What is the modified duration of a four-year bond with annual 10% coupons and a 10% yield to maturity?
Answer:
the formula to calculate modified duration of bonds:
modified duration = [1 - (1 + y)⁻ⁿ] / y
modified duration = [1 - (1 + 10%)⁻⁴] / 10% = 0.317 / 10% = 3.17 years
if you want to determine the Macaulay duration = modified duration x (1 + yield) = 3.17 years x 1.1 = 3.49 years
The modified duration shows how a bond's value can change as a result of a change in the interest rate.
Roccos Incorporated reports the following amounts at the end of the year. Cash$6,200Service revenue$72,200 Equipment 19,500 Cost of goods sold (food expense) 54,300 Accounts payable2,500Buildings29,000 Delivery expense 3,500 Supplies 1,500 Salaries expense6,400Salaries payable800 Deferred Revenue5,000Accumulated Depreciation8000 In addition, the company had common stock of $21,000 at the beginning of the year and issued an additional $2,100 during the year. The company also had retained earnings of $12,600 at the beginning of the year and paid dividends of $3,800 during the year. Prepare the income statement, statement of stockholders' equity, and balance sheet.
Answer:
Roccos Incorporated
a) Roccos Incorporated Income Statement for the year ended Dec. 31:
Service revenue $72,200
Cost of goods sold (food expense) 54,300
Delivery expense 3,500
Salaries expense 6,400 64,200
Net income $8,000
b) Roccos Incorporated Statement of Stockholders' Equity for the year ended December 31:
Common stock $23,100
Retained earnings 16,800
Equity balance $39,900
c) Roccos Incorporated Balance Sheet as of December 31:
Assets:
Cash $6,200
Supplies 1,500 $7,700
Equipment 19,500
Acc. Depreciation 8,000 11,500
Building 29,000 40,500
Total assets $48,200
Accounts payable $2,500
Salaries payable 800
Deferred revenue 5,000 $8,300
Common stock $23,100
Retained earnings 16,800 39,900
Total liabilities + equity $48,200
Explanation:
a) Data and Calculations:
Cash $6,200
Service revenue $72,200
Equipment 19,500
Cost of goods sold (food expense) 54,300
Accounts payable 2,500
Buildings 29,000
Delivery expense 3,500
Supplies 1,500
Salaries expense 6,400
Salaries payable 800
Deferred Revenue 5,000
Accumulated Depreciation 8,000
Common Stock 23,100
Retained Earnings 12,600
Common stock of $21,000
Additional issue 2,100
Total common stock $23,100
Retained earnings $12,600
Net income 8,000
Dividends paid (3,800)
Retained earnings $16,800
Vandezande Inc. is considering the acquisition of a new machine that costs $438,000 and has a useful life of 5 years with no salvage value The incremental net operating income and incremental net cash flows that would be produced by the machine are (ignore income taxes) Incremental Incremental Net Operating Net Cash Income s 79, 000 $ 85,000 Year 3 96,000 Year 4 59,000 Year S $101,000 Flows Year 1 Year 2 $154, 000 $164,000 $175, 000 $161,000 $163,000 Assume cash flows occur uniformly throughout a year except for the initial investment The payback period of this investment is closest to:___________ a) 22 years b) 5.0 years c) 4.3 years d) 2.7 years
Answer:
Vandezande Inc.
The payback period of this investment is closest to:___________
d) 2.7 years
Explanation:
a) Data and Calculations:
Incremental Net Operating Incomes Net Cash Flows Incremental cash
Year 1 $79, 000 $154, 000
Year 2 $ 85,000 $164,000 $318,000
Year 3 96,000 $175, 000 493,000
Year 4 59,000 $161,000 654,000
Year 5 $101,000 $163,000 817,000
Total $420,000 $817,000
Payback period = Cash outflow/ (Total cash inflows/5)
= $438,000/($817,000/5)
= $438,000/$163,400
= 2.68
= 2.7 years
b) Payback period is the time an investment takes to recover its initial cost, at which the break-even point is reached. Shorter payback period increases the attractiveness and desirability of an investment. Another method to calculate the payback period is the subtraction method. This involves subtracting the cash inflows from the cash outflow until the cash outflow becomes zero.
Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,150 and $165,550 at December 31, 2020, and December 31, 2021, respectively. During 2021 Clor recognized $75,650 of net income and paid dividends of $20,500. Assuming that Bloomfield owned the same percentage of Clor throughout 2021, its percentage ownership must have been: (Round your answer to the nearest whole percent): Multiple Choice 26%. 20%. 75%. 28%.
Answer:
28%
Explanation:
let X = the percentage of ownership of Clor Confectionery
the investment account balance = $150,150 - X$20,500 + X75,650 = $165,550
$150,150 + X$55,150 = $165,550
X$55,150 = $15,400
X = $15,400 / $55,150 = 0.2792 = 27.92% ≈ 28%
Torino Company has 2,600 shares of $20 par value, 5.5% cumulative and nonparticipating preferred stock and 26,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $2,500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:
Answer:
$3,220
Explanation:
total preferred dividends per year = 2,600 x $20 x 5.5% = $2,860
if $2,500 were paid during year 1, $2,860 - $2,500 = $360 remain to be paid during year 2.
Before common dividends can be paid, the company must first pay $2,860 + $360 = $3,220 in cumulative preferred dividends
If the preferred dividends were not cumulative, then if they are not paid during one year, they will be lost. Only cumulative preferred dividends accumulate from one year to another (or for several years).
A comparative balance sheet for Rocker Company appears below:ROCKER COMPANYComparative Balance SheetDec. 31, 2020 Dec. 31, 2019Assets Cash $34,000 $11,000Accounts receivable 18,000 13,000Inventory 25,000 17,000Prepaid expenses 6,000 9,000Long-term investments 0 17,000Equipment 60,000 33,000Accumulated depreciation-equipment (20,000) (15,000)Total assets $123,000 $85,000Liabilities and Stockholder's Equity Accounts payable $17,000 $7,000Bonds payable 36,000 45,000Common stock 40,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $123,000 $85,000Additional information:1. Net income for the year ending December 31, 2020 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Sales for 2017 were $120,000.Prepare a statement of cash flows for the year ended December 31, 2020 using indirect method.
Answer and Explanation:
The preparation of the cash flow statement is presented below:
Rocker Company
Cash flow statement
Cash flow from operating activities
Net Income $35000
Adjustments made
Depreciation $5,000
Loss on sale of investments $3,000
Change in operating assets & liabilities
Less: Increase in accounts receivable -$5,000
Less: Increase in inventory -$8,000
Add: Decrease in prepaid expenses $3,000
Add: Increase in accounts payable $10,000
Net cash flow from operating activities (a) $43,000
Cash Flow from Investing activities
Sale of long term investments $14,000
Less: Purchase of equipment -$27000
Net cash Flow from Investing activities (b)-$13,000
Cash Flow from Financing activities
Dividends paid -$15,000
Less: Bonds payable paid -$9,000
Add: Common stock issued $17,000
Net cash Flow from Financing activities (c) -$7,000
Net Change in cash c = a + b + c $23,000
Add: Beginning cash balance $11,000
Closing cash balance $34,000
At December 31, 2020 Bramble Corp. had 298000 shares of common stock and 9800 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2020 or 2021. On January 30, 2022, prior to the issuance of its financial statements for the year ended December 31, 2021, Bramble declared a 100% stock dividend on its common stock. Net income for 2021 was $1143000. In its 2021 financial statements, Bramble's 2021 earnings per common share should be
Answer:
the earning per common share is $3.83 per share
Explanation:
The computation of the earning per common share is shown below
= Net income ÷ weighted number of outstanding shares
= $1,143,000 ÷ (298,000 shares)
= $3.83 per share
We simply divided the net income from the weighted number of outstanding shares so that the earning per share could be determined
hence, the earning per common share is $3.83 per share
Assume that in a traditional costing system that all the indirect costs are allocated based on direct materials. Calculate the dollar amount of packaging costs that is allocated under the traditional costing system to the following cost objects 1) fresh bakery goods, 2) snack cakes, and 3) frozen bakery goods.
Answer:
The question is missing the direct and indirect costs, however I will let you know how to calculate.
The costs will be given total for material, labor and overheads, along with this data a ratio in the form of a percentage will also be given for example material used in preparation of fresh bakery goods.
The amount of material will be multiplied by the percentage of material used in preparation of fresh bakery goods, the result amount will be the cost incurred for material used for the preparation of fresh bakery goods.
Explanation:
The question is missing the direct and indirect costs, however I will let you know how to calculate.
The costs will be given total for material, labor and overheads, along with this data a ratio in the form of a percentage will also be given for example material used in preparation of fresh bakery goods.
The amount of material will be multiplied by the percentage of material used in preparation of fresh bakery goods, the result amount will be the cost incurred for material used for the preparation of fresh bakery goods.
Follow this for all the cost heads provided.
. Underwater Experimental is considering a project which requires the purchase of $498,000 of fixed assets. The net present value of the project is $22,500. Equity shares will be issued as the sole means of financing the project. What will the new book value per share be after the project is implemented given the following current information on the firm
Answer:
$13.25
Explanation:
The computation of the new book value per share is as follows
current market price per share is
= market value ÷ number of shares outstanding
= $936,000 ÷ 60,000
= 15.6
Now
number of shares to be issued is
= cost of the machine ÷current market price per share
= $498,000 ÷ $15.60
= 31923.07692
Now
The new book value per share is
= (current book value + amount raised from the issuance of shares ) ÷ ( current number of shares + number of shares issued for machinery purchase
= ($720,000 + $498,000 ) ÷ ( 60,000 + 31923.08 )
= $13.25
Joe is self-employed in a store that has a rental value of $500 a month which he pays, but he can vacate the building without giving notice. His other expenses are $100 a month for maintenance. He makes $25,000 a year on net sales (total revenue minus the wholesale cost of the product). If he quit his job and worked the same number of hours elsewhere at a job he liked equally well, he estimates that he could make $20,000 a year. No one else can be hired to work in the store. Joe should It is impossible to say with the information given in the problem. quit his job. work part-time. keep the job.
Answer:
work part time
Explanation:
Sammy, a calendar year cash basis taxpayer who is age 66, has the following source of income and expenses: Salary $90,000 IRA Distribution - Roth IRA $10,000 Medical expenses ($8,000) Sammy also made a charitable contribution of ABC Shares. The FMV at the date of the contribution was $5,000. Sammy inherited the shares 5 years ago. At that time the FMV of the shares was $3,500. Based on this information, Sammy has:
Answer:
Adjusted Gross income of $90,000
Explanation:
The computation of the adjusted gross income is as follows:
Salary income- 90,000
IRA Distribution $0
Adjusted Gross Income $90,000.
We assume the IRA distribution is a tax free
Therefore the sammy has the adjusted gross income of $90,000 and the same is to be considered
The price of Good B increases by 4%, causing the quantity demanded of Good A to decrease by 6%. The cross-price elasticity of demand is ________, and the goods are ________.
Answer:
The answer is -1.5 and complementary goods
Explanation:
Cross price elasticity is the percentage decrease in quantity demanded divided percentage increase in price.
= -6/4
= - 1.5.
Because the sign is negative, the goods are complements. Complementary goods are directly related. As in they move in the same direction.
For example, car and fuel are complements. The increase in quantity demanded for car will increase the quantity demanded for fuel. Or if the price of car goes up, all things being equal, the quantity demanded of car will reduce and for fuel too.
When preparing a statement of cash flows, a decrease in accounts receivable during a period would cause which one of the following adjustments in determining cash flow from operating activities? Direct Method Indirect Method Decrease Decrease Increase Increase Increase Decrease
Answer:
Increase Increase
Explanation:
financial accounting, statement of cash flow can be regarded as a financial statement that gives the summary of values of amount cash as well as cash equivalent that enters or leave a firm. It gives the measurement of the well management of cash position of a company. It should be noted that When preparing a statement of cash flows, a decrease in accounts receivable during a period the adjustments in determining cash flow from operating activities is that Direct Method increases, Indirect Method increases.
An advertising campaign is:
O A. a set of games customers can play to see whether or not they like
a product.
O B. a mass media device used to make advertisements more
interactive.
OC. a method of finding the best customers by determining their race
and age.
OD. a series of targeted activities aimed to make customers aware of
a product.
Answer:
D. a series of targeted activities aimed to make customers aware of
a product.
Explanation:
Advertising is the use of media to communicate messages that create awareness of a particular product or service. It is the relaying of persuasive information to a targeted audience with the expectation of increasing the sales of a product.
An advertising campaign will involve a series of events and messages to convince the targeted audience to buy the advertised product. The campaign communicates the benefits of the advertised product and gives reasons why customers should consume it. An advertising campaign is not a single event but a series of marketing activities that could last for days, weeks, or even months.
On January 1, 20X6, Pepper Corporation issued 10-year bonds at par to unrelated parties. The bonds have a 10% stated rate, face value of $300,000, and pay interest every June 30 and December 31. On December 31, 20X9, Salt Corporation purchased all of Pepper's bonds in the open market at a $6,000 discount. Salt is Pepper's 80 percent owned subsidiary. Salt uses the effective interest method of amortization. The consolidated income statement for the year 20X9 should report with respect to the bonds: I. interest expense of $30,000. II. a gain of $6,000.
Answer:
I. interest expense of $30,000
Explanation:
Since in the question it is mentioned that the face value is $300,000 and the rate of interest is 10%
So, the interest expense is
= $300,000 × 10%
= $30,000
Now the same would be presented in the consolidated income statement
Hence, the correct option is I
Also the gain would not be considered
A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land. The salvage value of the land is expected to be $250,000. The depletion expense per ton of ore is:
Answer:
Depletion expense per ton = $0.625
Explanation:
Given:
Total cost = $1,500,000
Total ore = 2,000,000 tons
Salvage value = $250,000
Find:
Depletion expense per ton
Computation:
Depletion expense per ton = [Total cost - Salvage value] / Total ore
Depletion expense per ton = [$1,500,000 - $250,000] / 2,000,000
Depletion expense per ton = $0.625
A generous benefactor to a local symphony plans to make a one-time endowment that would provide the ballet with $150,000 per year into perpetuity. The rate of interest is expected to be 6 percent for all future time periods. How large must the endowment be?
Answer:
The right answer is "$2,500,000".
Explanation:
The given values are:
Interest rate,
= 6%
i.e.,
= 0.06
Perpetuity per year
= $150,000
Now,
The present value will be:
= [tex]\frac{Perpetuity}{Interest \ rate}[/tex]
On substituting the estimated values, we get
= [tex]\frac{ 150,000}{0.06}[/tex]
= [tex]2,5 00,00 0[/tex] ($)
Piedmont Company's gross salaries and wages are $32,000, and it withholds $4,800 for income taxes and $2,448 for FICA taxes, the journal entry to record the employees' pay should include a:
Answer: d. credit to Salaries and Wages Payable for $24,752.
Explanation:
Salaries and Wages payable are calculated by deducting taxes from the gross salaries and wages.
= 32,000 - 4,800 - 2,448
= $24,752
Salaries and Wages Payable will be credited $24,752 to reflect that this amount is owed to employees.
While ________ are things a firm has to work with, such as equipment, facilities, raw materials, employees, and cash, _____ are things a firm can do, such as deliver good customer service or develop innovative products to create value.
Answer:
resources; capabilities.
Explanation:
While resources are things a firm has to work with, such as equipment, facilities, raw materials, employees, and cash, capabilities are things a firm can do, such as deliver good customer service or develop innovative products to create value.
Generally, in order to be able to manufacture goods or provide services that meet the needs of various customers (end users), all companies or industries have to make use of resources. These resources are either sourced for on a regular basis or gotten at the inception of the business.
Also, the capabilities of a business firm or company is its ability to provide finished goods and services that meet the requirements or needs of the end users (consumers), as well as effectively solve unique problems in the world.
Suppose that all social programs simultaneously become more generous. In particular suppose that there is an increase in UI benefits, and also an increase in welfare benefits, which are represented in the DMP model as payments to everyone who is not in the labor force. What will be the effects on the unemployment rate, the vacancy rate, the labor force, the number of firms, the aggregate output, and the labor market tightness? Explain your results.
Jeffery Davids has invested in something that acts like a mutual fund and that invests in hospitals all over the country. He knows there are federal laws that require this type of investment to distribute at least 90 percent of the income to shareholders and that requires there be at least 100 shareholders. What type of investment has Jefferson made?
a. REIT
b. Foreclosure
c. Direct investment
d. Participation certificate
e. Limited partnership
Answer:
Option a: REIT
Explanation:
A REIT is simply known as Real Estate Investment Trust is a firm or organization that is responsible for pooling of investor funds and thereby investing them in real estate or uses them to so as to produce both construction and mortgage loans. REITS works by enabling companies to use the combined investments of many to purchase a real estate property and it allows both small and large investors to own a share of real estate.
Types of REITs includes Equity REITs which focus on own Properties and Mortgage REITs primarily focus own Mortgage Debt. People iinvest in REITS because it provide greater diversification, potentially higher total returns and/or lower overall risk.
Suppose you purchased a stock a year ago. Today, you receive a dividend of $16 and you sell the stock for $99. If your return was 11%, at what price did you buy the stock
Answer: 103.60
Explanation:
From the question, we are informed that a stock was purchased a year ago and that today, a dividend of $16 was gotten and the stock was sold for $99 while the return was 11%.
The price that the stock was bought will be:
= (Dividend + Stock sale)/(1 + Return)
= (99 + 16) /(1 + 11%)
= =(99+16)/1.11
= 103.60
Suppose that we observe two comparable properties that have each sold twice within the past four years. Property A sold 24 months ago for $500,000 and Property B sold 48 months ago for $575,000. If the two properties were sold today at $425,000 and $465,000, respectively, estimate the change in market conditions (percentage change in price) per month, assuming we equally weight the two properties in our analysis.
Answer:
0.475% per month
Explanation:
value of property A 24 months ago = $500,000
current value of property A = $425,000
total decrease in value = $500,000 - $425,000 = $75,000 or 15%
monthly % decrease:
1.15 = (1 + r)²⁴
²⁴√1.15 = (1 + r)
1.0058 = 1 + r
r = 0.00584 = 0.58% decrease per month
value of property B 48 months ago = $575,000
current value of property A = $465,000
total decrease in value = $575,000 - $465,000 = $110,000 or 19.13%
monthly % decrease:
1.1913= (1 + r)⁴⁸
⁴⁸√1.1913 = (1 + r)
1.0037 = 1 + r
r = 0.0037 = 0.37% decrease per month
if both properties are weighted equally, then the market decrease per month = (0.58% x 1/2) + (0.37% x 1/2) = 0.475% per month
A suburban specialty restaurant has developed a single drive-thru window. Customers order, pay, and pick up their food at the same window. Arrivals follow a Poisson distribution, while service times follow an exponential distribution. If the average number of arrivals is 6 per hour and the service rate is 2 every 15 minutes.
What is the average number of customers in the system?
a. 0.50
b. 1.00
c. 2.25
d. 3.00
e. None of the above
What is the average number of customers waiting in line behind the person being served?
a. 0.50
b. 0.75
c. 2.25
d. 3.00
e. None of the above
What proportion of the time is the server busy?
a. 0.25
b. 0.50
c. 0.75
d. 2.25
e. 3.00
Solution :
The average number of the arrivals, λ = 6 per hour
Average service rate, [tex]$\mu = \frac{60 \times 2}{15}$[/tex]
= 8
Average number of the customers in the system is given by,
[tex]$= \frac{\lambda}{\mu - \lambda }$[/tex]
[tex]$= \frac{6}{8 - 6 }$[/tex]
= 3
Average number of the customers that are waiting in the line behind the person who are being served is,
[tex]$=\frac{\left(\frac{\lambda}{\mu}\right)^2}{1-\frac{\lambda}{\mu}} $[/tex]
[tex]$=\frac{\left(\frac{6}{8}\right)^2}{1-\frac{6}{8}} $[/tex]
[tex]$=\frac{(0.75)^2 }{0.25} $[/tex]
= 2.25
Proportion of the time the server is busy,
[tex]$=\frac{\lambda}{\mu}$[/tex]
[tex]$=\frac{6}{8}$[/tex]
= 0.75
The Grandview Company issues 1 million shares of common stock with a par value of $0.12 for $16.00 a share. The entry to record this transaction includes a debit to Cash for:
Answer:
$16,000,000
Explanation:
This question requires us to give the amount arising in cash assets after this transaction.
We simply have to focus on the price offered for the share on the date of sale which is $16.00. Thus, cash proceeds (debited) will be :
Cash Proceeds = Share Price × Number of Shares issued
= $16.00 × 1,000,000 shares
= $16,000,000
The rest of the Journal entry for this transaction will be :
Debit : Cash ($16.00 × 1,000,000) $16,000,000
Credit : Common Stock ($0.12 × 1,000,000 shares) $120,000
Credit : Paid In Excess of Par ($15,88 × × 1,000,000 shares) $15,880,000
If the USA can produce 12,000 personal computers or 16,000 TVs, and Japan can produce 10,000 personal computers or 30,000 TVs, then it follows that a. the USA does not have an absolute advantage in TVs. b. the USA does not have an absolute advantage in computers. c. Japan has an absolute advantage in both TVs and computers. d. the USA has an absolute advantage in both TVs and computers.
Answer:
a. the USA does not have an absolute advantage in TVs.
Explanation:
Absolute advantage is an economic term that describes the relative ease with which a country is able to produce a good compared to other producers.
The country that has absolute advantage will produce more numbers a product with the same resources as the other producer.
In the given scenario USA can produce 12,000 personal computers compared to 10,000 personal computers by Japan. So they have absolute advantage in producing personal computers.
Japan can produce 30,000 TVs compared to 16,000 TVs by USA. So Japan has absolute advantage in producing TVs
Jasmine (29) is filing as a single taxpayer. In 2019, she received income from the following sources:
$36,000 in wages.
Unemployment income of $4,320.
$500 in gambling winnings from a winning lottery ticket.
Jasmine also paid $2,100 in eligible student loan interest during the year. She will claim the standard deduction.
Use Schedule 1 (Form 1040), Additional Income and Adjustments to Income.
Answer:
$38,720
Explanation:
From the given information:
Using Schedule 1 (Form 1040), Additional Income & Adjustment to Income.
The taxable income can be determined as follows:
Particulars Form Amount($)
Wages (Form 1040, Line 1) 36,000
Add: Unemployed Income Schedule 1, Line 7 4,320
Add: Gambling winning Schedule 1, Line 8 500
Total Income $40,820
Less: Student loan Interest Schedule 1, Line 20 2,100
Taxable income $38,720
A leader who tries to connect with their workers by understanding their wants and needs is practicing ______.
a.
Courage
b.
Dependability
c.
Empathy
d.
Vision
Answer:
C
Explanation:
Multiple Choice Question 119Sarah Jones's regular rate of pay is $26 per hour with one and one-half times her regular rate for any hours which exceed 40 hours per week. She worked 49 hours last week. Therefore, her gross wages were
Answer: $1391
Explanation:
given data:
pay per hour = $26
hours worked last week = 49
pay for hours exceeding 40 = [tex]1\frac{1}{2}[/tex]
solution:
her gross wage
[tex]= 26 * 40 + 1\frac{1}{2}*26*9\\[/tex]
[tex]= 1040 + 1.5(26)*9\\[/tex]
[tex]= 1040 + 39*9[/tex]
[tex]= 1040 + 351\\[/tex]
[tex]= 1391[/tex]
her gross wage for the week is $1391
You are deciding between two recurring projects. Project A requires $100,000 initial investment and runs for 5 years. Project B requires an initial investment of $80,000 and will run for 3 years. However, due to the limited managerial attention, you will need to choose one out of these two projects. Please choose the appropriate methodology to compare these two projects. A. Net Present Value B. Profitability Index C. Equivalent Annual Annuity D. Return on Investments E. Discounted Payback Period
Answer:
C
Explanation:
Equivalent Annual Annuity is used to compare projects with unequal lifespans
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
Discounted payback calculates the amount of time it takes to recover the amount invested in a project from it cumulative discounted cash flows
profitability index = 1 + (NPV / Initial investment)
