-ln Capital in Excess of Par 240,000 Paid-ln Capital from Treasury Stock 15,000 Cash 240,000 Reacquired 15,000 shares at $16; par value, $1; pro rata cost, $17. 13–29. (Concluded) July 1 Cash 100,000 Treasury Stock 5,000 Paid-ln Capital in Excess of Par 95,000 Sold 5,000 shares at $20; par value, $1. Aug. 1 Cash 98,000 Treasury Stock 7,000 Paid-In Capital in Excess of Par 91,000 Sold 7,000 shares at $14; par value, $1. Sept. 1 Common Stock 1,000 Treasury Stock 1,000 Retired 1,000 shares; par value, $1. (b) Stockholders’ Equity Contributed capital: Common stock, $1 par, 275,000 shares authorized; 239,000 shares issued; 2,000 shares held as treasury stock $ 239,000 Less: Treasury stock at par 2,000 Common stock outstanding $ 237,000 Paid-in capital in excess of par 3,786,000 Paid-in capital from treasury stock 15,000 Total contributed capital $ 4,038,000 Retained earnings 1,005,000 Total stockholders’ equity $ 5,043,000 13–30. When the rights are issued, only a memorandum entry is required to state the number of shares that may be claimed. This is to ensure that enough shares are held to cover the rights. When the rights are exercised, another memorandum entry is needed to record the reduction in the outstanding rights. When the rights lapse, a memorandum entry should be made to note the decrease in outstanding claims to common stock. 13–31. 1. Cash 90,000 Common Stock Warrants 8,617* Preferred Stock 20,000† Paid-ln Capital in Excess of Par—Preferred 61,383† *Value assigned to warrants: ($9/$94) ( $90 ( 1,000 = $8,617 (rounded) †Value assigned to preferred stock: ($85/$94) ( $90 ( 1,000 = $81,383 ($20,000 par, $61,383 paid-in capital) 13–31. (Concluded) 2. Common Stock Warrants 8,617 Cash 30,000 Common Stock 2,000 Paid-ln Capital in Excess of Par—Common 36,617 3. Common Stock Warrants 6,032* Cash 21,000 Common Stock 1,400 Paid-ln Capital in Excess of Par—Common 25,632 *0.70 ( $8,617 = $6,032 (rounded) Common Stock Warrants 2,585* Paid-ln Capital from Expired Common Stock Warrants 2,585 *0.30 ( $8,617 = $2,585 (rounded) 13–32. Total compensation expense over the 3-year service period (2007–2009) is $450,000 ($6 fair value ( 75,000 options). The journal entry required in each year of the service period is as follows: Compensation Expense ($450,000/3 years) 150,000 Paid-In Capital from Stock Options 150,000 The journal entry to record the exercise of all 75,000 of the options on December 31, 2010, is as follows: Cash (75,000 ( $37) 2,775,000 Paid-In Capital from Stock Options 450,000 Common Stock 150,000 Additional Paid-In Capital in Excess of Par 3,075,000 13–33. Probable 2009 sales at December 31, 2007 $ 450,000 Options for probable sales $ 20,000 Fair value of options at grant date ( $9 Estimated compensation expense from options $ 180,000 Number of years in service period ÷ 3 years 2007 compensation expense $ 60,000 Probable 2009 sales at December 31, 2008 $ 550,000 Options for probable sales $ 30,000 Fair value of options at grant date ( $9 Estimated compensation expense from options $ 270,000 Number of years in service period ÷ 3 years Revised compensation expense for 2007 and 2008 ($270,000 ( 2/3) $ 180,000 Less 2007 compensation expense 60,000 2008 compensation expense $ 120,000 Actual 2009 sales $ 700,000 Options earned $ 30,000 Fair value of options at grant date ( $9 Compensation expense from options $ 270,000 Compensation expense recognized in 2007 and 2008 180,000 2009 compensation expense $ 90,000 13–34. 2008 Dec. 31 Compensation Expense 20,000 Share-Based Compensation Liability 20,000 [10,000 ( ($16 – $10)] ÷ 3 years 2009 Dec. 31 Compensation Expense 46,667 Share-Based Compensation Liability 46,667 [10,000 ( ($20 – $10)] = $100,000 $100,000 ( 2/3 = $66,667 $66,667 – $20,000 = $46,667 2010 Dec. 31 Compensation Expense 13,333 Share-Based Compensation Liability 13,333 [10,000 ( ($18 – $10)] = $80,000 $80,000 – $66,667 = $13,333 2011 Jan. 1 Share-Based Compensation Liability 80,000 Cash 80,000 13–35. 1. Preferred Stock (4,000 shares ( $15) 60,000 Paid-ln Capital in Excess of Par—Preferred 12,000 Common Stock (4,000 shares, $10 par) 40,000 Paid-ln Capital in Excess of Par—Common 32,000 2. Preferred Stock 60,000 Paid-ln Capital in Excess of Par—Preferred 12,000 Retained Earnings 88,000 Common Stock (16,000 shares, $10 par) 160,000 3. Preferred Stock 60,000 Paid-ln Capital in Excess of Par—Preferred 12,000 Common Stock (6,000 shares, $10 par) 60,000 Paid-ln Capital in Excess of Par—Common 12,000 13–36. 1. The error would be reported as an adjustment to the beginning Retained Earnings balance in the 2008 statement of retained earnings or statement of changes in stockholders’ equity. 2. Retained earnings, January 1, 2008 $ 86,500 Adjustment for depreciation error in 2007 (36,000) Retained earnings, adjusted, January 1, 2008 $ 50,500 Net income 106,000 Dividends (30,000) Retained earnings, December 31, 2008 $ 126,500 13–37. (1) Calculation of number of shares outstanding: Jan. 1 800,000 shares Feb. 15 50,000 shares May 12 100,000 shares (1,000 ( 100) 950,000 shares June 15 104,500 shares (950,000 ( 0.11) 1,054,500 shares outstanding Amount to be paid in dividends for the third quarter, 1,054,500 ( $1.50 = $1,581,750 (2) Total dividends for 2008: Mar. = $1.50 ( 850,000 = $1,275,000 June, Sept., and Dec. = 3 ( $1,581,750 = 4,745,250 $6,020,250 13–38. (a) Dividends (Retained Earnings) 1,800,000 Property Dividends Payable 1,200,000 Gain on Distribution of Property Dividends 600,000 Property Dividends Payable 1,200,000 Investment in Nanny Corporation Stock 1,200,000 (b) Dividends (Retained Earnings) ($7.50 ( 170,000 shares) 1,275,000 Property Dividends Payable 1,275,000 Property Dividends Payable 1,275,000 Investment in Yellowstone Company Stock 1,275,000 13–39. 1. Retained Earnings 20,000 Stock Dividends Distributable 20,000 Declaration of 25% stock dividend; transfer at stated value. Stock Dividends Distributable 20,000 Common Stock, $1 stated value 20,000 Issuance of stock dividend. 2. The issuance of the stock dividend had no effect on the ownership equity of each stockholder in the corporation. For each share previously held representing an equity of $19.375 ($1,550,000 ÷ 80,000 shares), the stockholder now holds 1ź shares, representing an equity of 1ź ( $15.50 ($1,550,000 ÷ 100,000 shares), or $19.375. 3. Retained Earnings 120,000 Stock Dividends Distributable 12,000 Paid-In Capital in Excess of Stated Value 108,000 Declaration of 15% stock dividend; transfer at market value. Stock Dividends Distributable 12,000 Common Stock, $1 stated value 12,000 Issuance of stock dividend. 13–40. (a) Entries assuming that the 10% stock dividend is recorded at market value: Retained Earnings 80,000* Stock Dividends Distributable 20,000 Paid-In Capital in Excess of Par 60,000 Declared a 10% stock dividend recorded at new market value of $20 ($22 ( 1.1). *40,000 shares outstanding ( 0.10 = 4,000 additional shares; 4,000 shares ( $20 = $80,000 Stock Dividends Distributable 20,000 Common Stock, $5 par 20,000 (b) Entries assuming that the 50% stock dividend is recorded at par value: Retained Earnings (or Paid-In Capital in Excess of Par) 100,000* Stock Dividends Distributable 100,000 Declared 50% stock dividend recorded at par value. *40,000 shares outstanding ( 0.50 = 20,000 additional shares; 20,000 shares ( $5 = $100,000 Stock Dividends Distributable 100,000 Common Stock, $5 par 100,000 (c) No journal entry is needed. A memorandum entry would disclose the decrease in par value (from $5 to $2.50) and the increase in shares outstanding (from 40,000 to 80,000). 13–41. Retained Earnings 945,000 Stock Dividends Distributable 45,000 Paid-In Capital in Excess of Par 900,000 Declared 10% stock dividend, recorded at $21 new market value. Stock Dividends Distributable 40,000 Common Stock, $1 par value 40,000 Partial distribution of stock dividend. 13–42. Retained Earnings 50,000 Paid-ln Capital in Excess of Par 275,000 Dividends Payable 325,000 Dividends Payable 325,000 Cash 325,000 13–43. (a) Fire Loss 2,625 Retained Earnings 2,625 To report loss from fire on the income statement. (b) Goodwill Impairment Loss 26,250 Retained Earnings 26,250 To report goodwill impairment loss on the income statement. (d) Loss on Sale of Equipment 24,150 Retained Earnings 24,150 To report loss from sale of equipment on the income statement. (g) Retained Earnings 64,750 Paid-ln Capital in Excess of Par 64,750 To report paid-in capital from sale of stock as a separate stockholders’ equity item. (h) Retained Earnings 4,235 Paid-ln Capital from Forfeited Stock Subscriptions 4,235 To report capital from stock subscription defaults as part of paid-in capital. (i) Retained Earnings 12,950 Paid-ln Capital from Retirement of Preferred Stock 12,950 To report retirement of preferred stock at less than issuance price as part of paid-in capital. (j) Retained Earnings 7,525 Gain on Bond Retirement 7,525 To report gain on retirement of bonds at less than book value on the income statement. (k) Retained Earnings 9,500 Gain on Settlement of Life Insurance 9,500 To report gain on life insurance policy settlement on the income statement. The following items are correctly recorded in the retained earnings account: c. Stock dividend, $70,000. This amount is transferred to paid-in capital accounts. e. Officers’ compensation related to income of prior periods, $162,750. This is an accounting error, and the amount is properly recorded as a prior-period adjustment. 13–43. (Concluded) f. Retirement of preferred shares at more than the issue price, $35,000. This amount is properly debited to Retained Earnings. I. Correction of prior-period error, $25,025. This is properly recorded as a prior-period adjustment. The corrected amount of Retained Earnings is as follows: $66,410 + $2,625 + $26,250 + $24,150 – $64,750 – $4,235 – $12,950 – $7,525 – $9,500 = $20,475. Of course, the items included in the computation of net income will eventually be closed to Retained Earnings. 13–44. Minimum pension liability adjustment: This item is always a reduction in equity. Unrealized gain on available-for-sale securities: An unrealized gain increases equity. Accumulated foreign currency translation adjustment: Because the currencies in the countries where Radial has foreign subsidiaries have strengthened relative to the U.S. dollar, this equity adjustment will increase equity. Contributed capital and retained earnings $875,000 Plus: Foreign currency translation adjustment 72,000 Less: Minimum pension liability adjustment (86,000) Plus: Unrealized gain on available-for-sale securities 95,000 Total stockholders’ equity $956,000 13–45. Common Stock 62,500* Paid-ln Capital in Excess of Par 15,000** Retained Earnings 12,500† Cash 90,000 Retirement of 2,500 shares of common stock. *Common Stock: $150,000 ÷ 6,000 shares = $25 par value 2,500 shares ( $25 = $62,500 **Paid-ln Capital in Excess of Par: $36,000 ÷ 6,000 shares = $6 2,500 shares ( $6 = $15,000 †Debit to Retained Earnings: $49,000 + $40,000 (net income) – $76,500 = $12,500 amount paid over original issuance price to retire stock. Cash 120,750 Paid-ln Capital in Excess of Par ($54,250 + $15,000 – $36,000) 33,250 Common Stock (3,500 shares ( $25) 87,500 Additional issuance of common stock. 13–45. (Concluded) Treasury Stock 25,000 Cash 25,000* Purchase of common stock held as treasury stock. *300 shares on hand ( $50 = $15,000 200 shares later sold ( $50 = $10,000 Original purchase: $25,000 ($15,000 + $10,000) Cash (200 shares ( $55) 11,000 Treasury Stock 10,000 Paid-ln Capital from Treasury Stock 1,000 Sale of 200 shares of treasury stock. Income Summary 40,000 Retained Earnings 40,000 Income for period closed to Retained Earnings. 13–46. 1. Kenny Co. Stockholders’ Equity December 31, 2007 Common stock ($1 par, 950,000 shares authorized, 475,000 shares issued and outstanding) $ 475,000* Paid-in capital in excess of par 6,650,000** Total paid-in capital $7,125,000 Retained earnings 787,500† Total stockholders’ equity $7,912,500 COMPUTATIONS: *950,000 ÷ 2 = 475,000 ( $1 = $475,000 **475,000 ( $15 = $7,125,000 – $475,000 = $6,650,000 †$1,025,000 – $237,500 = $787,500 13–46. (Continued) 2. Kenny Co. Statement of Changes in Stockholders’ Equity For the Year Ended December 31, 2008 Paid-In Paid-In Capital Capital Preferred in Excess Common in Excess Retained Stock of Par Stock of Par Earnings Total Balances, Dec. 31, 2007 $ 0 $ 0 $475,000 $6,650,000 $ 787,500 $ 7,912,500 Jan. 10: Issued 100,000 shares of com- mon stock at $17 100,000 1,600,000 1,700,000 Apr. 1: Issued 150,000 shares of preferred stock at $8 750,000 450,000 1,200,000 Oct. 23: Issued 50,000 shares of preferred stock at $9 250,000 200,000 450,000 Net income for 2008 1,215,000 1,215,000 Cash dividends: Preferred stock, $0.30 on 200,000 shares (60,000) (60,000) Common stock, $1.00 on 575,000 shares (575,000) (575,000) Balances, Dec. 31, 2008 $1,000,000 $650,000 $575,000 $8,250,000 $1,367,500 $11,842,500 13–46. (Concluded) 3. Kenny Co. Stockholders’ Equity December 31, 2008 Preferred stock, 6% ($5 par, 500,000 shares authorized, 200,000 issued and outstanding) $ 1,000,000 Paid-in capital in excess of par—preferred stock 650,000 Common stock ($1 par, 950,000 shares authorized, 575,000 issued and outstanding) 575,000 Paid-in capital in excess of par—common stock 8,250,000 Total paid-in capital $10,475,000 Retained earnings 1,367,500 Total stockholders’ equity $11,842,500 (Note: Disclosure of the $295,000 retained earnings restriction would be made. Alternatively, retained earnings of $295,000 could be shown as appropriated in the Stockholders’ Equity section.) PROBLEMS 13–47. 1. Jan. 1 Property 17,000 Organization Expense 7,000 Common Stock 500 Paid-ln Capital in Excess of Par—Common 23,500 Issued 500 shares of $1 par common stock in exchange for property and services rendered. Feb. 23 Cash 142,500 Preferred Stock 100,000 Paid-ln Capital in Excess of Par—Preferred 42,500 Sold 1,000 shares of $100 par preferred stock at $150 per share less $7,500 commission. Mar. 10 Cash 114,500 Common Stock 3,000 Paid-ln Capital in Excess of Par—Common 111,500 Sold 3,000 shares of $1 par common stock at $39 per share less issue costs of $2,500. Apr. 10 Common Stock Subscriptions Receivable 180,000 Common Stock Subscribed 4,000 Paid-ln Capital in Excess of Par—Common 176,000 Received subscriptions for 4,000 shares of $1 par common stock at $45 per share. July 14 Cash 24,000 Building 51,000 Common Stock 1,300 Paid-ln Capital in Excess of Par—Common 50,700 Preferred Stock 14,000 Paid-ln Capital in Excess of Par—Preferred 9,000 Sold 600 shares of $1 par common stock at $40 per share and exchanged 700 shares of $1 par common stock and 140 shares of $100 par preferred stock for a building. Aug. 3 Cash 140,000 Common Stock Subscriptions Receivable 140,000 Common Stock Subscribed 2,000 Common Stock 2,000 Collected cash on subscriptions and issued 2,000 shares of $1 par common stock. 13–47. (Concluded) Dec. 1 Dividends (Retained Earnings) 25,000 Dividends Payable ($11,400 + $13,600) 25,000 Declared $10 per share cash dividends on preferred stock (1,140 preferred shares ( $10 = $11,400); $2 per share dividend on common stock (6,800 shares ( $2.00 = $13,600). 31 Dividends Payable 11,400 Cash 11,400 Paid $10 per share dividend on preferred stock. 31 Common Stock Subscribed 800 Paid-ln Capital in Excess of Par—Common 35,200 Common Stock Subscriptions Receivable 30,000 Paid-ln Capital from Forfeited Stock Subscriptions 6,000 Subscribers defaulted on 800 shares previously subscribed for at $45 per share. 31 Income Summary. 60,000 Retained Earnings 60,000 To close Income Summary. 2. Stockholders’ Equity Contributed capital: Preferred stock, $100 par, convertible, 4,000 shares authorized, 1,140 shares issued and outstanding $ 114,000 Paid-in capital in excess of par—preferred 51,500 Common stock, $1 par, 20,000 shares authorized, 6,800 shares issued and outstanding 6,800 Common stock subscribed (1,200 shares) 1,200 Paid-in capital in excess of par—common 326,500 Paid-in capital from forfeited stock subscriptions 6,000 Total contributed capital $ 506,000 Retained earnings 35,000 Total contributed capital and retained earnings $ 541,000 Less: Common stock subscriptions receivable 10,000 Total stockholders’ equity $ 531,000 13–48. 1. 2008 Oct. 1 Common Stock Subscriptions Receivable 7,800,000* Common Stock Subscribed 400,000 Paid-ln Capital in Excess of Stated Value—Common 7,400,000 *Subscriptions: 200,000 shares ( $39 = $7,800,000 Oct. 1 Cash (200,000 shares ( $20) 4,000,000 Common Stock Subscriptions Receivable 4,000,000 1 Land 195,000 Buildings 216,000 Equipment 62,000 Merchandise Inventory 105,000 Mortgage Payable 46,000 Accounts Payable 14,000 Interest Payable 900 Common Stock 35,600 Paid-ln Capital in Excess of Stated Value—Common 481,500 Stock issued: 17,800 shares of common, for net assets valued at $517,100. 3 Preferred Stock Subscriptions Receivable 5,610,000* Preferred Stock Subscribed 4,400,000 Paid-ln Capital in Excess of Par—Preferred 1,210,000 *Subscriptions: 110,000 shares preferred ( $51 = $5,610,000 3 Cash (110,000 shares ( $21) 2,310,000 Preferred Stock Subscriptions Receivable 2,310,000 Nov. 1 Cash 3,550,000 Common Stock Subscriptions Receivable 1,900,000* Preferred Stock Subscriptions Receivable 1,650,000† *Collections: 200,000 shares common ( $9.50 = $1,900,000 †Collections: 110,000 shares preferred ( $15 = $1,650,000 12 Common Stock Subscriptions Receivable 16,380,000* Common Stock Subscribed 780,000 Paid-ln Capital in Excess of Stated Value—Common 15,600,000 *Subscriptions: 390,000 shares common ( $42 = $16,380,000 12 Cash (390,000 shares ( $20) 7,800,000 Common Stock Subscriptions Receivable 7,800,000 13–48. (Continued) Dec. 1 Cash 6,190,000* Common Stock Subscriptions Receivable 6,190,000 *Collections: 200,000 shares ( $9.50 = $1,900,000 390,000 shares ( $11 = 4,290,000 $6,190,000 1 Common Stock Subscribed (200,000 shares ( $2) 400,000 Common Stock 400,000 Dec. 1 Cash 1,650,000* Preferred Stock Subscriptions Receivable 1,650,000 *Collections: 110,000 shares preferred ( $15 = $1,650,000 1 Preferred Stock Subscribed (110,000 shares ( $40) 4,400,000 Preferred Stock 4,400,000 2. Contributed capital: 7% preferred stock, $40 par, cumulative, 150,000 shares authorized, 110,000 shares issued and outstanding $ 4,400,000 Paid-in capital in excess of par—preferred 1,210,000 Common stock, $2 stated value, 1,000,000 shares authorized, 217,800 shares issued and outstanding 435,600 Common stock subscribed, 390,000 shares 780,000 Paid-in capital in excess of stated value—common 23,481,500 Total $ 30,307,100 Less: Common stock subscriptions receivable 4,290,000 Total contributed capital $ 26,017,100 13–49. Common Stock Subscriptions Receivable. 360,000* Common Stock Subscribed 12,000 Paid-ln Capital in Excess of Par—Common 348,000 *Subscriptions receivable: $3,000 + $9,000 + $348,000 = $360,000 Cash 210,000 Common Stock Subscriptions Receivable 210,000 Collection from common stock subscribers. Common Stock Subscribed 3,000 Common Stock 3,000 Issuance of 3,000 shares of common stock. 13–49. (Concluded) 8% Preferred Stock Subscriptions Receivable 180,000* 8% Preferred Stock Subscribed 120,000 Paid-ln Capital in Excess of Par—8% Preferred 60,000 *Subscriptions: Shares issued, $120,000 ÷ $100 par = 1,200 shares; ($120,000 + $60,000)/1,200 shares = $150 per share 1,200 shares ( $150 = $180,000 Cash 180,000 8% Preferred Stock Subscriptions Receivable 180,000 Collection from preferred stock subscribers. 8% Preferred Stock Subscribed 120,000 8% Preferred Stock 120,000 Issuance of 1,200 shares of 8% preferred stock. 10% Preferred Stock Subscriptions Receivable 25,000* 10% Preferred Stock Subscribed. 25,000 *Subscriptions receivable: 500 shares ( $50 = $25,000 Cash 25,000 10% Preferred Stock Subscriptions Receivable 25,000 Collection from preferred stock subscribers. 10% Preferred Stock Subscribed 25,000 10% Preferred Stock 25,000 Issuance of 500 shares of 10% preferred stock. Income Summary 55,000 Retained Earnings 55,000 To close net income to Retained Earnings. Retained Earnings 45,000* Cash 45,000 *Payment of dividends: 8% preferred (0.08 ( $120,000) $ 9,600 10% preferred (0.10 ( $25,000) 2,500 Common 32,900 $ 45,000 13–50. The following work sheet is not required but may be helpful in solving the problem. Egbert Company Work Sheet Summarizing Changes in Stockholders’ Equity For the Year Ended November 30, 2008 Balance, Balance, Account Title November Transactions November 30, 2007 Debit Credit 30, 2008 Preferred Stock, $20 par 1,200,000 (c) 80,000 (a) 160,000 1,280,000 Common Stock, $1 par 200,000 (e) 225,000 (b) 25,000 Common Stock, $0.50 par (e) 225,000 225,000 Paid-ln Capital in Excess of Par—Preferred 300,000 (c) 24,000 (a) 48,000 324,000 Paid-ln Capital in Excess of Par—Common 12,600,000 (b) 1,600,000 14,200,000 Retained Earnings. 780,000 (c) 12,000 (g) 612,000 (h) 700,000 856,000 Treasury Stock (d) 700,000 (f) 350,000 (350,000) Paid-ln Capital from Treasury Stock (f) 200,000 200,000 Cash (a) 208,000 (c) 116,000 (b) 1,625,000 (d) 700,000 (f) 550,000 (g) 612,000 Income Summary (h) 700,000 15,080,000 4,736,000 4,736,000 16,735,000 (a) Issue of preferred stock, 8,000 shares @ $26 per share. (b) Issue of common stock, 25,000 shares @ $65 per share. (c) Retirement of 4,000 shares of preferred stock @ $29 per share. (d) Purchase of treasury stock, common, 10,000 shares @ $70 per share. (e) Stock split—2 for 1 on common stock (par value reduced to $0.50). (f) Reissuance of 10,000 shares of treasury stock, common, at $55 after stock split. (g) Payment of dividends: preferred (64,000 ( $2.00) = $128,000; common (440,000 ( $1.10) = $484,000. (h) Transfer of net income to Retained Earnings. 13–50. (Concluded) Stockholders’ Equity Contributed capital: 10% preferred stock, $20 par, 64,000 shares issued and outstanding $ 1,280,000 Paid-in capital in excess of par—preferred 324,000 Common stock, $0.50 par, 450,000 shares issued, which includes 10,000 shares held as treasury stock 225,000 Paid-in capital in excess of par—common 14,200,000 Paid-in capital from treasury stock 200,000 Total contributed capital $16,229,000 Retained earnings 856,000 Total contributed capital and retained earnings $17,085,000 Less: Treasury common stock, 10,000 shares (after split), at cost 350,000 Total stockholders’ equity $16,735,000 13–51. 1. 2008 Mar. 31 Cash (4,500 shares ( $35) 157,500 Paid-In Capital from Stock Options ($5 ( 4,500 options) 22,500 Common Stock, $3 par (4,500 shares ( $3) 13,500 Paid-ln Capital in Excess of Par 166,500 Apr. 1 Cash 2,000,000 Discount on Bonds Payable. 7,984 Bonds Payable 2,000,000 Common Stock Warrants 7,984* *Value assigned to warrants: $2,000,000 ( EMBED Equation.3 = $7,984 (rounded) June 30 Memorandum: Issued rights to shareholders permitting holder to acquire for a 30-day period one share at $40 with every 10 rights submitted—a maximum of 25,450 shares (254,500 shares ÷ 10). July 31 Cash (24,850 shares ( $40) 994,000 Common Stock, $3 par (24,850 shares ( $3) 74,550 Paid-ln Capital in Excess of Par 919,450 Sept. 30 Cash (4,000 shares ( $40) 160,000 Common Stock Warrants 7,984 Common Stock, $3 par (4,000 shares ( $3) 12,000 Paid-ln Capital in Excess of Par 155,984 Nov. 30 Paid-In Capital from Stock Options 127,500 Paid-In Capital from Expired Options 127,500 13–51. (Concluded) 2. Stockholders’ Equity Contributed capital: Common stock, $3 par, 300,000 shares authorized, 283,350 shares issued and outstanding $ 850,050 Paid-in capital in excess of par 8,291,934 Paid-in capital from expired options 127,500 Total contributed capital $9,269,484 Retained earnings 690,000 Total stockholders’ equity $9,959,484 13–52. 1. (a) Preferred Stock Subscriptions Receivable 3,150,000 Common Stock Subscriptions Receivable 2,340,000 Preferred Stock Subscribed 3,000,000 Paid-ln Capital in Excess of Par—Preferred 150,000 Common Stock Subscribed 225,000 Paid-ln Capital in Excess of Stated Value—Common 2,115,000 Cash 1,647,000 Preferred Stock Subscriptions Receivable 945,000 Common Stock Subscriptions Receivable 702,000 (b) Cash 3,733,800 Preferred Stock Subscriptions Receivable 2,205,000 Common Stock Subscriptions Receivable 1,528,800 Preferred Stock Subscribed 3,000,000 Common Stock Subscribed 210,000 Preferred Stock 3,000,000 Common Stock 210,000 Common Stock Subscribed 15,000 Paid-ln Capital in Excess of Stated Value—Common 141,000 Common Stock Subscriptions Receivable 109,200 Cash 46,800 (c) Treasury Stock 420,000 Cash 420,000 (d) Preferred Stock 3,000,000 Paid-ln Capital in Excess of Par—Preferred 150,000 Common Stock 300,000 Paid-ln Capital in Excess of Stated Value—Common 2,850,000 13–52. (Concluded) (e) Machinery 430,000 Treasury Stock 420,000 Paid-ln Capital from Treasury Stock 10,000 (f) No journal entry is necessary. Instead, a memorandum entry would note that the stated value has decreased from $2.50 to $1.25. (g) Income Summary 83,000 Retained Earnings 83,000 2. Stockholders’ Equity Contributed capital: Common stock, $1.25 stated value, 500,000 shares authorized, 408,000 shares issued and outstanding $ 510,000 Paid-in capital in excess of stated value 4,824,000 Paid-in capital from treasury stock 10,000 Total contributed capital $ 5,344,000 Retained earnings 83,000 Total stockholders’ equity $ 5,427,000 13–53. 1. (b) Cash 230,000 Preferred Stock 200,000 Paid-In Capital in Excess of Par—Preferred 30,000 Sold 2,000 shares of $100 par preferred stock at $115. (d) Treasury Stock—Preferred 50,000 Paid-ln Capital in Excess of Par—Preferred 7,500 Cash 50,000 Paid-ln Capital from Treasury Stock 7,500 Reacquired 500 shares of $100 par preferred stock at par. (f) Cash 20,800 Treasury Stock—Preferred 20,000 Paid-ln Capital in Excess of Par—Preferred 800 Sold 200 shares of $100 par preferred treasury stock at $104. 2. (a) Land 350,000 Common Stock 10,000 Paid-ln Capital in Excess of Par—Common 340,000 Issued 10,000 shares of $1 par common stock in exchange for land valued at $350,000. 13–53. (Concluded) (c) Cash 150,000 Common Stock 3,000 Paid-ln Capital in Excess of Par—Common 147,000 Sold 3,000 shares of $1 par common stock at $50. (e) Treasury Stock—Common 42,000 Cash 42,000 Reacquired 1,000 shares of $1 par common stock at $42. (g) Cash 20,000 Treasury Stock—Common 16,800 Paid-ln Capital from Treasury Stock 3,200 Sold 400 shares of $1 par common treasury stock at $50; cost, $42. (h) Treasury Stock—Common 4,700 Cash 4,700 Reacquired 100 shares of $1 par common stock at $47. Cash 4,500 Paid-ln Capital from Treasury Stock 200* Treasury Stock—Common 4,700 Sold 100 shares of $1 par common stock at $45, cost $47. *Alternatively, Retained Earnings could be debited for $200. 13–54. 1. (a) Cash (30,000 shares ( $26) 780,000 9% Preferred Stock 600,000 Paid-ln Capital in Excess of Par—Preferred 180,000 Sold 30,000 shares of $20 par preferred stock at $26. (b) Cash (50,000 shares ( $33) 1,650,000 Common Stock 150,000 Paid-ln Capital in Excess of Par—Common 1,500,000 Sold 50,000 shares of $3 par common stock at $33. 13–54. (Concluded) (c) 9% Preferred Stock 80,000 Paid-ln Capital in Excess of Par—Preferred (4,000 shares ( $6) 24,000* Retained Earnings 8,000* Cash (4,000 shares ( $28) 112,000 Purchased and retired 4,000 shares of $20 par preferred stock at $28; original issue price, $26. *Alternatively, Retained Earnings could be debited for $32,000. (d) Treasury Stock, Common (6,000 shares ( $35) 210,000 Cash 210,000 Reacquired 6,000 shares of $3 par common stock at $35. (e) Cash (1,000 shares ( $37) 37,000 Treasury Stock, Common 35,000 Paid-ln Capital from Treasury Stock 2,000 Sold 1,000 shares of common treasury stock at $37; cost, $35. 2. Stockholders’ Equity Contributed capital: 9% preferred stock, $20 par, 26,000 shares issued and outstanding $ 520,000 Paid-in capital in excess of par—preferred 156,000 Common stock, $3 par, 50,000 shares issued, which includes 5,000 shares held as treasury stock 150,000 Paid-in capital in excess of par—common 1,500,000 Paid-in capital from treasury stock 2,000 Total contributed capital $ 2,328,000 Retained earnings 177,000 Total contributed capital and retained earnings $ 2,505,000 Less: Treasury stock, 5,000 shares at cost 175,000 Total stockholders’ equity $ 2,330,000 13–55. 1. 2005 Dec. 31 Compensation Expense 240,000 Paid-In Capital from Stock Options 240,000 Call Compensation: ($9 ( 80,000) ÷ 3 years = $240,000 2006 Dec. 31 Compensation Expense 390,000 Paid-In Capital from Stock Options 390,000 Call Compensation: ($9 ( 80,000) ÷ 3 years = $240,000 Neilson Compensation: ($10 ( 45,000) ÷ 3 years = $150,000 2007 Dec. 31 Compensation Expense 481,667 Paid-In Capital from Stock Options 481,667 Call Compensation: ($9 ( 80,000) ÷ 3 years = $240,000 Neilson Compensation: ($10 ( 45,000) ÷ 3 years = $150,000 Gwynn Compensation: ($11 ( 25,000) ÷ 3 years = $91,667 2008 Dec. 31 Compensation Expense 241,667 Paid-In Capital from Stock Options 241,667 Neilson Compensation: ($10 ( 45,000) ÷ 3 years = $150,000 Gwynn Compensation: ($11 ( 25,000) ÷ 3 years = $91,667 Call option exercise: Dec. 31 Cash (80,000 ( $30) 2,400,000 Paid-In Capital from Stock Options 720,000 Common Stock ($1 par) 80,000 Paid-In Capital in Excess of Par 3,040,000 2009 Dec. 31 Compensation Expense 91,667 Paid-In Capital from Stock Options 91,667 Gwynn Compensation: ($11 ( 25,000) ÷ 3 years = $91,667 Neilson option exercise: Dec. 31 Cash (45,000 ( $38) 1,710,000 Paid-In Capital from Stock Options 450,000 Common Stock ($1 par) 45,000 Paid-In Capital in Excess of Par 2,115,000 13–55. (Concluded) Gwynn option exercise: 2010 Dec. 31 Cash (25,000 ( $43) 1,075,000 Paid-In Capital from Stock Options 275,000 Common Stock ($1 par) 25,000 Paid-In Capital in Excess of Par 1,325,000 2. Note Disclosure—Fixed Stock Option Plan, 2007 Weighted-Average Shares Exercise Price Outstanding at December 31, 2006 125,000 $32.88* Granted during 2007 25,000 43.00 Exercised during 2007 0 — Forfeited during 2007 0 — Outstanding at December 31, 2007 150,000 $34.57† * [(80,000 ( $30) + (45,000 ( $38)] ÷ 125,000 = $32.88 † [(80,000 ( $30) + (45,000 ( $38) + (25,000 ( $43)] ÷ 150,000 = $34.57 Options exercisable at December 31, 2007 80,000 Weighted-average fair value of options granted during 2007 $11 Note Disclosure—Fixed Stock Option Plan, 2009 Weighted-Average Shares Exercise Price Outstanding at December 31, 2008 70,000 $39.79* Granted during 2009 0 — Exercised during 2009 45,000 38.00 Forfeited during 2009 0 — Outstanding at December 31, 2009 25,000 43.00 * [(45,000 ( $38) + (25,000 ( $43)] ÷ 70,000 = $39.79 Options exercisable at December 31, 2009 25,000 Weighted-average fair value of options granted during 2009 none 13–56. 2007 Dec. 31 Compensation Expense 26,250 Paid-In Capital from Stock Options 26,250 Probable 2010 income at December 31, 2007 $ 130,000 Options for probable income 15,000 Fair value of options at grant date $7 Estimated compensation expense from options $ 105,000 Number of years in service period ÷ 4 years 2007 compensation expense $ 26,250 2008 Dec. 31 Compensation Expense 61,250 Paid-In Capital from Stock Options 61,250 Probable 2010 income at December 31, 2008 $ 160,000 Options for probable income 25,000 Fair value of options at grant date $7 Estimated compensation expense from options $ 175,000 Number of years in service period 4 years Revised compensation expense for 2007 and 2008 ($175,000 ( 2/4) $ 87,500 Less: 2007 compensation expense 26,250 2008 compensation expense $ 61,250 2009 Dec. 31 Paid-In Capital from Stock Options 8,750 Compensation Expense 8,750 Probable 2010 income at December 31, 2009 $ 140,000 Options for probable income 15,000 Fair value of options at grant date $7 Estimated compensation expense from options $105,000 Number of years in service period 4 years Revised compensation expense for 2007, 2008, and 2009 ($105,000 ( 3/4) $ 78,750 Less: 2007 and 2008 compensation expense 87,500 2009 compensation expense $ (8,750) 13–56. (Concluded) 2010 Dec. 31 Compensation Expense 26,250 Paid-In Capital from Stock Options 26,250 Actual 2010 income $ 130,000 Options earned 15,000 Fair value of options at grant date $7 Total compensation expense from options $ 105,000 Less: 2007–2009 compensation expense 78,750 2010 compensation expense $ 26,250 Option exercise: 2010 Dec. 31 Cash (15,000 ( $25) 375,000 Paid-In Capital from Stock Options 105,000 Common Stock, $5 par 75,000 Paid-In Capital in Excess of Par 405,000 13–57. 1. Shares Outstanding Net Change Common Preferred Jan. 2, 2004 2,000 1,000 Dec. 31, 2004 2,000 1,000 Jan. 2, 2005 Common issued to preferred shareholders + 40 Common Dec. 31, 2005 2,040 1,000 May 1, 2006 Acquisition of Booth Corporation + 1,000 Common Dec. 31, 2006 3,040 1,000 Jan. 1, 2007 3:2 Common split + 1,520 Common Dec. 31, 2007 4,560 1,000 Jan. 1, 2008 2:1 Common split + 4,560 Common July 1, 2008 Conversion of preferred + 400 Common – 200 Preferred Dec. 31, 2008 9,520 800 2. Year Computation of Cash Dividends on Common Total 2004–2005 0 2006 3,040 shares ( $3.19 $ 9,698* 2007 4,560 shares ( $4.50 20,520 2008 (9,120 shares ( $1.25) + (9,520 shares ( $1.25) 23,300 *Rounded. 13–58. 1. Authorized shares 16,000 ( 0.75 Issued shares 12,000 Less: Outstanding shares 11,000 Treasury shares 1,000 Average purchase price per share of treasury stock ( $37.50 Total dollar amount of treasury stock $ 37,500 2. 2008 Jan. 15 Cash (800 ( $55) 44,000 Preferred Stock (800 ( $50) 40,000 Paid-ln Capital in Excess of Par—Preferred 4,000 Feb. 1 Cash (1,500 ( $42) 63,000 Common Stock (1,500 ( $2) 3,000 Paid-ln Capital in Excess of Stated Value—Common 60,000 Mar. 15 Dividends (Retained Earnings) 1,875 Dividends Payable (12,500 ( $0.15) 1,875 Apr. 15 Treasury Stock (200 ( $43) 8,600 Cash 8,600 30 Dividends Payable 1,875 Cash 1,875 (Note: Dividends are paid to all shareholders as of the record date, April 1, including those whose shares were purchased as treasury stock on April 15.) 30 Cash (1,000 ( $50) 50,000 Paid-In Capital from Stock Options 6,000 Common Stock (1,000 ( $2) 2,000 Paid-ln Capital in Excess of Stated Value—Common 54,000 May 1 Dividends (Retained Earnings) (1,330* ( $50) 66,500 Stock Dividends Distributable (1,330 ( $2) 2,660 Paid-ln Capital in Excess of Stated Value—Common 63,840 *11,000 + 1,500 – 200 + 1,000 = 13,300 shares outstanding before stock dividend; 13,300 ( 0.10 = 1,330 shares distributable Market value of newly issued shares: $55 ( 1.1 = $50 31 Cash (350 ( $57) 19,950 Treasury stock ($6,450* + $7,500) 13,950 Paid-ln Capital from Treasury Stock 6,000 *150 shares ( $43 = $6,450 13–58. (Concluded) June 1 Stock Dividends Distributable 2,660 Common Stock 2,660 Sept. 15 Dividends (Retained Earnings) 4,247 Dividends Payable—Preferred (800 ( $50 ( 0.05) 2,000 Dividends Payable—Common (14,980* ( $0.15) 2,247 *13,300 + 1,330 + 350 = 14,980 shares Oct. 15 Dividends Payable—Preferred 2,000 Dividends Payable—Common 2,247 Cash 4,247 Dec. 31 Income Summary 50,000 Retained Earnings 50,000 31 Retained Earnings 72,622* Dividends 72,622 *$1,875 + $66,500 + $4,247 = $72,622 (Note: Last entry is not needed if dividend declarations are debited directly to Retained Earnings.) 3. Stockholders’ Equity Contributed capital: 5% preferred stock, $50 par, cumulative, 2,000 shares authorized, 800 shares outstanding $ 40,000 Paid-in capital in excess of par—preferred stock 4,000 Common stock, $2 stated value, 16,000 shares authorized, 15,830 issued, 14,980 outstanding 31,660 Paid-in capital in excess of stated value—common stock 593,840 Paid-in capital from treasury stock 6,000 Total contributed capital $ 675,500 Retained earnings 87,378 Total contributed capital and retained earnings $ 762,878 Less: Treasury stock at cost (850 shares) 32,150* Total stockholders’ equity $ 730,728 *800 shares at $37.50 each and 50 shares at $43 each. 13–59. 2008 Jan. 31 Treasury Stock (10,000 shares ( $32) 320,000 Cash 320,000 Apr. 1 Retained Earnings 180,000 Stock Dividends Distributable 180,000* *200,000 shares issued ( 0.30 = 60,000 shares distributable; 60,000 shares ( $3 par value = $180,000 Alternatively, the debit could be to Paid-In Capital in Excess of Par. 30 Dividends (Retained Earnings) (190,000 shares ( $0.75) 142,500 Dividends Payable 142,500 June 1 Stock Dividends Distributable 180,000 Dividends Payable 142,500 Common Stock, $3 par 180,000 Cash 142,500 Aug. 31 Cash 455,000* Treasury Stock 320,000 Paid-ln Capital from Treasury Stock 135,000 *10,000 original treasury shares plus 3,000 shares issued as stock dividend = 13,000 shares; 13,000 ( $35 = $455,000 13–60. 1. No stock dividend: If no stock dividend is declared, Cozumel can expect to have unrestricted retained earnings available by year-end of $240,000 ($460,000 beginning retained earnings plus expected net income of $130,000 less the debt covenant constraint of $350,000). Assuming cash is available, this level of unrestricted retained earnings could easily accommodate maintenance of past dividends ($0.75 per share, or a total of $75,000) and could even allow for a dividend increase, if desired. 2. 10% stock dividend: This option would require the transfer of $163,600 from Retained Earnings to Paid-In Capital [10,000 new shares created multiplied by the new market price of $16.36 per share ($18 ( 1.1 = $16.36)]. Projected unrestricted retained earnings is $76,400 ($460,000 – $163,600 stock dividend + $130,000 net income – $350,000 constraint). This would barely allow maintenance of the $0.75 per share dividend if net income reaches the forecast level. This option would make it imperative that operating results be satisfactory in order for dividends to be paid. 13–60. (Concluded) 3. 25% stock dividend: This option would require the transfer of $12,500 from Retained Earnings (or from Additional Paid-In Capital) to Paid-In Capital at Par (25,000 new shares created multiplied by the par value of $0.50 per share). Projected unrestricted retained earnings is $227,500 ($460,000 – $12,500 stock dividend + $130,000 net income – $350,000 constraint). As with the no-stock dividend option, this level of unrestricted retained earnings could easily accommodate maintenance of past dividends. Both the no-stock dividend and 25% stock dividend options would easily allow the maintenance of prior dividends. The declaration of the 10% stock dividend would reflect strong confidence by the board about expected profitability. 13–61. 1. 2007 Jan. 2 Cash (10,000 shares ( $16) 160,000 Common Stock 160,000 2 Cash (3,000 shares ( $216) 648,000 Preferred Stock, $200 par 600,000 Paid-ln Capital in Excess of Par—Preferred 48,000 Mar. 2 Cash 305,100* Common Stock 305,100 *Sold: 10,800 shares ( $22 = $237,600 2,700 shares ( $25 = 67,500 $305,100 July 10 Land 400,000 Preferred Stock (600 shares ( $200) 120,000 Paid-ln Capital in Excess of Par—Preferred (600 shares ( $16) 9,600 Common Stock ($400,000 – $129,600) 270,400 Dec. 16 Dividends (Retained Earnings) 147,750 Dividends Payable—Preferred Stock 72,000* Dividends Payable—Common Stock 75,750† *Preferred dividend: 3,600 shares ( $20 = $72,000 †Common dividend: 50,500 shares ( $1.50 = $75,750 28 Dividends Payable—Preferred Stock 72,000 Dividends Payable—Common Stock 75,750 Cash 147,750 31 Income Summary 450,000 Retained Earnings 450,000 13–61. (Concluded) 2008 Feb. 27 Treasury Stock—Common (12,000 shares ( $19) 228,000 Cash 228,000 27 Retained Earnings 228,000 Retained Earnings Appropriated for Purchase of Treasury Stock 228,000 June 17 Cash (10,000 shares ( $23) 230,000 Treasury Stock—Common 190,000 Paid-ln Capital from Treasury Stock 40,000 17 Retained Earnings Appropriated for Purchase of Treasury Stock 190,000 Retained Earnings 190,000 July 31 Cash (2,000 shares ( $18) 36,000 Paid-ln Capital from Treasury Stock 2,000 Treasury Stock—Common 38,000 31 Retained Earnings Appropriated for Purchase of Treasury Stock 38,000 Retained Earnings 38,000 Sept. 30 Cash (11,000 shares ( $21) 231,000 Common Stock 231,000 Dec. 16 Dividends (Retained Earnings) 121,200 Dividends Payable—Preferred Stock 72,000* Dividends Payable—Common Stock 49,200† *Preferred dividend: 3,600 shares ( $20 = $72,000 †Common dividend: 61,500 shares ( $0.80 = $49,200 Dec. 28 Dividends Payable—Preferred Stock 72,000 Dividends Payable—Common Stock 49,200 Cash 121,200 31 Income Summary 425,000 Retained Earnings 425,000 2. Stockholders’ Equity Contributed capital: 10% preferred stock, $200 par, 50,000 shares authorized, 3,600 shares issued and outstanding $ 720,000 Paid-in capital in excess of par—preferred 57,600 Common stock, no-par, 200,000 shares authorized, 61,500 shares issued and outstanding 966,500 Paid-in capital from treasury stock 38,000 Total contributed capital $ 1,782,100 Retained earnings 606,050 Total stockholders’ equity $ 2,388,150 13–62. 1. 2006 Dec. 20 Dividends (Retained Earnings) 84,000 Dividends Payable—Preferred Stock 6,000* Dividends Payable—Common Stock 3,000† Stock Dividends Distributable—Common Stock (3,000 shares ( $50 ( 0.50) 75,000 * Preferred dividend: 750 shares ( $8 = $6,000 † Common dividend: 3,000 shares ( $1 = $3,000 31 Income Summary 67,500 Retained Earnings 67,500 Closed Income Summary to Retained Earnings. 2007 Jan. 10 Stock Dividends Distributable—Common Stock 75,000 Common Stock, $50 par 75,000 Distributed stock dividend declared December 20, 2006. 10 Dividends Payable—Preferred Stock 6,000 Dividends Payable—Common Stock 3,000 Cash 9,000 Paid cash dividend declared December 20, 2006. Feb. 12 Accumulated Depreciation 72,000 Retained Earnings 72,000 Adjustment of accumulated depreciation from prior period caused by accounting error. 12 Retained Earnings 22,500 Cash 22,500 Paid additional income tax for prior years. Mar. 3 Treasury Stock—Common (300 shares ( $54) 16,200 Cash 16,200 Acquired treasury stock. 3 Retained Earnings 16,200 Retained Earnings Appropriated for Purchase of Treasury Stock 16,200 Dec. 20 Dividends (Retained Earnings) 11,250 Dividends Payable—Preferred Stock 6,000* Dividends Payable—Common Stock 5,250† * Preferred dividend: 750 shares ( $8.00 = $6,000 † Common dividend: 4,200 shares ( $1.25 = $5,250 31 Income Summary 39,000 Retained Earnings 39,000 Closed Income Summary to Retained Earnings. 13–62. (Continued) 2008 Jan. 10 Dividends Payable—Preferred Stock 6,000 Dividends Payable—Common Stock 5,250 Cash 11,250 Paid cash dividends declared on December 20, 2007. Aug. 10 Cash (300 shares ( $59) 17,700 Treasury Stock—Common 16,200 Paid-ln Capital from Treasury Stock 1,500 10 Retained Earnings Appropriated for Purchase of Treasury Stock 16,200 Retained Earnings 16,200 Returned appropriation to Retained Earnings. Sept. 12 Common Stock, $50 par 225,000* Paid-ln Capital in Excess of Par—Common 30,000 Retained Earnings 15,000 Common Stock, $15 stated value 270,000 *18,000 shares common ( $15 = $270,000 issued in exchange for 4,500 shares common ( $50 = $225,000 Dec. 20 Dividends (Retained Earnings) 24,000 Dividends Payable—Preferred Stock 6,000* Dividends Payable—Common Stock 18,000† *Preferred dividends: 750 shares ( $8 = $6,000 †Common dividends: 18,000 shares ( $1 = $18,000 31 Income Summary 51,000 Retained Earnings 51,000 Close Income Summary to Retained Earnings. 2. Stockholders’ Equity at December 31, 2006 Contributed capital: 8% preferred stock, $100 par, cumulative, 750 shares authorized, all issued and outstanding $ 75,000 Common stock, $50 par, 15,000 shares authorized, 3,000 shares issued and outstanding 150,000 50% stock dividend distributable on common, January 10, 2007, 1,500 shares 75,000 Paid-in capital in excess of par—common 30,000 Total contributed capital $ 330,000 Retained earnings 133,500 Total stockholders’ equity $ 463,500 13–62. (Concluded) Stockholders’ Equity at December 31, 2007 Contributed capital: 8% preferred stock, $100 par, cumulative, 750 shares authorized, all issued and outstanding $ 75,000 Common stock, $50 par, 15,000 shares authorized, 4,500 shares issued; treasury stock, 300 shares 225,000 Paid-in capital in excess of par—common 30,000 Total contributed capital $ 330,000 Retained earnings: Appropriated for purchase of treasury stock $ 16,200 Unappropriated 194,550 Total retained earnings $ 210,750 Total contributed capital and retained earnings $ 540,750 Less: Common treasury stock, at cost (300 shares at $54) 16,200 Total stockholders’ equity $ 524,550 Stockholders’ Equity at December 31, 2008 Contributed capital: 8% preferred stock, $100 par, cumulative, 750 shares authorized, all issued and outstanding $ 75,000 Common stock, $15 stated value, 18,000 shares issued and outstanding 270,000 Paid-in capital from treasury stock 1,500 Total contributed capital $ 346,500 Retained earnings 222,750 Total stockholders’ equity $ 569,250 13–63. Schmidt Company Statement of Cash Flows For the Year Ended December 31, 2008 Cash flows from operating activities: Net income $ 218,000* Adjustments: Depreciation 59,000 Net cash provided by operating activities $ 277,000 Cash flows from investing activities: Sale of machinery $ 20,000 Purchase of equipment (215,000) Net cash used in investing activities (195,000) Cash flows from financing activities: Payment of cash dividends on preferred stock $ (27,000) Payment of cash dividends on common stock (115,000) Net cash used in financing activities (142,000) Net decrease in cash $ (60,000) *Assuming no changes in current operating receivable and payable balances, cash revenues ($582,000) – cash expenses ($305,000) – depreciation expense ($59,000) = net income ($218,000). Supplemental information: Land was acquired in exchange for 5,000 shares of $0.50 par value common stock. The land had a fair market value of $170,000. (Note: The retained earnings appropriation, the stock dividend, and the stock split did not require cash and thus do not appear on the statement of cash flows.) 13–64. 1. 2008 Jan. 15 Appropriated Retained Earnings 500,000 Retained Earnings 500,000 Mar. 3 Cash 800,000* Common Stock 500,000* Paid-ln Capital in Excess of Par 300,000* May 18 Dividends (Retained Earnings) 562,500** Dividends Payable 562,500 June 19 Retained Earnings 400,000 Appropriated Retained Earnings 400,000 July 31 Dividends Payable 562,500 Cash 562,500 13–64. (Concluded) Nov. 12 Property Dividend (Retained Earnings) 455,000† Property Dividend Payable 315,000† Gain on Distribution of Property Dividend 140,000† Dec. 31 Income Summary 885,000 Retained Earnings 885,000 31 Property Dividend Payable 315,000 Investment in Hampton Inc. Stock 315,000 COMPUTATIONS: *100,000 shares ( $8 per share = $800,000 100,000 shares ( $5 par = $500,000 100,000 shares ( ($8 – $5) = $300,000 **375,000 shares outstanding ( $1.50 per share = $562,500 †35,000 shares of Hampton ( $13 per share = $455,000 35,000 shares of Hampton ( $9 per share = $315,000 $455,000 – $315,000 = $140,000 2. Stockholders’ Equity Common stock ($5 par, 500,000 shares authorized, 375,000 issued and outstanding) $ 1,875,000* Paid-in capital in excess of par 850,000** Total paid-in capital $2,725,000 Unappropriated retained earnings $ 1,302,500† Appropriated retained earnings§ 400,000 Total retained earnings 1,702,500 Total stockholders’ equity $4,427,500 COMPUTATIONS: *$1,375,000 + $500,000 = $1,875,000 **$550,000 + $300,000 = $850,000 †Beginning retained earnings $1,335,000 Add: Reversal of appropriated retained earnings 500,000 Deduct: Appropriation of retained earnings (400,000)§ $1,435,000 Add: Net income 885,000 $2,320,000 Deduct: Dividends (1,017,500) Retained earnings balance, December 31, 2008 $1,302,500 §Alternatively, the retained earnings restriction can be disclosed in the notes to the financial statements. 13–65. 2008 Jan. 15 Cash (650 shares ( $40) 26,000 Paid-ln Capital from Treasury Stock 13,000 Treasury Stock. 39,000* *Cost of treasury stock: $72,600 ÷ 1,210 = $60 per share Cost of shares sold: 650 shares ( $60 = $39,000 Feb. 2 Cash ($90,000 ( 1.03) 92,700 Discount on Bonds Payable 2,700 Bonds Payable 90,000 Common Stock Warrants 5,400* *Price of bonds without warrants attached: 0.97 ( $90,000 = $87,300 Value of detached warrants: 90 ( $60 = $5,400 Because value of bonds plus value of detachable warrants is equal to the total issuance price ($87,300 + $5,400 = $92,700), the value assigned to the bonds and warrants is the fair value of each. Mar. 6 Cash 24,640 Common Stock Subscriptions Receivable 36,960 Common Stock Subscribed 2,800 Paid-ln Capital in Excess of Par 58,800 20 Cash 31,680 Common Stock Subscriptions Receivable 31,680 20 Common Stock Subscribed 2,400 Common Stock, $2 par 2,400 20 Common Stock Subscribed 400 Paid-ln Capital in Excess of Par 8,400 Common Stock Subscriptions Receivable 5,280 Paid-ln Capital from Forfeited Stock Subscriptions 3,520 Nov. 1 Cash (55 ( 10 ( $40) 22,000 Common Stock Warrants (55 ( $60) 3,300 Common Stock, $2 par 1,100 Paid-ln Capital in Excess of Par 24,200 13–66. SAMPLE CPA EXAM QUESTIONS 1. The correct answer is a. At the time the options were granted, the options had a fair value of $25. This would result in compensation of $25 ( 1,000 shares, or $25,000, recorded as follows: Compensation Expense 25,000 Paid-In Capital from Stock Options 25,000 When the options are exercised, the credit would be reversed, the cash would be recorded, and the shares would be issued. The entry would be: Cash 20,000 Paid-In Capital from Stock Options 25,000 Common Stock (par) 10,000 Additional Paid-In Capital 35,000 Since the compensation would reduce earnings and ultimately retained earnings, the net effect on stockholders' equity would be $10,000 + $35,000 – $25,000, or an increase of $20,000. 2. The correct answer is c. No entry is made when rights are issued without consideration. Common stock and additional paid-in capital would be affected if the rights are exercised. 3. The correct answer is c. A sale of treasury stock for more than its cost would be recorded with a debit to Cash for the proceeds, a credit to Treasury Stock for the cost, and a credit to Additional Paid-In Capital for the excess. 4. The correct answer is c. When converting foreign company financial state- ments into U.S. dollars, any translation gain or loss is accumulated as part of accumulated other comprehensive income. The discount or premium on bonds, including convertible bonds, is reported as an adjustment to the reported amount of bonds payable. Organization costs are typically expensed as incurred. CASES Discussion Case 13–67 The primary accounting issue involved in this case is proper valuation of the organization costs (recognized as an expense) in starting the business and the properties acquired in exchange for stock. When capital stock is issued for consideration other than cash, in this case for services and properties, care must be exercised to ensure that the assets reported on the books are not overvalued or undervalued. As in this case, it is often difficult to assign a proper valuation. The par value of the stock may or may not be appropriate. Unfortunately, in situations such as this, there is seldom a market price to corroborate the value of the stock issued. The sale of the properties by Raton shortly after formation of the corporation suggests they were undervalued when assigned a value of $100,000. Unless it is possible to support a substantial appreciation in the value of the properties since the company was formed, the credit of $165,000 emerging from the sale should be reported as contributed capital. This should be accompanied by an addition to organization costs and to contributed capital of $41,250 to reflect a fair market value of the stock on the date of issue of $13.25 (value of properties, $265,000, divided by number of shares issued for such properties, 20,000). The transactions should be reflected on the balance sheet, after the corrections indicated, as follows: Cash $265,000 Contributed capital: Common stock, $5 par, 25,000 shares outstanding $125,000 Paid-in capital in excess of par 206,250* Retained earnings (66,250)† $265,000 $265,000 *25,000 shares ( $8.25 excess over par = $206,250 †Original amount: $25,000 + $41,250 adjustment = $66,250; recognized as an expense and subtracted from retained earnings. Discussion Case 12–68 Colter Corporation has not paid dividends since 2005. However, because only one class of preferred stock is cumulative, it is the only issue on which dividends must be paid for prior years. The amount of cash Colter needs to pay common stockholders a dividend of $1.50 per share is as follows: 7%, Cumulative preferred, $50 par, 15,000 shares outstanding: 0.07 ( $50 ( 15,000 = $52,500 per year. Dividends are cumulative over three years, 2006, 2007, and 2008: $52,500 ( 3 = $157,500 = total dividends to be paid. 5%, Noncumulative preferred, $35 par, 15,000 shares outstanding: 0.05 ( $35 ( 15,000 = $26,250 = total dividends to be paid. 9%, Noncumulative preferred, $80 par, 15,000 shares outstanding: 0.09 ( $80 ( 15,000 = $108,000 = total dividends to be paid. Common stock: 15,000 ( $1.50 = $22,500 Total amount needed to pay dividends: $157,500 + $26,250 + $108,000 + $22,500 = $314,250 Discussion Case 12–68 (Concluded) The 100 shares of 5%, noncumulative preferred will receive $1.75 per share for a total of $175. If the preferred stock is converted while the conversion ratio is still 3 to 1, the 300 shares of common will receive $1.50 per share for a total of $450. Based on current cash flow alone, the shares should be converted. This will enable the owner to receive $275 more in dividends. However, another matter that should be considered is the stability of the company. The company has not been able to pay dividends for the past two years and may not be able to afford to pay $314,250 in dividends currently. The company will have to begin by paying the cumulative dividends to the cumulative preferred stockholders. Any remaining funds will then be paid out to the 5% and 9% noncumulative preferred stockholders. The common stockholders will be the last to receive any dividends. Another factor is the stability of the preferred stock versus the common stock and their relative market values. Did the common stock begin to rise recently because of the rumor of a dividend payment? Had the common stock fallen because of the company’s inability to pay dividends in the last two years? Is the market price of the common stock equal to 1/3 of the market price of the 5% preferred stock, or will the owner be realizing a loss in market value on conversion? These factors should be reviewed carefully before the owner of the 5%, convertible preferred stock decides to convert the preferred stock into common stock. Discussion Case 13–69 Stock warrants entitle the holder to buy (and obligate the issuer to sell) a specified number of shares of a specified company’s stock at a specified price. Warrants also have specified expiration dates. Basically, the value of a warrant is a function of the following factors: a. How close the exercise price is to the underlying stock price. If the exercise price is above the stock price, the warrant is said to be “out of the money.” Landon's stock warrants are out of the money. However, that does not mean that they are worthless. b. The variability of the price of the underlying stock. Assume that the stock now trading for $40 is expected to fluctuate between the prices of $39 and $41. In this case, whether the stock goes up or down, the warrants are still out of the money, will not be exercised, and thus have no value. However, if the stock price is expected to fluctuate between $25 and $55, in some instances it will make sense to exercise the warrants (at a market price above $50), so the warrants do have value. Thus, the more variable the price of the underlying stock, the more valuable the warrants. c. How long until the warrants expire. If the warrants expire tomorrow, their exercise price is $50, and the stock price today is $40, there is almost no way that the stock price will increase enough in one day to make it worthwhile to exercise the warrants. However, if the warrants expire in a year, then the possibility that the stock price will go up enough to justify exercising the warrants is increased. Discussion Case 13–70 Income-Based Bonus Plans Advantages: 1. One of the fundamental roles of corporate accounting is to provide an objective, reliable means through which management can communicate the results of operations to the owners, the shareholders. Tying management compensation to reported net income also makes the computation of bonus compensation objective and reliable. 2. A firm’s accounting system is set up so that income from subsidiaries, divisions, and departments, as well as overall consolidated income, can be computed. This means that an income-based compensation plan can be applied at all levels of an organization. Discussion Case 12–70 (Concluded) Disadvantages: 1. Although historical cost accounting is, in general, objective and reliable as just mentioned, it is not immune to manipulation. Management can influence periodic net income in ways that have nothing to do with improving the performance of the firm. Estimates can be fudged and, in the extreme, accounting methods can be changed. One of the major paradigms of academic accounting research is the exploration of the interaction between accounting method choice and the existence of income-based management compensation plans. 2. Some argue that encouraging managers to focus on periodic income causes them to adopt a myopic, short-term emphasis in their decision making, to the overall detriment of a company. Stock Option Plans Advantage: The objective of management should be to maximize the value of the shareholders’ investment. The market value of the firm is a direct measure of shareholder wealth. Therefore, by making management compensation a function of stock price, the managers automatically become interested in increasing the same thing that shareholders want increased—the stock price. This should cause management to make decisions that will increase the long-term value of the firm instead of sacrificing long-term value for short-term reported profits. Disadvantages: 1. Stock prices frequently rise and fall because of events that have nothing to do with management performance. For example, in the fall of 1990, fear of war in the Middle East contributed to a significant decline in stock prices. Conversely, stock prices sometimes rise in spite of management. Between 1982 and 1987 and again in the 1990s, it was difficult for U.S. firms not to experience an increase in stock price. So, a stock option compensation plan results in management being paid based on something over which its control is limited. This also causes management to experience more risk. 2. A stock price–based compensation plan may make perfect sense for senior management because their decisions presumably have a direct impact on firm value. However, managers of divisions and departments typically have less of an impact, if any, on stock price. Discussion Case 13–71 According to generally accepted accounting principles, transactions in a firm’s own stock do not give rise to gains or losses. An issuance of stock raises capital; a repurchase of stock reduces capital. Gains, losses, revenues, and expenses should result only from the operations of the firm, not from capital transactions with stockholders. Viewed in another way, though, treasury stock transactions do affect the economic value of the firm. Undeniably, a firm that buys its own stock at $47 per share and reissues it at $31.13 has suffered an economic loss. A financial analyst quoted in Forbes said: “Anytime you make an investment with corporate assets and lose money, it’s a loss to shareholders and poor use of corporate capital.” Discussion Case 13–72 The discussion for this case should center on the management of cash and the company’s dividend policy. The discussion should point out the fallacy that dividends are paid out of retained earnings rather than cash. Although retained earnings ($900,000) are ample to cover the desired quarterly dividend of $48,300 (69,000 shares ( $0.70), the cash balance is barely adequate to cover the dividend and will likely be needed to meet current obligations. However, it may be that accounts receivable and inventory turn over relatively fast in comparison to required payments for accounts payable and other obligations. From the facts in the case, it is difficult to determine exactly what the cash flow needs are. If net income is expected to remain at or above $400,000, a total annual cash dividend of $193,200 (4 ( $48,300) is not unreasonable. The discussion should also include the relative importance of a consistent dividend policy versus the growth concept of “plowing” earnings back into the company. If Largo feels strongly about a consistent dividend policy, the corporation could borrow money in order to meet its quarterly dividend payment. Another possibility is to issue a stock dividend, thereby conserving cash while at the same time giving the stockholders a “dividend.” All factors such as those mentioned must be considered by Largo’s board of directors in determining the amount of dividends to be paid. Discussion Case 13–73 On the ex-dividend date, Mycroft's shares should go down in price by the amount of the dividend, from $30.00 to $29.50 per share. This assumes that if the stock is worth $30.00 with the expectation of receiving the $0.50 dividend, it must be worth that amount less the dividend amount when the right to receive the dividend is removed. The actual evidence with prices is a bit more complicated than this simple example. It has been shown that the stock price falls by about 80% of the dividend amount on the ex-dividend date. One explanation for this is that before the 1986 Tax Reform Act, dividends were taxed at a higher rate than capital gains. There is some evidence that—subsequent to the equalization of dividend and capital gains tax rates by the 1986 act—stock prices fell by the full amount of the dividend on ex-dividend dates. Now consider the stock price implications of the dividend announcement on March 23. A dividend announcement has both signaling and cash flow implications. First consider the signaling implications. If the $0.50 per share dividend declared by Mycroft is down from, say, $0.75 per share in the previous quarter, the dividend decrease would probably be interpreted as bad news about Mycroft's future prospects. Evidence has shown that announcements of dividend decreases are, on average, followed by earnings decreases in subsequent years. Similarly, announcements of dividend increases are followed by subsequent earnings increases. So, the announcement of a dividend increase or decrease conveys information about how management thinks the firm will do in the future. Dividend announcements involving no change from dividends in the previous quarter typically have no impact on stock prices. A more difficult question is whether the cash flow implications of a dividend announcement have any impact on stock prices. Stated more simply, do investors prefer companies that pay high dividends, low dividends, or does it make any difference? Theoretical models suggest that in the absence of taxes and transactions costs, whether a firm pays dividends or not makes no difference. Investors will get their return through dividends with high-dividend firms and through share price appreciation (capital gains) with low-dividend firms, but the total return will be the same. Others argue that investors actually prefer firms to pay low dividends because high-dividend firms are forced to borrow money or issue stock more frequently and these are costly transactions. Also, investors have been said to prefer low-dividend firms because dividend income has sometimes been taxed at a higher rate than capital gains in the United States. Another argument is that investors prefer high-dividend firms because dividend payments are concrete evidence of profitability and because a dividend bird in the hand is worth two capital gain birds in the bush. In summary, arguments have been made for high dividends, low dividends, and for the fact that it makes no difference. Clearly, there is no definitive answer. In practice, we see wide diversity in firms’ dividend policies. Discussion Case 13–74 The question of why a company splits its shares is a surprisingly difficult one to answer. The conventional wisdom is that firms want their share prices to remain in a trading range—somewhere between $20 and $80 per share. A share price that is too low gives the company the undesirable aura of a cheap penny stock. On the other hand, so the conventional wisdom goes, if the price per share is too high, individual investors will not be able to afford a round lot (100 shares). Warren Buffett has used this argument for keeping the price per share of Berkshire Hathaway so high: He wants the price per share high enough that only serious investors can afford a share of stock. In deciding between a stock split and a large stock dividend, Driftwood Construction Company should consider the following factors: ( A large stock dividend will require a transfer from Retained Earnings and/or Additional Paid-In Capital. If state incorporation laws restrict Driftwood’s dividend-paying ability to the amount of retained earnings or capital surplus, a large stock dividend could potentially harm its ability to pay cash dividends in the future. If Driftwood is confident that future earnings will be sufficient to maintain the cash dividend level, a large stock dividend would not harm its ability to pay cash dividends. ( Driftwood’s par value per share of $20 is quite high. As discussed in the chapter, most companies now have par values of less than $1 per share. Driftwood’s par value seems out of date. The company might consider a stock split just to get the par value per share down to a more common level. Discussion Case 13–75 Items not included on the income statement receive much less attention than items that impact the “bottom line.” For example, The Wall Street Journal publishes the quarterly earnings report for all major companies. However, it is very rare indeed for it to publish a firm’s statement of changes in stockholders’ equity. So, a direct charge to Retained Earnings would be more likely to escape public scrutiny, and it seems reasonable to think, this would make it more likely that companies deducting director bonuses directly from Retained Earnings would pay larger bonuses to their directors. In the United States there are examples of companies lobbying for accounting rules that result in direct equity adjustments, bypassing the income statement. A prominent example is the foreign currency translation adjustment. Under FASB Statement No. 8, any changes in a company’s equity because of relative changes in the currency values in foreign countries where that company had operations were to be reported as impacting net income for the year. This rule was widely despised, and there was great pressure on the FASB to change it. FASB Statement No. 52 superseded FASB Statement No. 8 and mandates that the foreign currency translation adjustment be a direct adjustment to equity. More recently, FASB Statement No. 115 mandates that certain market value adjustments to securities available for sale be made directly to equity. Accounting standards cannot and should not be neutral in their impact on companies. By giving investors and creditors better information about companies, accounting standards will cause some companies to be more favorably evaluated. The important thing is that accounting standard setters do not choose in advance the companies or industries that they think should be benefited. Case 13–76 Deciphering Financial Statements (The Walt Disney Company) 1. The par value of $0.01 for each share of Disney common stock can be found in the equity section of the balance sheet. The balance sheet also discloses that 2.1 billion shares had been issued as of September 30, 2004. Because total paid-in capital from common shares is $12.447 billion, the average issuance price is approximately $5.93 ($12.447 billion/2.1 billion shares). 2. Like most U.S. companies, Disney uses the cost method of accounting for treasury stock. As of September 30, 2004, the average acquisition price of the shares in treasury was $18.33 ($1,862 million/101.6 million shares). Case 12–76 (Concluded) 3. Average reacquisition cost $18.33 Less: Average issuance price 5.93 Excess per share $12.40 Estimated reduction in retained earnings if treasury shares are retired: 101.6 million shares ( $12.40 per share = $1,259.84 million. 4. In fiscal 2004, the foreign currency translation adjustment was a credit (gain) of $23 million. The change represents a net credit, or increase in equity, in 2004 of $23 million. This means that the foreign currencies in the countries where Disney has subsidiaries got stronger in 2004 relative to the U.S. dollar. 5. Note 1 of Disney’s 2004 financial statements says, “The Company uses the intrinsic value method of accounting for stock-based awards granted to employees and, accordingly, does not recognize compensation expense for its stock-based awards in the Consolidated Statements of Income.” Because of SFAS 123(R), Disney will have to switch to the fair value method. Case 13-77 Deciphering Financial Statements (General Motors) 1. General Motors is incorporated in Delaware. In the notes to its 1993 financial statements, General Motors stated that the amount legally available for payment of cash dividends under Delaware law was materially higher than $4.870 billion, which was the company's capital surplus less the accumulated deficit. 2. Each of the three classes of common stock have a different number of votes in shareholder matters. Each share of the $1 2/3 par common stock gets one vote, each share of the Class E common gets 1/8 vote, and each share of the Class H common gets 1/2 vote. The Class E common stock was issued in conjunction with the acquisition of EDS (Ross Perot’s old company). The Class H common shares arose in the acquisition of Hughes Electronics, which was sold in January 1997 to Raytheon, a large defense contractor. 3. As of December 31, 2004, General Motors had only one of the 11 issues of capital stock outstanding(the $1 2/3 par value common stock. Case 13-78 Deciphering Financial Statements (Swire Pacific Limited) 1. Total revenue reserves of HK$51,391 million are distributable. 2. The U.S. concept that most closely resembles Swire’s revenue reserve is retained earnings, in that retained earnings includes the retained profit for each year. However, Swire’s revenue reserve includes items that are not included in a U.S. company’s retained earnings balance. Those items include exchange differences and the amount of acquired goodwill. 3. The capital redemption reserve ensures that distributable equity is reduced by the entire amount of cash used to repurchase shares. 4. Property, Plant, and Equipment 34,680 Property Valuation Reserve 34,680 (Numbers in millions of Hong Kong dollars.) An increase in the recorded amount of property, plant, and equipment does not provide any extra cash for distribution to shareholders. Thus, the property valuation reserve is not distributable. In addition, if this reserve were distributable, the board of directors could potentially manipulate the appraised amounts of property, plant, and equipment in order to increase distributable reserves and make it possible for investors to remove cash from the corporation at the expense of creditors. Case 12–78 (Concluded) 5. During 2004, the value of Swire’s property holdings increased, resulting in a increase in the property valuation reserve from 19,673 million Hong Kong dollars to 34,680 million. This increase in value would be reflected as an increase in the carrying value of Swire’s assets. Case 13-79 Writing Assignment: Strategic accounting: par value or cost method? To: Board of Directors, J. D. Michael Company From: Me (Resident Accounting Expert) Subject: Choice of Accounting Method for Treasury Stock I recommend that we adopt the cost method of accounting for treasury stock purchases. My reasons are as follows: • Prevailing practice. Over 95% of the publicly traded companies in the United States use the cost method to account for treasury stock purchases. Adoption of the par value method would raise eyebrows among analysts(they would think we are strange and would wonder what we are up to. • Financial statement impact. The par value method essentially results in repurchased shares being recorded as if they had been retired. The most important implication is that, when shares are repurchased for more than their original issue price, the difference is recognized as a reduction in retained earnings. So, any company that has had an increasing stock price, as we have, and uses the par value method will reduce its retained earnings balance every time it repurchases shares. These reductions can be substantial. For example, if The Walt Disney Company were to use the par value method, it would be required to reduce its reported retained earnings balance by approximately $1.26 billion (see Case 13–76). • Financial flexibility. Because of the retained earnings reductions associated with use of the par value method, our ability to maintain our current level of cash dividends could be impaired. State incorporation laws tie our cash dividend payments to the amount in retained earnings—use of the par value method would reduce the available pool of distributable funds. For these reasons, I strongly recommend that we follow common industry practice and use the cost method of accounting for treasury stock purchases. Case 13-80 Researching Accounting Standards 1. a. Financial statement users had expressed concern that the method of disclosure for share-based payments was resulting in financial statements that were not representationally faithful. b. Two alternative methods of disclosure was resulting in financial statements that were not comparable across companies. c. Eliminating one of the two alternative methods of reporting would simplify U.S. reporting standards. d. The revised standard would be consistent with international accounting standards on the topic of share-based payments. 2. Share-based payment arrangements are required (in most cases) to be measured and reported using the fair value as the measurement objective. 3. Paragraph 64 of Statement 123(R) requires that the following information be disclosed The nature and terms of such arrangements that existed during the period and the potential effects of those arrangements on shareholders The effect of compensation cost arising from share-based payment arrangements on the income statement The method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted (or offered to grant) during the period The cash flow effects resulting from share-based payment arrangements. Case 13–81 Ethical Dilemma: Stock dividend instead of cash: The investors will never know! Declaring a stock dividend “in lieu” of a cash dividend is not unethical—this happens all the time. And this wouldn't be the first time that a company thought it was fooling the investors. Your key responsibility is to make sure investors know that this stock dividend is in place of the regular cash dividend—that is, there will be no cash dividend this quarter. As far as the underlying reason for the cessation of cash dividends, it isn’t your place to disclose private company information. However, don't worry. Investors aren’t as stupid as Best Ski’s board of directors thinks. When the stock dividend is announced, investors will immediately begin to bombard Best Ski’s corporate headquarters with questions. If Best Ski is a large enough companÉĘíî[ \ Ó Ô Ö ˘ Ł Í Î   ! 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MathTypeĐú-Á@Á}űţź Arialłƒ- 2 YX$90ĚĚĚ 2 Y­,g 2 ,>,g 2 P$9ĚĚ 2 Ř.g 2 Y000ĚĚĚ 2 ,ľ10ĚĚ 2 ,˜000ĚĚĚ 2 2 00ĚĚűţźSymbol-đ 2 =Ě & ˙˙˙˙űź"System-đLţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObj˙˙˙˙=fObjInfo˙˙˙˙˙˙˙˙˙˙˙˙?OlePres000˙˙˙˙@HEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙J|˙˙˙˙˙˙˙˙ "   ˙˙˙.1  Ŕ &˙˙˙˙Ŕ˙Ŕ˙Ŕ € & MathTypeĐú-Á@Á}űţź Arialłƒ- 2 YX$90ĚĚĚ 2 Y­,g 2 ,>,g 2 P$9ĚĚ 2 Ř.g 2 Y000ĚĚĚ 2 ,ľ10ĚĚ 2 ,˜000ĚĚĚ 2 2 00ĚĚűţźSymbol-đ 2 =Ě & ˙˙˙˙űź"System-đÔ`‡B€A A ‚$ˆ9ˆ0‚,ˆ0ˆ0ˆ0ˆ1ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ9‚.ˆ0ˆ0L "ŕXčč "NL  ˙˙˙._1001014091 <ÎŔF@řÔ ź;Ć@řÔ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙LPIC  ˙˙˙˙MLMETA ˙˙˙˙˙˙˙˙˙˙˙˙OH1  Ŕ &˙˙˙˙Ŕ˙Ŕ˙Ŕ € & MathTypeĐú-Á@Á}űţź Arialłƒ- 2 YX$90ĚĚĚ 2 Y­,g 2 ,>,g 2 P$9ĚĚ 2 Ř.g 2 Y000ĚĚĚ 2 ,ľ10ĚĚ 2 ,˜000ĚĚĚ 2 2 00ĚĚűţźSymbol-đ 2 =Ě & ˙˙˙˙űź"System-đLţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙ "   ˙˙˙.1  Ŕ &˙˙˙˙Ŕ˙Ŕ˙Ŕ € & MathTypeĐú-Á@Á}űţź Arialłƒ-CompObj"˙˙˙˙YfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙[OlePres000!#˙˙˙˙\HEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙f| 2 YX$90ĚĚĚ 2 Y­,g 2 ,>,g 2 P$9ĚĚ 2 Ř.g 2 Y000ĚĚĚ 2 ,ľ10ĚĚ 2 ,˜000ĚĚĚ 2 2 00ĚĚűţźSymbol-đ 2 =Ě & ˙˙˙˙űź"System-đÔ`‡B\AĐ#A ‚$ˆ9ˆ0‚,ˆ0ˆ0ˆ0ˆ1ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ9‚.ˆ0ˆ0_1001014092˙˙˙˙˙˙˙˙&ÎŔF@řÔ ź;Ć@řÔ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙hPIC %(˙˙˙˙iLMETA ˙˙˙˙˙˙˙˙˙˙˙˙khLM¸$ččM¸žM › ˙˙˙.1  ` &˙˙˙˙Ŕ˙Ŕ˙`  & MathType°űţź Arial-2 P0CommonŕGGŕŕ2 ű5Stockô{ŕĚĚ & ˙˙˙˙űź"System-đ˙˙ř?˙˙ř?˙˙ř?˙˙ř?˙˙đ˙˙ŕ˙˙Ŕ˙˙Ŕ˙˙Ŕ˙˙Ŕ˙ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙Nš< › ˙˙˙.1  ` &˙˙˙˙Ŕ˙Ŕ˙`  & MathType°űţź Arial-2 P0CommonŕGGŕŕ2 ű5CompObj'*˙˙˙˙qfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙sOlePres000)+˙˙˙˙tdEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙z\Stockô{ŕĚĚ & ˙˙˙˙űź"System-đœ6'Ô@‡B 'Ah+A ƒCƒoƒmƒmƒoƒnƒSƒtƒoƒcƒk.1LL "hXččL "–O   ˙˙˙._1092582775Ěl.ÎŔF@řÔ ź;Ć@řÔ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙|PIC -0˙˙˙˙}LMETA ˙˙˙˙˙˙˙˙˙˙˙˙H‚ƒ„…†‡ˆţ˙˙˙Šţ˙˙˙ţ˙˙˙Ž‘’“”•ţ˙˙˙—ţ˙˙˙ţ˙˙˙šţ˙˙˙œžŸ Ą˘Ł¤ţ˙˙˙Śţ˙˙˙ţ˙˙˙ŠŞŤŹ­ŽŻ°ąţ˙˙˙ł´ţ˙˙˙ţ˙˙˙ˇţ˙˙˙šşťź˝žżŔÁţ˙˙˙Ăţ˙˙˙ţ˙˙˙ĆÇČÉĘËĚÍÎţ˙˙˙Đţ˙˙˙ţ˙˙˙Óţ˙˙˙ŐÖ×ŘŮţ˙˙˙Űţ˙˙˙ţ˙˙˙Ţßŕáâţ˙˙˙äţ˙˙˙ţ˙˙˙çţ˙˙˙éęëěíîďđńţ˙˙˙óţ˙˙˙ţ˙˙˙ö÷řůúűüýţţ˙˙˙1  Ŕ@ &˙˙˙˙Ŕ˙Ŕ˙ € & MathTypeĐú-Á@Á}űţź Arial- 2 YX$60ĚĚĚ 2 Y­,g 2 ,Ź,g 2 P$.Ěg 2 Y000ĚĚĚ 2 ,W300ĚĚĚ 2 ,000ĚĚĚ 2 u20ĚĚűţźSymbol-đ 2 =Ě & ˙˙˙˙űź"System-đ0ĚĚĚ 2 ,000ĚĚĚ 2 uţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙C h$  ˙˙˙.1   &˙˙˙˙Ŕ˙˙˙Ą˙˙˙ŕ Ą & MathTypeĐ ú"-@űţź AriaCompObj/2˙˙˙˙‰fObjInfo˙˙˙˙˙˙˙˙˙˙˙˙‹OlePres00013˙˙˙˙Œ^Equation Native ˙˙˙˙˙˙˙˙˙˙˙˙–€l-2 `5 202 `Î.2 `˙02 `0$ 2 €0002 €š, 2 €R300 2 x0002 xź,2 x$602 xU$űţźSymbol-đ2 `= & ˙˙˙˙űź"System-đjÔd YŕĽI ‚$ˆ6ˆ0‚,ˆ0ˆ0ˆ0ˆ3ˆ0ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ0‚.ˆ2ˆ0J_1092582789˙˙˙˙˙˙˙˙6ÎŔF@řÔ ź;Ć@řÔ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙˜PIC 58˙˙˙˙™LMETA ˙˙˙˙˙˙˙˙˙˙˙˙›HLC "ôXččC "<   ˙˙˙.1  Ŕ &˙˙˙˙Ŕ˙Ŕ˙ŕ € & MathTypeĐú-Á@ÁIűţź Arial{Ž- 2 YX$150ĚĚĚĚ 2 Yy,g 2 ,,g 2 $.Ěg 2 YÓ000ĚĚĚ 2 ,˝300ĚĚĚ 2 ,l000ĚĚĚ 2 C 50ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đ˙˙Ř F*FZÜó €POB~OBţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObj7:˙˙˙˙ĽfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙§OlePres0009;˙˙˙˙¨`Equation Native ˙˙˙˙˙˙˙˙˙˙˙˙˛„˙˙˙˙˙˙˙˙ h&  ˙˙˙.1  ŕ &˙˙˙˙Ŕ˙˙˙Ą˙˙˙  Ą & MathTypeĐ ú"-@\űţź Arial-2 ` 502 ` .2 `Î02 `˙$ 2 €w0002 €!, 2 €ş300 2 xá0002 x‹, 2 x$1502 xU$űţźSymbol-đ2 `Ď= & ˙˙˙˙űź"System-đjÔh„ďIxńI ‚$ˆ1ˆ5ˆ0‚,ˆ0ˆ0ˆ0ˆ3ˆ0ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ0‚.ˆ5ˆ0 LĐ "DXčč_1001014095$D>ÎŔF@řÔ ź;Ć@řÔ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙ľPIC =@˙˙˙˙śLMETA ˙˙˙˙˙˙˙˙˙˙˙˙¸HĐ "ÎM  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐú-Á@ÁIűţź Arial- 2 YX$470ĚĚĚĚ 2 Yy,g 2 ,,g 2 $1ĚĚ 2 r .g 2 YÓ000ĚĚĚ 2 ,˝300ĚĚĚ 2 ,l000ĚĚĚ 2 Í 57ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đZÜt €pOBžOBţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙Ń "(  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐúCompObj?B˙˙˙˙ÂfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙ÄOlePres000AC˙˙˙˙ĹPEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙Ď|-Á@ÁIűţź Arial- 2 YX$470ĚĚĚĚ 2 Yy,g 2 ,,g 2 $1ĚĚ 2 r .g 2 YÓ000ĚĚĚ 2 ,˝300ĚĚĚ 2 ,l000ĚĚĚ 2 Í 57ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đZÔ`‡B 'Ah+A ‚$ˆ4ˆ7ˆ0‚,ˆ0ˆ0ˆ0ˆ3ˆ0ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ1‚.ˆ5ˆ7Ě=Ě Lq¸8ččq¸fD   ˙˙˙.1  `Ŕ&˙˙˙˙Ŕ˙ž˙€ & MathType°űţź Arial-2 N% PreferredôĚ{̏Ěŕ2 ů5Stockô{ŕĚĚ _1001014096˙˙˙˙˙˙˙˙FÎŔF@řÔ ź;Ć@i× ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙ŃPIC EH˙˙˙˙ŇLMETA ˙˙˙˙˙˙˙˙˙˙˙˙Ôh& ˙˙˙˙űź"System-đ=$.20€ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙qš@   ˙˙˙.1  `Ŕ&˙˙˙˙Ŕ˙ž˙€ & MathType°űţźCompObjGJ˙˙˙˙ÚfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙ÜOlePres000IK˙˙˙˙ÝhEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙ă\ Arial-2 N% PreferredôĚ{̏Ěŕ2 ů5Stockô{ŕĚĚ & ˙˙˙˙űź"System-đÔ@‡BĐA A PreferredStockPrefL "lXčč_1001014097”NÎŔF@i× ź;Ć@i× ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙ĺPIC MP˙˙˙˙ćLMETA ˙˙˙˙˙˙˙˙˙˙˙˙čH "–O  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐú-Á@ÁIűţź Arial- 2 YX$150ĚĚĚĚ 2 Yy,g 2 ,Ť,g 2 $7ĚĚ 2 Š .g 2 YÓ000ĚĚĚ 2 ,"20ĚĚ 2 ,000ĚĚĚ 2  50ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙ "$  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐúCompObjOR˙˙˙˙ňfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙ôOlePres000QS˙˙˙˙őLEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙˙|-Á@ÁIűţź Arial- 2 YX$150ĚĚĚĚ 2 Yy,g 2 ,Ť,g 2 $7ĚĚ 2 Š .g 2 YÓ000ĚĚĚ 2 ,"20ĚĚ 2 ,000ĚĚĚ 2  50ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đÔ`‡B 'Ah+A ‚$ˆ1ˆ5ˆ0‚,ˆ0ˆ0ˆ0ţ˙˙˙ţ˙˙˙ţ˙˙˙     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ƒCƒoƒmƒmƒoƒnƒSƒtƒoƒcƒk.1Lp "|Xčč_10925827994ÜnÎŔF@i× ź;Ć@i× ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙MPIC mp˙˙˙˙NLMETA ˙˙˙˙˙˙˙˙˙˙˙˙PHp ".A   ˙˙˙.1  Ŕ` &˙˙˙˙Ŕ˙Ŕ˙ € & MathTypeĐú-Á@Á}űţź Arial{Ž- 2 YX$60ĚĚĚ 2 Y­,g 2 ,Ť,g 2 P$.Ěg 2 Y000ĚĚĚ 2 ,V250ĚĚĚ 2 ,000ĚĚĚ 2 u24ĚĚűţźSymbol-đ 2 =Ě & ˙˙˙˙űź"System-đ@@˙@S˙@_˙@˙˙˙@˙@˙@˙˙˙ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙C h$  ˙˙˙.1   &˙˙˙˙Ŕ˙˙˙Ą˙˙˙ŕ Ą & MathTypeĐ úCompObjor˙˙˙˙ZfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙\OlePres000qs˙˙˙˙]^Equation Native ˙˙˙˙˙˙˙˙˙˙˙˙g€"-@űţź Arial-2 `5 242 `Î.2 `˙02 `0$ 2 €0002 €š, 2 €R250 2 x0002 xź,2 x$602 xU$űţźSymbol-đ2 `= & ˙˙˙˙űź"System-đjÔd„ÝIź J ‚$ˆ6ˆ0‚,ˆ0ˆ0ˆ0ˆ2ˆ5ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ0‚.ˆ2ˆ4LĐ "DXččĐ "nB  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐú-Á@ÁIűţź Arial- 2 YX$380ĚĚĚĚ _1001014102\„vÎŔF@i× ź;Ć0łŮ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙iPIC ux˙˙˙˙jLMETA ˙˙˙˙˙˙˙˙˙˙˙˙lH2 Yy,g 2 ,,g 2 $1ĚĚ 2 r .g 2 YÓ000ĚĚĚ 2 ,ź250ĚĚĚ 2 ,k000ĚĚĚ 2 Í 52ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đ"lż'˜!"$""ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObjwz˙˙˙˙vfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙xOlePres000y{˙˙˙˙yPEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙ƒ|˙˙˙˙˙˙˙˙Ń "(  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐú-Á@ÁIűţź Arial- 2 YX$380ĚĚĚĚ 2 Yy,g 2 ,,g 2 $1ĚĚ 2 r .g 2 YÓ000ĚĚĚ 2 ,ź250ĚĚĚ 2 ,k000ĚĚĚ 2 Í 52́‚ţ˙˙˙„ţ˙˙˙ţ˙˙˙‡ţ˙˙˙‰Š‹Œţ˙˙˙ţ˙˙˙ţ˙˙˙’“”•–ţ˙˙˙˜ţ˙˙˙ţ˙˙˙›ţ˙˙˙žŸ Ą˘Ł¤Ľţ˙˙˙§ţ˙˙˙ţ˙˙˙ŞŤŹ­ŽŻ°ą˛ţ˙˙˙´ţ˙˙˙ţ˙˙˙ˇţ˙˙˙šşťź˝žżŔÁţ˙˙˙Ăţ˙˙˙ţ˙˙˙ĆÇČÉĘËĚÍÎţ˙˙˙Đţ˙˙˙ţ˙˙˙Óţ˙˙˙ŐÖ×ŘŮÚŰÜÝţ˙˙˙ßţ˙˙˙ţ˙˙˙âăäĺćçčéęţ˙˙˙ěţ˙˙˙ţ˙˙˙ďţ˙˙˙ńňóôőţ˙˙˙÷ţ˙˙˙ţ˙˙˙úűüýţţ˙˙˙ĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đ"Ô`‡B 'Ah+A ‚$ˆ3ˆ8ˆ0‚,ˆ0ˆ0ˆ0ˆ2ˆ5ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ1‚.ˆ5ˆ2  &˙˙Lq¸8čč_1001014103˙˙˙˙˙˙˙˙~ÎŔF0łŮ ź;Ć0łŮ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙…PIC }€˙˙˙˙†LMETA ˙˙˙˙˙˙˙˙˙˙˙˙ˆhq¸fD   ˙˙˙.1  `Ŕ&˙˙˙˙Ŕ˙ž˙€ & MathType°űţź Arial-2 N% PreferredôĚ{̏Ěŕ2 ů5Stockô{ŕĚĚ & ˙˙˙˙űź"System-đ=$.20€ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObj‚˙˙˙˙ŽfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙OlePres000ƒ˙˙˙˙‘hEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙—\˙˙˙˙˙˙˙˙qš@   ˙˙˙.1  `Ŕ&˙˙˙˙Ŕ˙ž˙€ & MathType°űţź Arial-2 N% PreferredôĚ{̏Ěŕ2 ů5Stockô{ŕĚĚ & ˙˙˙˙űź"System-đÔ@‡BĐA A PreferredStockPrefL "lXčč "vK  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐú-Á@ÁIűţź Arial- 2 YX$150ĚĚĚĚ _1001014104|Œ†ÎŔF0łŮ ź;Ć0łŮ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙™PIC …ˆ˙˙˙˙šLMETA ˙˙˙˙˙˙˙˙˙˙˙˙œH2 Yy,g 2 ,Ť,g 2 $7ĚĚ 2 Š .g 2 YÓ000ĚĚĚ 2 ,"20ĚĚ 2 ,000ĚĚĚ 2  50ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đüääääDFţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObj‡Š˙˙˙˙ŚfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙¨OlePres000‰‹˙˙˙˙ŠLEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙ł|˙˙˙˙˙˙˙˙ "$  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐú-Á@ÁIűţź Arial- 2 YX$150ĚĚĚĚ 2 Yy,g 2 ,Ť,g 2 $7ĚĚ 2 Š .g 2 YÓ000ĚĚĚ 2 ,"20ĚĚ 2 ,000ĚĚĚ 2  50ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đüÔ`‡B 'Ah+A ‚$ˆ1ˆ5ˆ0‚,ˆ0ˆ0ˆ0ˆ2ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ7‚.ˆ5ˆ0Ě=Ě &Lë "äXčč_1001014105˙˙˙˙˙˙˙˙ŽÎŔF0łŮ ź;Ć0$Ü ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙ľPIC ˙˙˙˙śLMETA ˙˙˙˙˙˙˙˙˙˙˙˙¸Hë "6W  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐú-Á@ÁIűţź Arial- 2 YX$210ĚĚĚĚ 2 Yy,g 2 ,Ť,g 2 $10ĚĚĚ 2 q .g 2 YÓ000ĚĚĚ 2 ,"20ĚĚ 2 ,000ĚĚĚ 2 Ě 50ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đZÜZ €’OBOBţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙ë "(  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐúCompObj’˙˙˙˙ÂfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙ÄOlePres000‘“˙˙˙˙ĹPEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙Ď|-Á@ÁIűţź Arial- 2 YX$210ĚĚĚĚ 2 Yy,g 2 ,Ť,g 2 $10ĚĚĚ 2 q .g 2 YÓ000ĚĚĚ 2 ,"20ĚĚ 2 ,000ĚĚĚ 2 Ě 50ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đZÔ`‡B 'Ah+A ‚$ˆ2ˆ1ˆ0‚,ˆ0ˆ0ˆ0ˆ2ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ1ˆ0‚.ˆ5ˆ0Ě=Ě L "lXčč ">W  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐú-Á@ÁIűţź ArialÊ- 2 YX$180ĚĚĚĚ _1001014106tź–ÎŔF0$Ü ź;Ć0$Ü ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙ŃPIC •˜˙˙˙˙ŇLMETA ˙˙˙˙˙˙˙˙˙˙˙˙ÔH2 Yy,g 2 ,Ť,g 2 $9ĚĚ 2 ¤ .g 2 YÓ000ĚĚĚ 2 ,"20ĚĚ 2 ,000ĚĚĚ 2 ţ 00ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObj—š˙˙˙˙ŢfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙ŕOlePres000™›˙˙˙˙áLEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙ë|˙˙˙˙˙˙˙˙ "$  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐú-Á@ÁIűţź ArialÊ- 2 YX$180ĚĚĚĚ 2 Yy,g 2 ,Ť,g 2 $9ĚĚ 2 ¤ .g 2 YÓ000ĚĚĚ 2 ,"20ĚĚ 2 ,000ĚĚĚ 2 ţ 00ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đÔ`‡B 'Ah+A ‚$ˆ1ˆ8ˆ0‚,ˆ0ˆ0ˆ0ˆ2ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ9‚.ˆ0ˆ0-LM¸$čč_1001014107˙˙˙˙˙˙˙˙žÎŔF0$Ü ź;Ć0$Ü ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙íPIC  ˙˙˙˙îLMETA ˙˙˙˙˙˙˙˙˙˙˙˙đhM¸žM › ˙˙˙.1  ` &˙˙˙˙Ŕ˙Ŕ˙`  & MathType°űţź Arial-2 P0CommonŕGGŕŕ2 ű5Stockô{ŕĚĚ & ˙˙˙˙űź"System-đ˙˙ř?˙˙ř?˙˙ř?˙˙ř?˙˙đ˙˙ŕ˙˙Ŕ˙˙Ŕ˙˙Ŕ˙˙Ŕ˙ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObjŸ˘˙˙˙˙öfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙řOlePres000ĄŁ˙˙˙˙ůdEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙˙\˙˙˙˙˙˙˙˙Nš< › ˙˙˙.1  ` &˙˙˙˙Ŕ˙Ŕ˙`  & MathType°űţź Arial-2 P0CommonŕGGŕŕ2 ű5Stockô{ŕĚĚ & ˙˙˙˙űź"System-đœ6'Ô@‡B 'Ah+A ƒCƒoƒmƒmƒoƒnƒSƒtţ˙˙˙ţ˙˙˙ţ˙˙˙     ţ˙˙˙ţ˙˙˙ţ˙˙˙ţ˙˙˙ţ˙˙˙ţ˙˙˙ţ˙˙˙!"#$%&'()ţ˙˙˙+ţ˙˙˙ţ˙˙˙./0123456ţ˙˙˙8ţ˙˙˙ţ˙˙˙;ţ˙˙˙=>?@Aţ˙˙˙Cţ˙˙˙ţ˙˙˙FGHIJţ˙˙˙Lţ˙˙˙ţ˙˙˙Oţ˙˙˙QRSTUVWXYţ˙˙˙[ţ˙˙˙ţ˙˙˙^_`abcdefţ˙˙˙hţ˙˙˙ţ˙˙˙kţ˙˙˙mnopqrstuţ˙˙˙wţ˙˙˙ţ˙˙˙z{|}~€ƒoƒcƒk.1LL "hXččL "VN   ˙˙˙.1  Ŕ@ &˙˙˙˙Ŕ˙Ŕ˙ € & MathTypeĐú-Á@Á}űţź Arial§™- 2 YX$30ĚĚĚ 2 _1092582743˙˙˙˙˙˙˙˙ŚÎŔF0$Ü ź;Ć0$Ü ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙PIC Ľ¨˙˙˙˙LMETA ˙˙˙˙˙˙˙˙˙˙˙˙HY­,g 2 ,Ť,g 2 P$.Ěg 2 Y000ĚĚĚ 2 ,V250ĚĚĚ 2 ,000ĚĚĚ 2 g12ĚĚűţźSymbol-đ 2 =Ě & ˙˙˙˙űź"System-đ4E¸Zôţôţ``VV4Eţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObj§Ş˙˙˙˙fObjInfo˙˙˙˙˙˙˙˙˙˙˙˙OlePres000ŠŤ˙˙˙˙^Equation Native ˙˙˙˙˙˙˙˙˙˙˙˙€˙˙˙˙˙˙˙˙C h$  ˙˙˙.1   &˙˙˙˙Ŕ˙˙˙Ą˙˙˙ŕ Ą & MathTypeĐ ú"-@űţź Arial-2 `5 122 `Î.2 `˙02 `0$ 2 €0002 €š, 2 €R250 2 x0002 xź,2 x$302 xU$űţźSymbol-đ2 `= & ˙˙˙˙űź"System-đjÔd„IԄI ‚$ˆ3ˆ0‚,ˆ0ˆ0ˆ0ˆ2ˆ5ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ0‚.ˆ1ˆ2˙˙LĐ "DXččý˙˙˙     ţ˙˙˙ !"$#%'&()*B+Á-./0123456789:;<=>?@Aţ˙˙˙ţ˙˙˙DEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz|ý˙˙˙}~€_1001014109œ´ŽÎŔF nŢ ź;Ć nŢ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙PIC ­°˙˙˙˙LMETA ˙˙˙˙˙˙˙˙˙˙˙˙ HĐ "~K  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐú-Á@ÁIűţź Arial- 2 YX$380ĚĚĚĚ 2 Yy,g 2 ,,g 2 $1ĚĚ 2 r .g 2 YÓ000ĚĚĚ 2 ,ź250ĚĚĚ 2 ,k000ĚĚĚ 2 Í 52ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đ"lż'˜!"$""ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙Ń "(  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐúCompObjŻ˛˙˙˙˙*fObjInfo˙˙˙˙˙˙˙˙˙˙˙˙,OlePres000ął˙˙˙˙-PEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙7|-Á@ÁIűţź Arial- 2 YX$380ĚĚĚĚ 2 Yy,g 2 ,,g 2 $1ĚĚ 2 r .g 2 YÓ000ĚĚĚ 2 ,ź250ĚĚĚ 2 ,k000ĚĚĚ 2 Í 52ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đ"Ô`‡B 'Ah+A ‚$ˆ3ˆ8ˆ0‚,ˆ0ˆ0ˆ0ˆ2ˆ5ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ1‚.ˆ5ˆ2  &˙˙Lq¸8ččq¸fD   ˙˙˙.1  `Ŕ&˙˙˙˙Ŕ˙ž˙€ & MathType°űţź Arial-2 N% PreferredôĚ{̏Ěŕ2 ů5Stockô{ŕĚĚ _1001014110˙˙˙˙˙˙˙˙śÎŔF nŢ ź;Ć nŢ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙9PIC ľ¸˙˙˙˙:LMETA ˙˙˙˙˙˙˙˙˙˙˙˙<h& ˙˙˙˙űź"System-đ=$.20€ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙qš@   ˙˙˙.1  `Ŕ&˙˙˙˙Ŕ˙ž˙€ & MathType°űţźCompObjˇş˙˙˙˙BfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙DOlePres000šť˙˙˙˙EhEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙K\ Arial-2 N% PreferredôĚ{̏Ěŕ2 ů5Stockô{ŕĚĚ & ˙˙˙˙űź"System-đÔ@‡BĐA A PreferredStockPrefL "lXčč_1001014111Ź,žÎŔF nŢ ź;Ć nŢ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙MPIC ˝Ŕ˙˙˙˙NLMETA ˙˙˙˙˙˙˙˙˙˙˙˙PH "~K  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐú-Á@ÁIűţź Arial§™- 2 YX$150ĚĚĚĚ 2 Yy,g 2 ,Ź,g 2 $5ĚĚ 2 Ľ .g 2 YÓ000ĚĚĚ 2 ,#30ĚĚ 2 ,000ĚĚĚ 2 ˙ 00ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đ@@˙˙@˙@@˙ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙ "$  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐúCompObjżÂ˙˙˙˙ZfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙\OlePres000ÁĂ˙˙˙˙]LEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙g|-Á@ÁIűţź Arial§™- 2 YX$150ĚĚĚĚ 2 Yy,g 2 ,Ź,g 2 $5ĚĚ 2 Ľ .g 2 YÓ000ĚĚĚ 2 ,#30ĚĚ 2 ,000ĚĚĚ 2 ˙ 00ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đÔ`‡B 'Ah+A ‚$ˆ1ˆ5ˆ0‚,ˆ0ˆ0ˆ0ˆ3ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ5‚.ˆ0ˆ0Ě=Ě &L "lXčč "ŽG  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐú-Á@ÁIűţź ArialÊ- 2 YX$240ĚĚĚĚ _1001014112˙˙˙˙˙˙˙˙ĆÎŔF nŢ ź;Ć ßŕ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙iPIC ĹČ˙˙˙˙jLMETA ˙˙˙˙˙˙˙˙˙˙˙˙lH2 Yy,g 2 ,Ź,g 2 $8ĚĚ 2 ¨ .g 2 YÓ000ĚĚĚ 2 ,#30ĚĚ 2 ,000ĚĚĚ 2  00ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛qCompObjÇĘ˙˙˙˙vfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙xOlePres000ÉË˙˙˙˙yLEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙ƒ|˙˙˙˙˙˙˙˙ "$  ˙˙˙.1  Ŕŕ &˙˙˙˙Ŕ˙Ŕ˙  € & MathTypeĐú-Á@ÁIűţź ArialÊ- 2 YX$240ĚĚĚĚ 2 Yy,g 2 ,Ź,g 2 $8ĚĚ 2 ¨ .g 2 YÓ000ĚĚĚ 2 ,#30ĚĚ 2 ,000ĚĚĚ 2  00Ě́‚ţ˙˙˙„ţ˙˙˙ţ˙˙˙‡ţ˙˙˙‰Š‹ŒŽ‘ţ˙˙˙“ţ˙˙˙ţ˙˙˙–—˜™š›œžţ˙˙˙ ţ˙˙˙ţ˙˙˙Łţ˙˙˙ĽŚ§¨Šţ˙˙˙Ťţ˙˙˙ţ˙˙˙ŽŻ°ą˛ţ˙˙˙´ţ˙˙˙ţ˙˙˙ˇţ˙˙˙šşťź˝žżŔÁţ˙˙˙Ăţ˙˙˙ţ˙˙˙ĆÇČÉĘËĚÍÎţ˙˙˙ĐŃţ˙˙˙ţ˙˙˙Ôţ˙˙˙Ö×ŘŮÚŰÜÝŢţ˙˙˙ŕţ˙˙˙ţ˙˙˙ăäĺćçčéęţ˙˙˙ěţ˙˙˙îďđńňóôőţ˙˙˙÷řůúűüţ˙˙˙ţţ˙˙˙˙˙˙˙űţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đÔ`‡B 'Ah+A ‚$ˆ2ˆ4ˆ0‚,ˆ0ˆ0ˆ0ˆ3ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ8‚.ˆ0ˆ0Ě=Ě &Lë "äXčč_1001014113ÄäÎÎŔF ßŕ ź;Ć ßŕ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙…PIC ÍĐ˙˙˙˙†LMETA ˙˙˙˙˙˙˙˙˙˙˙˙ˆHë "VN  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐú-Á@ÁIűţź Arial§™- 2 YX$420ĚĚĚĚ 2 Yy,g 2 ,Ź,g 2 $14ĚĚĚ 2 s .g 2 YÓ000ĚĚĚ 2 ,#30ĚĚ 2 ,000ĚĚĚ 2 Í 00ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đŔFţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙ë "(  ˙˙˙.1  Ŕ  &˙˙˙˙Ŕ˙Ŕ˙` € & MathTypeĐúCompObjĎŇ˙˙˙˙’fObjInfo˙˙˙˙˙˙˙˙˙˙˙˙”OlePres000ŃÓ˙˙˙˙•PEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙Ÿ|-Á@ÁIűţź Arial§™- 2 YX$420ĚĚĚĚ 2 Yy,g 2 ,Ź,g 2 $14ĚĚĚ 2 s .g 2 YÓ000ĚĚĚ 2 ,#30ĚĚ 2 ,000ĚĚĚ 2 Í 00ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-đÔ`‡B 'Ah+A ‚$ˆ4ˆ2ˆ0‚,ˆ0ˆ0ˆ0ˆ3ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ1ˆ4‚.ˆ0ˆ0  &˙˙LM¸$ččM¸žM › ˙˙˙.1  ` &˙˙˙˙Ŕ˙Ŕ˙`  & MathType°űţź Arial-2 P0CommonŕGGŕŕ2 ű5Stockô{ŕĚĚ & ˙˙_1001014114˙˙˙˙˙˙˙˙ÖÎŔF ßŕ ź;Ć ßŕ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙ĄPIC ŐŘ˙˙˙˙˘LMETA ˙˙˙˙˙˙˙˙˙˙˙˙¤h˙˙űź"System-đ˙˙ř?˙˙ř?˙˙ř?˙˙ř?˙˙đ˙˙ŕ˙˙Ŕ˙˙Ŕ˙˙Ŕ˙˙Ŕ˙ţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙Nš< › ˙˙˙.1  ` &˙˙˙˙Ŕ˙Ŕ˙`  & MathType°űţźCompObj×Ú˙˙˙˙ŞfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙ŹOlePres000ŮŰ˙˙˙˙­dEquation Native ˙˙˙˙˙˙˙˙˙˙˙˙ł\ Arial-2 P0CommonŕGGŕŕ2 ű5Stockô{ŕĚĚ & ˙˙˙˙űź"System-đœ6'Ô@‡B 'Ah+A ƒCƒoƒmƒmƒoƒnƒSƒtƒoƒcƒk.1LC "ôXčč_1092582881˙˙˙˙˙˙˙˙ŢÎŔF ßŕ ź;Ć ßŕ ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙ľPIC Ýŕ˙˙˙˙śLMETA ˙˙˙˙˙˙˙˙˙˙˙˙¸HC "ŽG   ˙˙˙.1  Ŕ &˙˙˙˙Ŕ˙Ŕ˙ŕ € & MathTypeĐú-Á@ÁIűţź Arial§™- 2 YX$140ĚĚĚĚ 2 Yy,g 2 ,,g 2 $.Ěg 2 YÓ000ĚĚĚ 2 ,ź250ĚĚĚ 2 ,k000ĚĚĚ 2 C 56ĚĚűţźSymbol-đ 2 Ě=Ě & ˙˙˙˙űź"System-𢀆 OB´ OB OBţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS Equation Equation.3ô9˛q˙˙˙˙˙˙˙˙ h&  ˙˙˙.1  ŕ &˙˙˙˙Ŕ˙˙˙Ą˙˙˙  Ą & MathTypeĐ úCompObjßâ˙˙˙˙ÂfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙ÄOlePres000áă˙˙˙˙Ĺ`Equation Native ˙˙˙˙˙˙˙˙˙˙˙˙Ď„"-@\űţź Arial-2 ` 562 ` .2 `Î02 `˙$ 2 €w0002 €!, 2 €ş250 2 xá0002 x‹, 2 x$1402 xU$űţźSymbol-đ2 `Ď= & ˙˙˙˙űź"System-đjÔh%J\÷I ‚$ˆ1ˆ4ˆ0‚,ˆ0ˆ0ˆ0ˆ2ˆ5ˆ0‚,ˆ0ˆ0ˆ0†=‚$ˆ0‚.ˆ5ˆ6L^ hOčč^ h6P   ˙˙˙.1  €&˙˙˙˙Ŕ˙¸˙@¸ & MathTypeĐú-ô|ű_1001014117Ô¤ćÎŔF ßŕ ź;Ć Pă ź;ĆOle ˙˙˙˙˙˙˙˙˙˙˙˙ŇPIC ĺč˙˙˙˙ÓLMETA ˙˙˙˙˙˙˙˙˙˙˙˙ŐHţź Arial- 2 Ťn$4ĚĚ 2 l $998ĚĚĚĚ 2 lĐ$4ĚĚűţźSymbol-đ 2 lš+Ě 2 œ2ć 2 O2č 2 |2ç 2 œö 2 Oř 2 |÷ & ˙˙˙˙űź"System-đţ˙˙˙˙˙˙˙ţ˙˙˙˙˙˙˙ţ˙˙˙0Sţ˙ ˙˙˙˙ÎŔFMicrosoft Equation 3.0 DS EqCompObjçę˙˙˙˙ßfObjInfo˙˙˙˙˙˙˙˙˙˙˙˙áOlePres000éë˙˙˙˙â<Equation Native ˙˙˙˙˙˙˙˙˙˙˙˙ë\uation Equation.3ô9˛q˙˙˙˙˙˙˙˙] g   ˙˙˙.1  €&˙˙˙˙Ŕ˙¸˙@¸ & MathTypeĐú-ô|űţź Arial- 2 Ťn$4ĚĚ 2 l $998ĚĚĚĚ 2 lĐ$4ĚĚűţźSymbol-đ 2 lš+Ě 2 œ2ć 2 O2č 2 |2ç 2 œö 2 Oř 2 |÷ & ˙˙˙˙űź"System-đÔ@çĐ    ‚$ˆ4‚$ˆ9ˆ9ˆ8†+‚$ˆ4–(–)ÚLHţ˙ŕ…ŸňůOhŤ‘+'łŮ0˜  ,DP\l „ ° ź Č ÔŕčđÎÝZćDź ;]ő‹Y.Â"Ÿ[Ń)žŇÜéćS°+t7Ľ2´ŕÂ!-UŸ!‘ ­ŐŒAłó—Ń(4Ź6ł§ôŞGyž;‡Äé=‚Áˇ˙ŕĹ/žw{–Áďv öOŸÄ+í•ĂóëÂ÷Iržqżžşi`ŞŰsŞf֑üŤšÂé!ŃzŻź†řéYU’úžsĐJoŇDd 8ččđ<˛ đ  C đAż˙đ€2đBf¸'ܧdÖË߁!ˆé‡˙Ú`!đf¸'ܧdÖË߁!ˆé‡@Ŕ`čv Ŕ:äţxœcdŕd``^ŔŔŔŔÄ 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