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Slide 12-1
Slide 12-2
Chapter 12
InvestmentsInvestments
Financial Accounting, IFRS EditionWeygandt Kimmel Kieso
Slide 12-3
1. Discuss why corporations invest in debt and share securities.
2. Explain the accounting for debt investments.
3. Explain the accounting for share investments.
4. Describe the use of consolidated financial statements.
5. Indicate how debt and share investments are reported in financial statements.
6. Distinguish between short-term and long-term investments.
Study ObjectivesStudy ObjectivesStudy ObjectivesStudy Objectives
Slide 12-4
Why Why
Corporations Corporations
InvestInvest
Why Why
Corporations Corporations
InvestInvest
Cash Cash managementmanagement
Investment Investment incomeincome
Strategic Strategic reasonsreasons
Accounting for Accounting for
Debt Debt
InvestmentsInvestments
Accounting for Accounting for
Debt Debt
InvestmentsInvestments
Accounting for Accounting for
Share Share
InvestmentsInvestments
Accounting for Accounting for
Share Share
InvestmentsInvestments
Valuing and Valuing and
Reporting Reporting
InvestmentsInvestments
Valuing and Valuing and
Reporting Reporting
InvestmentsInvestments
Categories of Categories of securitiessecurities
Statement of Statement of financial positionfinancial position
Realized and Realized and unrealized gain unrealized gain or lossor loss
Classified Classified statement of statement of financial positionfinancial position
Holdings of less Holdings of less than 20%than 20%
Holdings Holdings between 20% between 20% and 50%and 50%
Holdings of more Holdings of more than 50%than 50%
Recording Recording acquisition of acquisition of bondsbonds
Recording bond Recording bond interestinterest
Recording sale Recording sale of bondsof bonds
InvestmentsInvestmentsInvestmentsInvestments
Slide 12-5
Corporations generally invest in debt or share securities for one of three reasons.
Why Corporations InvestWhy Corporations InvestWhy Corporations InvestWhy Corporations Invest
SO 1 Discuss why corporations invest in debt and share securities.SO 1 Discuss why corporations invest in debt and share securities.
1. Corporation may have excess cash.
2. To generate earnings from investment income.
3. For strategic reasons.Illustration 12-1
Temporary investments
and the operating cycle
Slide 12-6
Pension funds and banks regularly invest in debt and share securities to:
a. house excess cash until needed.
b. generate earnings.
c. meet strategic goals.
d. avoid a takeover by disgruntled investors.
QuestionQuestion
Why Corporations InvestWhy Corporations InvestWhy Corporations InvestWhy Corporations Invest
SO 1 Discuss why corporations invest in debt and share securities.SO 1 Discuss why corporations invest in debt and share securities.
Slide 12-7
Accounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt Instruments
SO 2 Explain the accounting for debt investments.SO 2 Explain the accounting for debt investments.
Recording Acquisition of Bonds
Cost includes all expenditures necessary to acquire these investments, such as the price paid plus brokerage fees (commissions), if any.
Recording Bond Interest
Calculate and record interest revenue based upon the carrying value of the bond times the interest rate times the portion of the year the bond is outstanding.
Slide 12-8
Accounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt Instruments
SO 2 Explain the accounting for debt investments.SO 2 Explain the accounting for debt investments.
Sale of Bonds
Credit the investment account for the cost of the bonds and record as a gain or loss any difference between the net proceeds from the sale (sales price less brokerage fees) and the cost of the bonds.
Slide 12-9
Illustration: Kuhl Corporation acquires 50 Doan Inc. 8%, 10-year, $1,000 bonds on January 1, 2011, for $54,000, including brokerage fees of $1,000. The entry to record the investment is:
Debt investments 54,000
Cash 54,000
Accounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt Instruments
SO 2 Explain the accounting for debt investments.SO 2 Explain the accounting for debt investments.
Jan. 1
Slide 12-10
Illustration: Kuhl Corporation acquires 50 Doan Inc. 8%, 10-year, $1,000 bonds on January 1, 2011, for $54,000, including brokerage fees of $1,000. The bonds pay interest semiannually on July 1 and January 1. The entry for the receipt of interest on July 1 is:
Accounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt Instruments
SO 2 Explain the accounting for debt investments.SO 2 Explain the accounting for debt investments.
Cash 2,000
Interest revenue 2,000
* ($50,000 x 8% x ½ = $2,000)
*July 1
Slide 12-11
Illustration: If Kuhl Corporation’s fiscal year ends on December 31, prepare the entry to accrue interest since July 1.
Accounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt Instruments
SO 2SO 2
Interest receivable 2,000
Interest revenue 2,000
Kuhl reports receipt of the interest on January 1 as follows.
Cash 2,000
Interest receivable 2,000
Dec. 31
Jan. 1
Slide 12-12
Illustration: Assume that Kuhl corporation receives net proceeds of $58,000 on the sale of the Doan Inc. bonds on January 1, 2011, after receiving the interest due. Prepare the entry to record the sale of the bonds.
Accounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt Instruments
SO 2 Explain the accounting for debt investments.SO 2 Explain the accounting for debt investments.
Cash 58,000
Debt investments 54,000
Gain on sale of debt investments 4,000
Jan. 1
Recording Sale of Bonds
Slide 12-13
An event related to an investment in debt securities that does not require a journal entry is:
a. acquisition of the debt investment.
b. receipt of interest revenue from the debt investment.
c. a change in the name of the firm issuing the debt securities.
d. sale of the debt investment.
Question
Accounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt Instruments
SO 2 Explain the accounting for debt investments.SO 2 Explain the accounting for debt investments.
Slide 12-14
When bonds are sold, the gain or loss on sale is the difference between the:
a. sales price and the cost of the bonds.
b. net proceeds and the cost of the bonds.
c. sales price and the market value of the bonds.
d. net proceeds and the market value of the bonds.
Question
Accounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt InstrumentsAccounting for Debt Instruments
SO 2 Explain the accounting for debt investments.SO 2 Explain the accounting for debt investments.
Slide 12-15
0 --------------20% ------------ 50% -------------- 100%0 --------------20% ------------ 50% -------------- 100%No significant
influence usually exists
Significant influence
usually exists
Control usually exists
Investment valued using
Cost Method
Investment valued using
Equity Method
Investment valued on parent’s books using Cost Method or Equity Method (investment eliminated in
Consolidation)
Ownership PercentagesOwnership Percentages
Accounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share Investments
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
The accounting depends on the extent of the investor’s influence over the operating and financial affairs of the issuing corporation.
Slide 12-16
Companies record
the investment at cost, and
recognize revenue only when cash dividends are
received.
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
Holdings of Less than 20% (Cost Method)
Accounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share Investments
Cost includes all expenditures necessary to acquire these investments,
such as the price paid plus any brokerage fees (commissions).
Slide 12-17
July 1
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
Holdings of Less than 20%Holdings of Less than 20%Holdings of Less than 20%Holdings of Less than 20%
Illustration: On July 1, 2011, Sanchez Corporation acquires 1,000 ordinary shares (10% ownership) of Beal Corporation. Sanchez pays $40 per share plus brokerage fees of $500. The entry for the purchase is:
Share investments 40,500
Cash 40,500
Slide 12-18
Dec. 31
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
Holdings of Less than 20%Holdings of Less than 20%Holdings of Less than 20%Holdings of Less than 20%
Illustration: During the time Sanchez owns the shares, it makes entries for any cash dividends received. If Sanchez receives a $2 per share dividend on December 31, the entry is:
Cash 2,000
Dividend revenue 2,000
Slide 12-19
Feb. 10
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
Holdings of Less than 20%Holdings of Less than 20%Holdings of Less than 20%Holdings of Less than 20%
Illustration: Assume that Sanchez Corporation receives net proceeds of $39,500 on the sale of its Beal shares on February 10, 2012. Because the shares cost $40,500, Sanchez incurred a loss of $1,000. The entry to record the sale is:
Cash 39,500
Loss on sale of share 1,000
Share investments 40,500
Slide 12-20
Holdings Between 20% and 50% (Equity Method)
Record the investment at cost and subsequently adjust
the amount each period for
the investor’s proportionate share of the earnings
(losses) and
dividends received by the investor.
If investor’s share of investee’s losses exceeds the carrying amount of the investment, the investor ordinarily should discontinue applying the equity method.
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
Accounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share Investments
Slide 12-21
Under the equity method, the investor records dividends received by crediting:
a. Dividend Revenue.
b. Investment Income.
c. Revenue from Investment.
d. Share Investments.
Question
Holdings Between 20% and 50%Holdings Between 20% and 50%Holdings Between 20% and 50%Holdings Between 20% and 50%
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
Slide 12-22
Illustration: Illustration: Milar Corporation acquires 30% of the ordinary
shares of Beck Company for $120,000 on January 1, 2011. For
2011, Beck reports net income of $100,000 and paid dividends of
$40,000. Prepare the entries for these transactions.
Share investments 120,000
Cash 120,000
Cash 12,000
Share investments 12,000
Share investments 30,000
Revenue from investments 30,000
Holdings Between 20% and 50%Holdings Between 20% and 50%Holdings Between 20% and 50%Holdings Between 20% and 50%
($40,000 x 30%)
($100,000 x 30%)
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
Jan. 1
Dec. 31
Dec. 31
Slide 12-23
After Milar posts the transactions for the year, its investment and revenue accounts will show the following.
Debit Credit
Share Investments
120,000120,000 30,00030,000
Debit Credit
Revenue from Investments
Holdings Between 20% and 50%Holdings Between 20% and 50%Holdings Between 20% and 50%Holdings Between 20% and 50%
SO 3 Explain the accounting for share investments.SO 3 Explain the accounting for share investments.
30,00030,000 12,00012,000
138,000138,000
Illustration: Illustration: Milar Corporation acquires 30% of the ordinary
shares of Beck Company for $120,000 on January 1, 2011. For
2011, Beck reports net income of $100,000 and paid dividends of
$40,000. Prepare the entries for these transactions.
Slide 12-24
Controlling Interest - When one corporation acquires a voting
interest of more than 50 percent in another corporation
Investor is referred to as the parent.
Investee is referred to as the subsidiary.
Investment in the subsidiary is reported on the parent’s books
as a long-term investment.
Parent generally prepares consolidated financial statements.
SO 4 Describe the use of consolidated financial statements.SO 4 Describe the use of consolidated financial statements.
Holdings of More Than 50%
Accounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share Investments
Slide 12-25
Consolidated statements indicate the magnitude and scope
of operations of the companies under common control.
SO 4 Describe the use of consolidated financial statements.SO 4 Describe the use of consolidated financial statements.
Holdings of More Than 50%
Accounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share InvestmentsAccounting for Share Investments
Illustration 12-5
Examples of consolidated companies and their subsidiaries
Slide 12-26
Answer on notes
page
Slide 12-27
Valuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting Investments
Categories of Securities
Companies classify debt and share investments into
three categories:
Fair value through profit or loss (FVPL) securities
Available-for-sale (AFS) securities
Held-to-maturity securities
These guidelines apply to all debt securities and all share investments in which the holdings are less than 20%.
SO 5 Indicate how debt and share investments are SO 5 Indicate how debt and share investments are reported in financial statements.reported in financial statements.
Slide 12-28
Valuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting Investments
Fair Value Through Profit or Loss (FVPL)
Companies hold securities with the intention of selling
them in a short period (< month).
Frequent buying and selling.
Companies report securities at fair value, and report
changes from cost as part of net income.
Changes are reported as unrealized gains or losses.
SO 5 Indicate how debt and share investments are SO 5 Indicate how debt and share investments are reported in financial statements.reported in financial statements.
Slide 12-29
Illustration: Investment of Pace classified as fair value through profit or loss securities on December 31, 2011.
Fair Value Through Profit or Loss (FVPL)Fair Value Through Profit or Loss (FVPL)Fair Value Through Profit or Loss (FVPL)Fair Value Through Profit or Loss (FVPL)
The adjusting entry for Pace Corporation is:
SO 5 Indicate how debt and share investments are SO 5 Indicate how debt and share investments are reported in financial statements.reported in financial statements.
Dec. 31 Market adjustment—FVPL 7,000
Unrealized gain—income 7,000
Illustration 12-7
Slide 12-30
Answer on notes page
Slide 12-31
Valuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting Investments
Available-for-Sale (AFS) Securities
Held with the intent of selling these investments sometime in the future.
Classified as current assets or as non-current assets, depending on the intent of management.
Report securities at fair value
Report changes from cost as a component of the equity
SO 5 Indicate how debt and share investments are SO 5 Indicate how debt and share investments are reported in financial statements.reported in financial statements.
Slide 12-32
Marketable securities bought and held primarily for sale
in the near term are classified as:
a. Available-for-sale securities.
b. Held-to-maturity securities.
c. Share securities.
d. Fair value through profit or loss
Question
Valuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting Investments
SO 5 Indicate how debt and share investments are SO 5 Indicate how debt and share investments are reported in financial statements.reported in financial statements.
Slide 12-33
Problem: How would the entries for fair value through
profit or loss securities change if the securities were
classified as available-for-sale?
The entries would be the same except that the
Unrealized Gain or Loss—Equity account is used instead of
Unrealized Gain or Loss—Income.
The unrealized loss would be deducted from equity rather
than charged to income.
Available-for-Sale SecuritiesAvailable-for-Sale SecuritiesAvailable-for-Sale SecuritiesAvailable-for-Sale Securities
SO 5 Indicate how debt and share investments are SO 5 Indicate how debt and share investments are reported in financial statements.reported in financial statements.
Slide 12-34
Illustration: Assume that Ingrao Corporation has two securities that it classifies as available-for-sale.
The adjusting entry for Ingrao Corporation is:
SO 5 Indicate how debt and share investments are SO 5 Indicate how debt and share investments are reported in financial statements.reported in financial statements.
Dec. 31 Unrealized gain or loss—equity 9,537
Market adjustment—AFS 9,537
Illustration 12-8
Available-for-Sale SecuritiesAvailable-for-Sale SecuritiesAvailable-for-Sale SecuritiesAvailable-for-Sale Securities
Slide 12-35
An unrealized loss on available-for-sale securities is:
a. reported under other revenue and expenses in the income statement.
b. closed-out at the end of the accounting period.
c. reported as a separate component of equity.
d. deducted from the cost of the investment.
Question
Available-for-Sale SecuritiesAvailable-for-Sale SecuritiesAvailable-for-Sale SecuritiesAvailable-for-Sale Securities
SO 5 Indicate how debt and share investments are SO 5 Indicate how debt and share investments are reported in financial statements.reported in financial statements.
Slide 12-36
Securities held by a company that are
(1) readily marketable and
(2) intended to be converted into cash within the next year
or operating cycle, whichever is longer.
Short-Term Investments
SO 6 Distinguish between short-term and long-term investments.
Investments that do not meet both criteria are classified as
long-term investments.
Statement of Financial Position Presentation
Valuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting InvestmentsValuing and Reporting Investments
Slide 12-37
Nonoperating items related to investments
Presentation of Realized and Unrealized Gain or Loss
Statement of Financial Position PresentationStatement of Financial Position PresentationStatement of Financial Position PresentationStatement of Financial Position Presentation
SO 6 Distinguish between short-term and long-term investments.
Illustration 12-10
Slide 12-38
Realized and Unrealized Gain or Loss
SO 6 Distinguish between short-term and long-term investments.
Unrealized gain or loss on available-for-sale securities is
reported as a separate component of equity.Illustration 12-11
Statement of Financial Position PresentationStatement of Financial Position PresentationStatement of Financial Position PresentationStatement of Financial Position Presentation
Slide 12-39 SO 6 Distinguish between short-term and long-term investments.
Classified Statement of Financial Position
(partial)
Illustration 12-12
Slide 12-40 SO 6 Distinguish between short-term and long-term investments.
Classified Statement of Financial Position
(partial)
Illustration 12-12
Slide 12-41
Identify where each of the following items would be
reported in the financial statements.
SO 6 Distinguish between short-term and long-term investments.Answers on notes page
Use the following possible categories:Intangible assets EquityProperty, plant, and equipment Non-current liabilitiesInvestments Current liabilitiesCurrent assets Other income and expenses
Statement of Financial Position PresentationStatement of Financial Position PresentationStatement of Financial Position PresentationStatement of Financial Position Presentation
Slide 12-42
Both IFRS and GAAP use the same criteria to determine
whether the equity method of accounting should be used—that
is, significant influence with a general guide of over 20%
ownership. GAAP uses the term equity investment whereas
IFRS uses the term associate investment to describe
investments under the equity method.
Under IFRS, both the investor and an associate company
should follow the same accounting policies. As a result, in
order to prepare financial information, adjustments are made to
the associate’s policies to conform to the investor’s books.
GAAP does not have that requirement.
Understanding U.S. GAAPUnderstanding U.S. GAAPUnderstanding U.S. GAAPUnderstanding U.S. GAAP
Key DifferencesKey Differences Investments
Slide 12-43
The basis for consolidation under IFRS is control. Under GAAP,
a bipolar approach is used, which is a risk-and reward model
(often referred to as a variable-entity approach) and a voting
interest approach. However, under both systems, for
consolidation to occur, the investor company must generally
own 50% of another company.
IFRS specifies the following four types of financial assets:
1. Financial assets at fair value through profit or loss.
2. Held-to-maturity investments.
3. Loans and receivables.
4. Available-for-sale financial assets.
The loans and receivables category does not exist under GAAP.
Understanding U.S. GAAPUnderstanding U.S. GAAPUnderstanding U.S. GAAPUnderstanding U.S. GAAP
Key DifferencesKey Differences Investments
Slide 12-44
The category of financial asset at fair value through profit or
loss is similar to the trading securities discussed in GAAP. As
noted in the chapter, this category also includes investments
that the company has decided to report at fair value. GAAP also
gives the company the option to report investments at fair value.
Unrealized gains and losses related to available-for-sale
securities are reported in other comprehensive income under
GAAP and IFRS. These gains and losses that accumulate are
then reported in the equity section. Under IFRS, they are
frequently reported in a line item labeled “Reserves” whereas
under GAAP, they are reported in accumulated other
comprehensive income.
Understanding U.S. GAAPUnderstanding U.S. GAAPUnderstanding U.S. GAAPUnderstanding U.S. GAAP
Key DifferencesKey Differences Investments
Slide 12-45
Looking to the FutureLooking to the Future
Understanding U.S. GAAPUnderstanding U.S. GAAPUnderstanding U.S. GAAPUnderstanding U.S. GAAP
As indicated earlier, both the FASB and IASB have indicated that
they believe that all financial instruments should be reported at fair
value and that changes in fair value should be reported as part of
net income. It seems likely, as more companies choose the fair
value option for financial instruments, that we will eventually arrive
at fair value measurement for all financial instruments.
Investments
Slide 12-46
Consolidated Statement of Financial Position
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
Companies prepare consolidated statements of
financial position from the individual statements of their
affiliated companies.
Transactions between the affiliated companies are
eliminated.
Appendix
Slide 12-47
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
Illustration: Assume that on January 1, 2011, Powers Construction Company pays $150,000 in cash for 100% of Serto Brick Company’s ordinary shares. Powers Company records the investment at cost, as required by the cost principle.
The combined totals do not represent a consolidated statement of financial position, because there has been a double counting of assets and equity in the amount of $150,000.
Consolidated Statement of Financial Position
Slide 12-48
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
Consolidated Statement of Financial Position
Illustration 12A-1
Slide 12-49
Use of a Worksheet—Cost Equal to Book Value
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
Illustration 12A-2
SO 7
Slide 12-50
Use of a Worksheet—Cost Above Book Value
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
SO 7 Describe the content of a worksheet for a consolidated statement of financial position.
Illustration: Assume the same data used above, except that Powers Company pays $165,000 in cash for 100% of Serto’s ordinary shares. The excess of cost over book value is $15,000 ($165,000 - $150,000).
Slide 12-51
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
Illustration 12A-3
SO 7
Use of a Worksheet—Cost Above Book Value
Slide 12-52
Consolidated Statement of Financial Position
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
SO 8 Explain the form and content of consolidated financial statements.
Illustration: The prior worksheet shows an excess of cost over book value of $15,000. In the consolidated statement of financial position, Powers first allocates this amount to specific assets, such as inventory and plant equipment, if their fair market values on the acquisition date exceed their book values. Any remainder is considered to be goodwill. For Serto Company, assume that the fair market value of property and equipment is $155,000.Thus, Powers allocates $10,000 of the excess of cost over book value to property and equipment, and the remainder, $5,000, to goodwill.
Slide 12-53
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
SO 8 Explain the form and content of consolidated financial statements.
Illustration 12A-4Consolidated Statement of Financial Position
Slide 12-54
Consolidated Income Statement
Preparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial StatementsPreparing Consolidated Financial Statements
Statement shows the results of operations of affiliated
companies as though they are one economic unit.
All intercompany revenue and expense transactions
must be eliminated.
A worksheet facilitates the preparation of consolidated
income statements in the same manner as it does for
the statement of financial position.
Appendix
SO 8 Explain the form and content of consolidated financial statements.
Slide 12-55
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