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Unformatted text preview: Introduction To Financial Accounting HKUST Chapter 2 Investing and Financing Decisions and the Balance Sheet ACCT 101 Fall 2010 Allen Huang Chapter Two Slide 1 of 71 Balance Sheet Introduction To Financial Accounting HKUST Chapter Two Slide 2 of 71 Balance Sheet Introduction To Financial Accounting HKUST Chapter Two Slide 3 of 71 Income Statement Introduction To Financial Accounting HKUST Chapter Two Slide 4 of 71 Statement of Stockholders' Equity Introduction To Financial Accounting HKUST Chapter Two Slide 5 of 71 Statement of Cash Flow Introduction To Financial Accounting HKUST Chapter Two Slide 6 of 71 Statement of Cash Flow Introduction To Financial Accounting HKUST Chapter Two Slide 7 of 71 Introduction To Relationship Among the Statements Financial Accounting HKUST MAXIDRIVE CORP. Income Statement For the Year Ended December 31, 2009 (in thousands of dollars) Revenues Sales revenue Expenses Cost of goods sold $ 26,980 Selling, general and administrative 3,624 Research and development 1,982 Interest expense 450 Total expenses Pretax income Income tax expense Net income $ 37,436 Net income from the income statement increases ending retained earnings on the statement of retained earnings. 33,036 $ 4,400 1,100 $ 3 300 3,300 MAXIDRIVE CORP. g Statement of Retained Earnings For the Year Ended December 31, 2009 (in thousands of dollars) Retained earnings, January 1, 2009 $ 6,805 Net income for 2009 3,300 Dividends for 2009 (1,000) Retained earnings, December 31, 2009 $ 9,105 Chapter Two Slide 8 of 71 Relationship Among the Statements MAXIDRIVE CORP. Balance Sheet At December 31, 2009 (in thousands of dollars) Assets Cash C h Accounts receivable Inventories Plant and equipment Land Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable Notes payable Total liabilities Stockholders' Equity Contributed capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 2,000 9,105 11,105 $ 27,261 $ 7,156 9,000 $ 16 156 16,156 4,895 4 895 5,714 8,517 7,154 981 $ 27,261 $ Introduction To Financial Accounting HKUST Ending retained earnings from the statement of retained earnings is one of the components of stockholders' equity on the balance sheet. MAXIDRIVE CORP. State e t of eta ed a Statement o Retained Earnings gs For the Year Ended December 31, 2009 (in thousands of dollars) Retained earnings, January 1, 2009 $ 6,805 Net income for 2009 3,300 Dividends for 2009 (1,000) Retained earnings, December 31, 2009 $ 9,105 Slide 9 of 71 Chapter Two Introduction To Relationship Among the Statements Financial Accounting HKUST MAXIDRIVE CORP. Balance Sheet At December 31, 2009 (in thousands of dollars) Assets Cash Accounts receivable Inventories Plant and equipment Land Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable Notes payable Total liabilities Stockholders Stockholders' Equity Contributed capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 2,000 9,105 11,105 $ 27,261 $ 7,156 9,000 $ 16,156 $ 4,895 5,714 8,517 7,154 981 $ 27,261 MAXIDRIVE CORP. Statement of Cash Flows For the Year Ended December 31, 2009 ( (in thousands of dollars) ) Cash flows from operating activities: Cash collected from customers Cash paid to suppliers and employees Cash paid for interest Cash paid for taxes Net cash flow from operating activities Cash flow from investing activities: Cash paid to purchase equipment Net cash flow from investing activities Cash flow from financing activities: Cash received from bank loan Cash paid for dividends Net cash flow from financing activities Net decrease in cash during the year Cash at beginning of the year Cash at end of the year $ $ $ 33,563 (30,854) (450) (1,190) $ 1,069 $ (1,625) (1,625) $ 1,400 (1,000) (1 000) 400 (156) 5,051 4,895 The change in cash on the statement of cash flows added to the beginning of the year balance in cash equals the ending balance in cash on the balance sheet. Chapter Two Slide 10 of 71 Relationship Among the Statements B/S: Assets = Liabilities + Stockholders' Equity Introduction To Financial Accounting HKUST Cash + Other assets = Liab + (Cont. Capital + Retained Earnings) Cash + Other Assets = Liab + (Cont.Capital + RE) SCF: CFO + CFI + CFF = Cash SRE: Beg. RE + NI Dividends = End. RE g RE = NI Dividends I/S: Revenue Expense = Net Income Chapter Two Slide 11 of 71 Chapter Learning Objectives Introduction To Financial Accounting HKUST 1. The conceptual framework relevant to the balance sheet. 2. Identify what constitutes a business transaction and identify common b l balance sheet account titles used in business. h t t titl di b i 3. Apply transaction analysis to simple business transactions in terms of the accounting model Assets = Liabilities + Stockholders' Equity. 4. Determine the impact of business transactions on the balance sheet using two basic tools, journal entries and T-accounts. 5. Identify investing and financing transactions and demonstrate how they are reported on the statement of cash flows. Chapter Two Slide 12 of 71 The Conceptual Framework Introduction To Financial Accounting HKUST Objective of External Financial Reporting To provide useful economic information to external users for d i i f decision making and for assessing future cash flows. ki df i f h fl Qualitative Characteristics Relevancy Reliability Comparability Consistency Elements of Statements Asset Liability Stockholders' Equity Revenue Expense Gain Loss Chapter Two Slide 13 of 71 The Conceptual Framework Introduction To Financial Accounting HKUST Objective of External Financial Reporting To provide useful economic information to external users for d i i f decision making and for assessing future cash flows. ki df i f h fl Qualitative Characteristics Relevancy Reliability Comparability Consistency Primary Characteristics Relevancy: predictive value, feedback value, and timeliness. Reliability: verifiability, representational , y faithfulness, and neutrality. Secondary Characteristics Comparability: across companies. Consistency: over time. Chapter Two Slide 14 of 71 The Conceptual Framework Introduction To Financial Accounting HKUST Objective of External Financial Reporting To provide useful economic information to external users for decision making and for assessing future cash flows. flows Asset: economic resource with probable future benefit. Liability: probable future sacrifices of economic resources. Stockholders' Equity: financing provided by owners and operations. Revenue: increase in assets or settlement of liabilities from ongoing operations. Expense: decrease in assets or increase in liabilities from ongoing operations. Gain: increase in assets or settlement of liabilities from peripheral activities. Loss: decrease in assets or increase in liabilities from peripheral activities. Chapter Two Elements of Statements Asset Liability Stockholders Stockholders' Equity Revenue Expense Gain Loss Slide 15 of 71 The Conceptual Framework Assumptions Introduction To Financial Accounting HKUST Separate entity: Activities of the business are separate from activities of owners. i ii f Continuity: The entity will not go out of business in the near future. Unit-of-measure: Accounting measurements will be in the national monetary unit (i.e., $ in the U.S.). Principle Pi i l Historical cost: Cash equivalent cost given up is the basis for the initial recording of elements. Chapter Two Slide 16 of 71 Business Background Introduction To Financial Accounting HKUST To understand amounts appearing on a company's balance sheet we need to answer these questions: What business activities cause ti iti changes in the balance sheet? How do specific p activities affect each balance? How do companies p keep track of balance sheet amounts? Chapter Two Slide 17 of 71 Nature of Business Transactions Introduction To Financial Accounting HKUST External events exchanges of assets events: and liabilities between the business and one or more other parties. Borrow cash from the bank Chapter Two Slide 18 of 71 Nature of Business Transactions Introduction To Financial Accounting HKUST Internal events not an exchange between events: the business and other parties, but have a direct effect on the accounting entity. Loss due to fire damage. Chapter Two Slide 19 of 71 Accounts Introduction To Financial Accounting HKUST An organized format used by companies to accumulate the dollar effects of transactions. Cash Inventory Equipment Notes Payable Chapter Two Slide 20 of 71 Accounts Introduction To Financial Accounting HKUST An organized format used by companies to accumulate the dollar effects of transactions. While U.S. companies follow GAAP to prepare their financial statements, other countries have significant variations from the accounting and reporting rules of GAAP. Some countries use different account titles from U S companies U.S. companies. Companies also use different account titles. Chapter Two Slide 21 of 71 Typical Account Titles The Balance Sheet Assets A t Cash Short-Term Investment Accounts Receivable Inventory Supplies Prepaid Expenses Long-Term Investments Equipment Buildings Land Intangibles Chapter Two Introduction To Financial Accounting HKUST Liabilities Li biliti Accounts Payable Accrued Expenses Notes Payable Taxes Payable Unearned Revenue Bonds Payable Stockholders' Equity Contributed Capital Retained Earnings Slide 22 of 71 Typical Account Titles The Income Statement Introduction To Financial Accounting HKUST Revenues Sales Revenue Fee Revenue Interest Revenue Rent Revenue Expenses Cost of Goods Sold Wages Expense Rent Expense Interest Expense Depreciation Advertising Expense Ad ti i E Insurance Expense Repair Expense Income Tax Expense Chapter Two Slide 23 of 71 Exercise: E2-3 Classifying Accounts Introduction To Financial Accounting HKUST Polaroid Corporation designs, manufactures, and markets worldwide a variety of products primarily in instant image-recording fields, including instant photographic cameras and films, electronic imaging recording devices, conventional films, and light-polarizing filters and lenses. The following are accounts from a balance sheet for Polaroid: (1) (2) (3) (4) (5) Land Retained Earnings Taxes Payable Prepaid Expenses Contributed Capital (6) Long-Term Investments (7) Machinery and Equipment (8) Accounts Payable (9) Short Term Investments Short-Term (10)Notes Payable (due in 3 years) For each account, indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE). Chapter Two Slide 24 of 71 Exercise: P2-1 Classifying Accounts Introduction To Financial Accounting HKUST Exxon Mobil Corporation explores, produces, refines, markets, and supplies crude oil, natural gas, and petroleum products in the US and around the world. The following are accounts from a recent balance sheet of Exxon Mobil Corporation: (1) Retained Earnings (2) Note and Loans Payable (Short-term) (3) Materials and Supplies (4) Long-Term Debt (5) Prepaid Taxes and Expenses (6) Patents (an intangible asset) (7) Income Taxes Payable (8) Contributed Capital (9) Property, Plant and Equipment (10) Notes and Accounts Receivable (short-term) (11) Cash and Cash Equivalents (12) Accounts Payable (13) Investments (long-term) (14) Crude Oil Products and Merchandise For each account, indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE). Chapter Two Slide 25 of 71 Principles of Transaction Analysis Introduction To Financial Accounting HKUST Every transaction affects at least two accounts (duality of effects). f ff t ) The accounting equation must remain in balance after/for each transaction. A A= L + SE A = L + SE Chapter Two Slide 26 of 71 Duality of Effects Introduction To Financial Accounting HKUST Most transactions with external parties involve an exchange where the business entity both gives up something and receives something in return. Chapter Two Slide 27 of 71 Transaction Analysis Process Accounts and effects Introduction To Financial Accounting HKUST 1. Identify the accounts affected and classify y y them by type of account (A, L, SE). 2. Determine the direction of the effect (increase or decrease) on each account. Balancing 3. Verify that the accounting equation (A = L + SE) remains in balance. Chapter Two Slide 28 of 71 Balancing the Accounting Equation Introduction To Financial Accounting HKUST Let s Let's see how we keep the accounting equation in balance for Papa John's. All amounts are in thousands of dollars. Chapter Two Slide 29 of 71 Introduction To Financial Accounting HKUST Papa John's issues $2,000 of additional common stock to new investors for cash. Identify & Classify the Accounts Determine the Direction of the Effect Chapter Two Slide 30 of 71 Introduction To Financial Accounting HKUST Papa John's issues $2,000 of additional common stock to new investors for cash. Cash (a) Investments Equip. Notes Receivable Notes Payable Contributed Capital Retained Earnings Effect = A= L + SE Chapter Two Slide 31 of 71 Introduction To Financial Accounting HKUST The company borrows $6,000 from the local bank, signing a three-year note. Identify & Classify the Accounts Determine the Direction of the Effect Chapter Two Slide 32 of 71 Introduction To Financial Accounting HKUST The company borrows $6,000 from the local bank, signing a three-year note. Cash (a) (b) Investments Equip. Notes Receivable Notes Payable Contributed Capital Retained Earnings Effect A= L + SE Chapter Two Slide 33 of 71 Introduction To Financial Accounting HKUST Papa John's purchases $10,000 of new equipment, paying $2,000 in cash and signing a two-year note payable for the rest. Identify & Classify the Accounts Determine the Direction of the Effect Chapter Two Slide 34 of 71 Introduction To Financial Accounting HKUST Papa John's purchases $10,000 of new equipment, paying $2,000 in cash and signing a two-year note payable for the rest. Cash (a) (b) (c) Investments Equip. Notes Receivable Notes Payable Contributed Capital Retained Earnings Effect A= L + SE Chapter Two Slide 35 of 71 Introduction To Financial Accounting HKUST Papa John's lends $3,000 to new franchisees who sign five-year notes agreeing to repay the loan. Identify & Classify the Accounts Determine the Direction of the Effect Chapter Two Slide 36 of 71 Introduction To Financial Accounting HKUST Papa John's lends $3,000 to new franchisees who sign five-year notes agreeing to repay the loan. Cash (a) (b) (c) (d) Investments Equip. Notes Receivable Notes Payable Contributed Capital Retained Earnings Effect A= L + SE Chapter Two Slide 37 of 71 Introduction To Financial Accounting HKUST Papa John's purchases $1,000 of stock in other companies as an investment. Identify & Classify the Accounts Determine the Direction of the Effect Chapter Two Slide 38 of 71 Introduction To Financial Accounting HKUST Papa John's purchases $1,000 of stock in other companies as an investment. Cash (a) (b) (c) (d) (e) Effect Investments Equip. Notes Receivable Notes Payable Contributed Capital Retained Earnings A= L + SE Chapter Two Slide 39 of 71 Introduction To Financial Accounting HKUST Papa John's board of directors declares and pays $3,000 in dividends to shareholders. Identify & Classify the Accounts Determine the Direction of the Effect Chapter Two Slide 40 of 71 Introduction To Financial Accounting HKUST Papa John's board of directors declares and pays $3,000 in dividends to shareholders. Cash (a) (b) (c) (d) (e) (f) Effect Investments Equip. Notes Receivable Notes Payable Contributed Capital Retained Earnings A= L + SE Chapter Two Slide 41 of 71 Exercise: P2-2 Transaction Analysis Introduction To Financial Accounting HKUST Cornell Home Healthcare Services has the following summarized events occurred during 2011. Identify which accounts are affected, classify them by the type of account and determine the direction of the effect. a. b. Sold 9,000 additional shares of stock to the original organizers for a total of $90,000 cash. Purchased a building for $60,000, equipment for $15,000, and four acres of land for $14,000; paid $9,000 in cash and signed a note for the balance (due in 15 years). (Hint: Five different accounts are affected.) Purchased short-term investments for $18,000 cash. One stockholder reported to the company that 300 shares of his Cornell stock had been sold and transferred to another stock holder for $3,000 cash. Lend one of the shareholders $5,000 for moving costs, receiving a signed six-month note from the shareholder. Sold one acre of land acquired in (b) for $3,500 cash to another company. c. d. e. f. Chapter Two Slide 42 of 71 How Do Companies Keep Track of Account Balances? Introduction To Financial Accounting HKUST Journal entries T-accounts Chapter Two Slide 43 of 71 Direction of Transaction Effects Introduction To Financial Accounting HKUST A T-account is a tool used to represent an account. Account Name Left L ft Right Ri ht Chapter Two Slide 44 of 71 Direction of Transaction Effects The left side of the T account T-account is always the debit side. Introduction To Financial Accounting HKUST The right side of the T-account is always the credit side. Account Name Left Debit Right Credit Chapter Two Slide 45 of 71 Direction of Transaction Effects Introduction To Financial Accounting HKUST For Assets: DR = Left = Increase; Assetaccounts increase on the DR (LEFT) side; they normally have debit balances. CR = Right = Decrease Liab For Liab and SE: increase on= Increase; and SE accounts CR = Right the CR (RIGHT) side; they normally have credit balances. DR = Left = Decrease Chapter Two Slide 46 of 71 The Debit-Credit Framework Introduction To Financial Accounting HKUST Debits and credits affect the Balance Sheet Model as follows: A = L + SE ASSETS Debit Credit for for Increase Decrease LIABILITIES Debit Credit for for Decrease Increase EQUITIES Debit Credit for for Decrease Increase The normal balance of an account is on the increase side. Chapter Two Slide 47 of 71 The Debit-Credit Framework Introduction To Financial Accounting HKUST A = L + SE S ASSETS Debit Credit for for Increase Decrease LIABILITIES Debit Credit for for Decrease Increase EQUITIES Debit Credit for for Decrease Increase RE = NI - Dividend Remember that Stockholders' Equity includes Contributed Capital and Retained Earnings. Chapter Two Slide 48 of 71 Double-Entry Bookkeeping Assets + DR Normal Balance Introduction To Financial Accounting HKUST Liabilities Shareholders' Equity - DR + CR Normal Balance - CR - DR + CR Normal Balance Contributed Capital - DR + CR Normal Balance Retained Earnings - DR + CR Normal Balance Expenses + DR Normal Balance Chapter Two Revenues - DR + CR Normal Balance Slide 49 of 71 - CR Double-Entry Bookkeeping Introduction To Financial Accounting HKUST Debit Increase Assets Expenses Credit Liabilities Stockholders' Equity Revenue Decrease Liabilities Assets Stockholders' Equity Expenses Revenue Chapter Two Slide 50 of 71 Transaction Analysis Introduction To Financial Accounting HKUST Balance check: A = L + SE remains balance for each transaction. (I.e. A = L + SE) Equality check: Total Debits = Total Credits for each transaction. +A -L -SE L SE +Exp -Rev = -A +L A -Exp +SE +Rev Chapter Two Slide 51 of 71 Analytical Tool: The Journal Entry Introduction To Financial Accounting HKUST A journal entry might look like this: GENERAL JOURNAL Date Account Titles and Explanation Jan. 1 Cash Contributed Capital Posted Ref. Debit 20,000 Page 1 Credit 20,000 Chapter Two Slide 52 of 71 Analytical Tool: The Journal Entry Introduction To Financial Accounting HKUST Provide a reference date for each transaction. Debits are written first. GENERAL JOURNAL Date Account Titles and Explanation Jan. 1 Cash Contributed Capital Posted Ref. Debit 20,000 Page 1 Credit 20,000 Credits are indented and written after debits. Total debits must equal total credits. Chapter Two Slide 53 of 71 The Journal Entry (date) Introduction To Financial Accounting HKUST PPE (+A).............................................10,000 Cash (A).............................................2,000 Notes payable (+L)................................8,000 Check: A = L + SE (i.e. A = L + SE) (10,000 2,000) = 8,000 + 0 T t l Debits = Total Credits Total D bit T t l C dit 10,000 = (2,000 + 8,000) Chapter Two Slide 54 of 71 Analytical Tool: The T-Account Introduction To Financial Accounting HKUST After journal entries are prepared, the accountant p posts (transfers) the dollar amounts to each account ( ) that was affected by the transaction. GENERAL JOURNAL Posted Date Account Titles and Explanation Ref. Ja Jan. 1 Cash Cas Contributed Capital Debit 20,000 0,000 Page 1 Credit 20,000 Post Ledger Chapter Two Slide 55 of 71 The T-Account Introduction To Financial Accounting HKUST Chapter Two Slide 56 of 71 Transaction Analysis Illustrated Introduction To Financial Accounting HKUST Let's prepare some journal entries for Papa John's and p post them to the ledger. Chapter Two Slide 57 of 71 Introduction To Financial Accounting HKUST Papa John's issues $2,000 of additional common stock to new investors for cash. GENERAL JOURNAL Date Posted Account Titles and Explanation Ref. Debit Page 1 Credit Beg. Bal. Cash 6,000 Contributed Capital 1,000 Beg. Bal. Chapter Two Slide 58 of 71 Introduction To Financial Accounting HKUST The company borrows $6,000 from the local bank, signing a one-year note. GENERAL JOURNAL Date Account Titles and Explanation Posted Ref. Debit Page 1 Credit Beg. Bal. Cash 6,000 Notes Payable 146,000 Beg. Bal. Chapter Two Slide 59 of 71 Introduction To Financial Accounting HKUST Papa John's purchases $10,000 of new equipment, paying $2,000 in cash and signing a two-year note payable for the rest rest. GENERAL JOURNAL Date Page 1 Debit Debit 10,000 Credit Credit 2,000 8,000 Posted Posted Account Titles and Explanation Ref. Account Titles and Explanation Ref. Equipment q p Cash Notes Payable Let's see how to post this entry . . . Chapter Two Slide 60 of 71 Introduction To Financial Accounting HKUST Papa John's purchases $10,000 of new equipment, paying $2,000 in cash and signing a two-year note payable for the rest rest. Beg. Bal. Equipment 246,000 Beg. Bal. Cash C h 6,000 Notes Payable N t P bl 146,000 Beg. Bal. Chapter Two Slide 61 of 71 The Accounting Cycle Introduction To Financial Accounting HKUST During the period: Analyze transactions. Record journal entries in the general journal. Post amounts to the general ledger. Close revenues, gains, expenses and losses to retained earnings. End of the period: Adjust revenues and expenses and related balance sheet accounts. Prepare a complete set of financial statements. Disseminate statements to users. Chapter Two Slide 62 of 71 Balance Sheet Preparation Introduction To Financial Accounting HKUST It is possible to prepare a balance sheet at any point in time from the balances in the accounts. accounts Chapter Two Slide 63 of 71 P2-5 Dell Inc. Balance Sheet at February 3, 2006 (dollars in millions) Assets Current assets Cash Short-term investment Receivables and other assets Inventories Other Noncurrent assets Property, plant and equipment Long-term investments Other noncurrent assets Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Other short-term obligations Long-term liabilities Stockholders' equity Contributed capital Retained earnings Total stockholders' equity and liabilities Introduction To Financial Accounting HKUST $7,042 2,016 5,452 576 2,620 17,706 2,005 2,691 707 $23,109 $9,840 6,087 15,927 3,053 284 3,845 $23,109 Slide 64 of 71 Chapter Two Exercise: P2-5 Introduction To Financial Accounting HKUST Dell, headquarter in Austin, Texas, is the global leader in selling computer products and services. Assume that the following transactions (in millions of dollars) occurred during the remainder of 2006 (ending on January 28, 2007) a. Issued additional shares of stock for $200 in cash. b. Borrowed $30 from banks due in two years. c. Purchased additional investments for $13,000 cash; one fifth were long term and the rest were short term. d. Purchased property, plant and equipment; paid $875 in cash and $1,410 with additional long-term bank loans long term loans. e. Lent $250 to affiliates (categorized as Receivables and other assets), who signed a six-month note. f. Sold short-term investments costing $10,000 for $10,000 cash. g. Dell does not actually pay dividends,; it reinvests its earnings into the company for growth purposes. Assume instead for this problem that Dell declared and paid $52 in dividends during 2006. Chapter Two Slide 65 of 71 Exercise: P2-5 Introduction To Financial Accounting HKUST 1. Prepare a journal entry for each transaction. 2. Create T-accounts for each balance sheet account and include the February 3, 2006 balances. Post each journal entry to the appropriate T-accounts. 3. Prepare a balance sheet from the T-account ending balance for Dell at January 28 2007 based on these 28, 2007, transactions. Chapter Two Slide 66 of 71 Focus on Cash Flows Introduction To Financial Accounting HKUST Operating activities (Covered in the next chapter.) Investing Activities I ti A ti iti Purchasing long-term assets and investments for cash Selling long-term assets and investments for cash Lending cash to others Receiving principal payments on loans made to others Financing Activities Borrowing cash from banks Repaying the principal on borrowings from banks Issuing stock for cash Repurchasing stock with cash Paying cash dividends + + + + Chapter Two Slide 67 of 71 ...
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This note was uploaded on 02/13/2012 for the course ACCT 101 taught by Professor Na during the Fall '10 term at HKUST.

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