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intermediate accounting ifrs 4th edition
Intermediate Accounting IFRS 4th Edition Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield - Solutions
Use the information presented for Ottawa Corporation in BE10.15, but assume the machinery is sold for $5,200 instead of $10,500. Prepare journal entries to (a) Update depreciation for 2023 (b) Record the sale.BE10.15Ottawa Corporation owns machinery that cost $20,000 when purchased on
Crowe AG purchased a heavy-duty truck on July 1, 2019, for €30,000. It was estimated that it would have a useful life of 10 years and then would have a residual value of €6,000. The company uses the straight-line method of depreciation. It was traded on August 1, 2023, for a similar truck
Windsor plc purchased a computer on December 31, 2021, for £130,000, paying £30,000 down and agreeing to pay the balance in five equal installments of £20,000 payable each December 31 beginning in 2022. An assumed interest rate of 10% is implicit in the purchase price.Instructionsa. Prepare the
Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2019. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of $8,400 at December 31, 2022. The machinery is sold on September 1, 2023, for $10,500. Prepare
Sterling Inc. has decided to purchase equipment from Central Industries on January 2, 2022, to expand its production capacity to meet customers’ demand for its product. Sterling issues a $900,000, 5 year, zero-interest-bearing note to Central for the new equipment when the prevailing market rate
In 2022, Sato Ltd. received a grant for ¥2 million to defray the cost of purchasing research equipment for its manufacturing facility. The total cost of the equipment is ¥10 million. Prepare the journal entry to record this transaction if Sato uses (a) The deferred revenue approach, (b)
The following information is related to Rommel Group.1. On July 6, Rommel acquired the plant assets of Studebaker SE, which had discontinued operations. The appraised value of the property is: Land ........................ € 400,000Building .................... 1,200,000Machinery
Indicate which of the following costs should be expensed when incurred.a. €13,000 paid to rearrange and reorganize machinery.b. €200,000 paid for addition to building.c. €200 paid for tune-up and oil change on a delivery truck.d. €7,000 paid to replace a wooden floor with a concrete
Kang Ltd., a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product, the company recently made several acquisitions of plant and equipment. Rob Joffrey, newly hired in the position of
The following two situations involve the capitalization of borrowing costs.Situation I: On January 1, 2022, Columbia Outfitters signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of R$4,000,000. It was estimated that it would take 3 years to complete
Mehta SE traded a used welding machine (cost €9,000, accumulated depreciation €3,000) for office equipment with an estimated fair value of €5,000. Mehta also paid €3,000 cash in the transaction. Prepare the journal entry to record the exchange. The exchange has commercial substance.
On July 31, 2022, Bismarck Company engaged Duval Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2022. To help finance construction, on July 31 Bismarck issued a $400,000, 3-year, 12% note payable at
Use the information for Navajo ASA from BE10.8. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.BE10.8.Navajo ASA traded a used truck (cost €20,000, accumulated depreciation €18,000) for a small computer worth €3,300. Navajo also paid €500
Laserwords A.Ş. is a book distributor that had been operating in its original facility since 1985. The increase in certification programs and continuing education requirements in several professions has contributed to an annual growth rate of 15% for Laserwords since 2017. Laserwords’ original
Navajo ASA traded a used truck (cost €20,000, accumulated depreciation €18,000) for a small computer worth €3,300. Navajo also paid €500 in the transaction. Prepare the journal entry to record the exchange. The exchange has commercial substance.
On December 31, 2021, Tsang Group borrowed HK$3,000,000 at 12% payable annually to finance the construction of a new building. In 2022, the company made the following expenditures related to this building: March 1, HK$360,000; June 1, HK$600,000; July 1, HK$1,500,000; and December 1, HK$1,200,000.
McPherson Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of €5,000,000 on January 1, 2022. McPherson expected to complete the building by December 31, 2022. McPherson has the following debt obligations outstanding during the
Cho Landscaping began construction of a new plant on December 1, 2022 (all amounts in thousands). On this date, the company purchased a parcel of land for ¥139,000 in cash. In addition, it paid ¥2,000 in surveying costs and ¥4,000 for a title insurance policy. An old dwelling on the premises was
On January 1, 2022, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing statement indicated that the land value was $500,000
Langer Airline is converting from piston-type planes to jets. Delivery time for the jets is 3 years, during which time substantial progress payments must be made. The multimilliondollar cost of the planes cannot be financed from working capital; Langer must borrow funds for the payments.Because of
Dane ASA both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2022.PurchaseCash paid for equipment, including sales tax of €5,000
Using the information from BE10.2 and BE10.3, determine the amount of borrowing cost that Zhang Ltd. would capitalize.BE10.2Zhang Ltd. is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were HK$1,800,000 on March 1, HK$1,200,000 on June 1,
Langer Airline is converting from piston-type planes to jets. Delivery time for the jets is 3 years, during which time substantial progress payments must be made. The multimilliondollar cost of the planes cannot be financed from working capital; Langer must borrow funds for the payments.Because of
Spitfire SE started as a company on January 2, 2023, but was unable to begin manufacturing activities until July 1, 2023, because new factory facilities were not completed until that date.The Land and Buildings account reported the following items during 2023.The following additional information is
Haddad Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2022. The terms of acquisition for each truck are described below.1. Truck #1 has a list price of $15,000 and is acquired for a cash payment of
Zhang Ltd. (see BE10.2) had outstanding all year a 10%, 5-year HK$4,000,000 note payable and an 11%, 4-year HK$3,500,000 note payable. Compute the capitalization rate used for borrowing cost capitalization purposes.BE10.2Zhang Ltd. is constructing a building. Construction began on February 1 and
Selected accounts included in the property, plant, and equipment section of Lobo Corporation’s statement of financial position at December 31, 2021, had the following balances.Land ..................................... $ 300,000Land improvements ............. 140,000Buildings
Unilever Group (GBR and NLD) is a leading international company in the nutrition, hygiene, and personal-care product lines. Information related to Unilever’s property, plant, and equipment in its 2018 annual report is shown in the notes to the financial statements as follows.10. Property, Plant
At December 31, 2021, certain accounts included in the property, plant, and equipment section of Reagan Ltd.’s statement of financial position had the following balances.Land ...................................................... £230,000Buildings ................................................
The financial statements of AB InBev’s (BEL) 2018 annual report disclosed the following information.InstructionsCompute AB InBev’s(a) Inventory turnover (b) Average days to sell inventory for 2018. (in millions) 31 December 2018 31 December 2017 Inventories $4,234 $4,119 Fiscal Year 2018
Sliver Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.Lumber ........ 25%Millwork ....... 30%Hardware ..... 40%On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file
A fire destroys all of the merchandise of Assante Company on February 10, 2022. The following is information compiled up to the date of the fire.Inventory, January 1, 2022 ............... $ 400,000Sales to February 10, 2022 ............... 1,950,000Purchases to February 10, 2022 ......
At December 31, 2022, Volkan AG has outstanding non-cancelable purchase commitments for 40,000 gallons, at €3.00 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at lower-of-cost-or-net realizable value.Instructionsa. Assuming that
Taipai Ltd. follows the practice of valuing its inventory at the LCNRV. The following information is available from the company’s inventory records as of December 31, 2022 (amounts in thousands).InstructionsJay Shin is an accounting clerk in the accounting department of Taipai Co., and he cannot
Prater Company has had difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term, noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2022, at an agreed price of $400,000. At December 31, 2022, the raw
Maddox Specialty Company, a division of Lost World Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since beginning operations in 1986, Maddox has used normal absorption costing and has assumed a first-in,
During 2022, Crawford Furniture purchases a carload of wicker chairs. The manufacturer sells the chairs to Crawford for a lump sum of £60,000 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three
Fuque Ltd. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2022.Instructionsa. Using the conventional retail method, prepare a schedule computing estimated LCNRV inventory
At December 31, 2022, Ashley plc has outstanding purchase commitments for purchase of 150,000 gallons, at £6.20 per gallon, of a raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or net realizable value, whichever is lower. Assuming that
Presented below is information related to Waveland Inc.InstructionsAssuming that Waveland Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2022. Cost Retail Inventory, 12/31/22 $250,000 $ 390,000 Purchases 914,500 1,460,000 Purchase
Mt. Horeb Alpaca Co. has a herd of 150 alpaca. The alpaca are sheared once a quarter to harvest valuable wool that is used in designer sweaters. Mt. Horeb has the following information related to the alpaca herd at July 1, 2022, and during the first quarter of the fiscal year.AlpacaCarrying value
Use the information for Kemper Company from BE9.7. In 2023, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase.BE9.7.Kemper Company signed a long-term, non-cancelable purchase commitment with a major supplier to purchase raw
Matsumura Dairy began operations on April 1, 2022, with the purchase of 200 milking cows for ¥6,700,000. It has completed the first month of operations and has the following information for its milking cows at the end of April 2022 (yen in thousands).Milking cowsChange in fair value due to growth
Kemper Company signed a long-term, non-cancelable purchase commitment with a major supplier to purchase raw materials in 2023 at a cost of $1,000,000. At December 31, 2022, the raw materials to be purchased have a fair value of $950,000. Prepare any necessary December 31 entry.
On April 15, 2022, fire damaged the office and warehouse of Stanislaw ASA. The only accounting record saved was the general ledger, from which the trial balance below was prepared.The following data and information have been gathered.1. The fiscal year of the company ends on December 31.2. An
LaGreca SA uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2022, includes product X. Relevant per-unit data for product X are as follows.Estimated selling price ............ €50Cost ..............................................
Olson ASA, a retailer and wholesaler of brand-name household lighting fixtures, purchases its inventories from various suppliers.Instructionsa. 1. What criteria should be used to determine which of Olson’s costs are inventoriable?2. Are Olson’s administrative costs inventoriable? Defend your
Refer to the data in BE9.4 for Keyser’s Fleece. Prepare the journal entries for(a) The wool harvested in the first 6 months of 2022, (b) When the wool harvested is sold for €10,500 in July 2022.BE9.4Keyser’s Fleece owns a herd of sheep. Keyser shears the sheep on a semiannual basis and
Saurez Company, your client, manufactures paint. The company’s president, Maria Saurez, has decided to open a retail store to sell Saurez paint as well as wallpaper and other supplies that would be purchased from other suppliers. She has asked you for information about the conventional retail
Finn Berge realized his lifelong dream of becoming a vineyard owner when he was able to purchase the Hillside Vineyard at an estate auction in August 2022 for €750,000. Finn retained the Hillside name for his new business. The purchase was risky because the growing season was coming to an end,
Dover plc began operations in 2022 and determined its ending inventory at cost and at NRV at December 31, 2022, and December 31, 2023. This information is presented below.Instructionsa. Prepare the journal entries required at December 31, 2022, and December 31, 2023, assuming inventory is recorded
Keyser’s Fleece owns a herd of sheep. Keyser shears the sheep on a semiannual basis and then sells the harvested wool into the specialty knitting market. Keyser has the following information related to the shearing sheep at January 1, 2022, and during the first 6 months of 2022.Shearing
Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2022, December 31, 2023, and December 31, 2024, as shown below.Instructionsa. Prepare the journal entries required at December 31, 2023, and at December 31, 2024, assuming that a perpetual inventory system and the
Kumar SA uses a perpetual inventory system. At January 1, 2022, inventory was R$214,000,000 at both cost and net realizable value. At December 31, 2022, the inventory was R$286,000,000 at cost and R$265,000,000 at net realizable value. Prepare the necessary December 31 entry under (a) The
Garcia Home Improvement plc installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2022. Jim Alcide, controller for Garcia, has
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2022, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below.InstructionsUsing the LCNRV rule, determine the proper unit value
Remmers SE manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2022, the following finished desks appear in the company’s inventory.The 2022 catalog was in effect through November 2022, and the 2023 catalog is
The inventory of Oheto Company on December 31, 2022, consists of the following items.Instructionsa. Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item.b. Determine the inventory by the LCNRV method, applying the method to the total of the
Tom Brady Shop began operations on January 2, 2022. The following stock record card for footballs was taken from the records at the end of the year.A physical inventory on December 31, 2022, reveals that 110 footballs were in stock. The bookkeeper informs you that all the discounts were taken.
You are the vice president of finance of Mickiewicz Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2022. These schedules appear below.The computation of cost of goods sold in each schedule is based on the following
The following is a record of Cannondale Company’s transactions for Boston Teapots for the month of May 2022.Instructionsa. Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 510 units on hand, what is the cost of the ending inventory
Mills Company was formed on December 1, 2021. The following information is available from Mills’ inventory records for Product Zone.A physical inventory on March 31, 2022, shows 1,500 units on hand.InstructionsAssuming Mills uses a periodic system, prepare schedules to compute the ending
At December 31, 2022, Dwight AG reported current assets of €390,000 and current liabilities of €200,000. The following items may have been recorded incorrectly. Dwight uses the periodic method.1. Goods purchased costing €22,000 were shipped f.o.b. shipping point by a supplier on December 28.
In the third quarter of 2023, David Beckham, the controller for Swiss Precision Company, discovers an error in ending inventory counts for the December 31, 2022, cutoff. After Beckham reports the error in a management meeting, the president for Swiss argues that this error in the prior year is of
Zonker NV purchases 500 units of an item at an invoice cost of €30,000. What is the cost per unit? If the goods are shipped f.o.b. shipping point and the freight bill was €1,500, what is the cost per unit if Zonker pays the freight charges? If these items were bought on 2/10, n/30 terms and the
Werth Company asks you to review its December 31, 2022, inventory values and prepare the necessary adjustments to the books. The following information is given to you.1. Werth uses the periodic method of recording inventory. A physical count reveals $234,890 of inventory on hand at December 31,
Biestek Meat-Packing SA historically has experienced a 0.5% spoilage rate associated with production of its Polish sausage line of products. However, due to installation of new meat-grinding equipment, higher than usual spoilage of €45,000 was experienced on the Polish sausage line in a recent
The management of Tritt Company has asked its accounting department to describe the effect upon the company’s financial position and its income statements of accounting for inventories on the LIFO rather than the FIFO basis during 2022 and 2023. The accounting department is to assume that the
Esplanade SA was formed on December 1, 2021. The following information is available from Esplanade’s inventory records for Product BAP.A physical inventory on March 31, 2022, shows 1,500 units on hand.InstructionsAssuming Esplanade uses a periodic system, prepare schedules to compute the ending
Bienvenu Enterprises reported cost of goods sold for 2022 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2022. Bienvenu later discovered that its ending inventories at December 31, 2021 and 2022, were overstated by $110,000 and $35,000, respectively. Determine the corrected
Ohno Industries purchased ¥12,000 of merchandise on February 1, 2022, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned ¥3,000 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (All amounts in
Two or more items are omitted in each of the tabulations of income statement data shown below.InstructionsFill in the amounts that are missing. 2021 2022 2023 Sales revenue £290,000 £ ? £410,000 Sales returns and allowances 6,000 13,000 ? Net sales 347,000 ? Beginning inventory 20,000 32,000 ?
Bradford Machine plc maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited
Assume that in an annual audit of Webber AG at December 31, 2022, you find the following transactions near the closing date.1. A special machine, fabricated to order for a customer, was finished and specifically segregated in the back part of the shipping room on December 31, 2022. The customer was
SUPERSTORE reported that its inventory turnover decreased from 17.1 times in 2022 to 15.8 times in 2023. The following data appear in SUPERSTORE’s annual report.a. Compute SUPERSTORE’s inventory turnovers for 2022 and 2023 using:1. Cost of sales and LIFO inventory.2. Cost of sales and FIFO
Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2022.Inventory at December 31, 2022 (based on physical count of goods in Dimitri’s plant, at cost, on December 31, 2022) ...... $1,520,000Accounts
In your audit of Garza Company, you find that a physical inventory on December 31, 2022, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items were all excluded from the $441,000. 1. Merchandise of $61,000 which is held by Garza on
Matlock SE uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost €34 each. During June, the company purchased 150 units at €34 each, returned 6 units for credit, and sold 125 units at €50 each. Journalize the June transactions.
The following independent situations relate to inventory accounting.1. Kim Co. purchased goods with a list price of €175,000, subject to two trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods?2. Keillor Company’s inventory
Aragon Company has just received the August 31, 2022, bank statement, which is summarized below.The general ledger Cash account contained the following entries for the month of August.Deposits in transit at August 31 are $3,800, and checks outstanding at August 31 total $1,550. Cash on hand at
The following information is for Grant AG.1. Beginning-of-the-year Accounts Receivable balance was €15,000.2. Net sales (all on account) for the year were €100,000. Grant does not offer cash discounts.3. Collections on accounts receivable during the year were €80,000.Instructionsa. Prepare
Horizon Outfitters AG includes in its trial balance for December 31 an item for Accounts Receivable €789,000. This balance consists of the following items:Due from regular customers ................................................................................... €523,000Refund receivable on
SEK Group factors ¥400,000 of accounts receivable with Mays Finance without guaranteeing any payment for possible credit losses (without recourse) on July 1, 2022. The receivables records are transferred to Mays Finance, which will receive the collections. Mays Finance assesses a finance charge of
Bohannon SA factors €250,000 of accounts receivable with Winkler Financing, on a without guarantee (no recourse) basis. Winkler Financing will collect the receivables. The receivables records are transferred to Winkler Financing on August 15, 2022. Winkler Financing assesses a finance charge of
When is the risks and rewards approach to recording the transfers of receivables used? When should a transfer of receivables be recorded as a sale?
Finman plc designated Jill Holland as petty cash custodian and established a petty cash fund of £200. The fund is reimbursed when the cash in the fund is at £15. Petty cash receipts indicate funds were disbursed for office supplies £94 and miscellaneous expense £87. Prepare journal entries for
On April 1, 2022, Prince Company assigns $500,000 of its accounts receivable to the Hibernia Bank as collateral for a $300,000 loan due July 1, 2022. The assignment agreement calls for Prince Company to continue to collect the receivables. Hibernia Bank assesses a finance charge of 2% of the
Recent financial statements of adidas (DEU) report net sales of €21,915 million. Accounts receivable (net) are €2,410 million at the beginning of the year and €2,315 million at the end of the year. Compute adidas’s accounts receivable turnover. Compute adidas’s average collection period
On January 1, 2022, Antorio SpA sells property for which it had paid €690,000 to Sargent Company, receiving in return Sargent’s zero-interest-bearing note for €1,000,000 payable in 5 years. What entry would Antorio make to record the sale, assuming that Antorio frequently sells similar items
The following information is related to Haselhof Inc. Balance per books at October 31, $41,847.85; November receipts $173,523.91; November disbursements $164,893.54. Balance per bank statement November 30, $56,274.20.The following checks were outstanding at November 30.1224 .............
On December 31, 2022, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a $300,000 zero-interestbearing note due December 31, 2024, as payment in full. Cascade is somewhat of a credit risk and typically borrows funds at a
The Cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2022. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined.1. There were bank service charges for June of $25.2. A bank
On July 1, 2022, Rentoul plc made two sales.1. It sold land having a fair value of £900,000 in exchange for a 4-year, zerointerest- bearing promissory note in the face amount of £1,416,163. The land is carried on Rentoul’s books at a cost of £590,000.2. It rendered services in exchange for a
Bill Jovi is reviewing the cash accounting for Nottleman, plc, a local mailing service. Jovi’s review will focus on the petty cash account and the bank reconciliation for the month ended May 31, 2022. He has collected the following information from Nottleman’s bookkeeper for this task.Petty
Use the information in BE7.11 for Wood SA. Assume that the receivables are sold with recourse (guarantee). Prepare the journal entry for Wood to record the sale.BE7.11Wood SA factored €150,000 of accounts receivable with Engram Factors, without guarantee of credit loss. Engram assesses a 2%
Sandburg Mining requires additional cash for its business. Sandburg has decided to use its accounts receivable to raise the additional cash and has asked you to determine the income statement effects of the following contemplated transactions.1. On July 1, 2022, Sandburg assigned €400,000 of
Wood SA factored €150,000 of accounts receivable with Engram Factors, without guarantee of credit loss. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Wood SA
As the manager of the accounts receivable department for Beavis Leather Goods, Ltd., you recently noticed that Kelly Collins, your accounts receivable clerk, who is paid $1,200 per month, has been wearing unusually tasteful and expensive clothing. (This is Beavis’s first year in business.) This
Salen Ltd. finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2022, it assigned, under guarantee, specific accounts amounting to ¥150,000,000. The finance company advanced to Salen 80% of the accounts assigned (20% of the total to be withheld
On October 1, 2022, Chung Group assigns ¥1,000,000 of its accounts receivable to Seneca National Bank as collateral for a ¥750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1, 2022, journal entries for both Chung
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