as. An examination of the accounting records from the ANS/j) The Review School of Accountancy Ses” Bel. No. 735-9807 & 734-3989 09 February 2014 (Sunday) AUDITING PROBLEMS 8:00 AM ~ 10:00 AM First Pre-Board Examination MULTIPLE CHOICE INSTRUCTIONS: Select the correct answer for each of the following questions. Mark only one answer for each item by sheding the box corresponding to the letter of your choice on the sheet provided. STRICTLY NO ERASURES ARE ALLOWED, Use pencil no. 2 only. PROBLEM 1: ERROR CORRECTION You are auditing for the first time, the financial statements of Ubix Textile Inc. for the period ended December 31, 2013. The company started its operations in 2011 and since then has not subjected its records to audit. Its unaudited statement of comprehensive income for from 2011 indicated the following net income: 2011 P1, 500,000 2012 1,750, 000 2013 2,000,000 inception of operations to December 31, 2013 indicates that several errors were made. The following errors were discovered: (a+ Salary accruals were consistently omitted at the end of the following years: 2011 P110,000 2012...108, coe ‘ 2013 140,000 b. The footings and extensions showed that the inventory on December 31, 2012 was overstated by P190,000 and inventory on December 31, 2013 was understated by P120,000. P150,000 worth of inventories were received on January 4, 2014. Upon investigation you discovered that these goods were shipped by the oupplier on December 30, 2013. FOB Shipping point. The invoice on these merchandise were received on December 31 and was recorded as purchases but the goods were not included in the physical count as of December 31. _ ° d. Unused supplies were consistently omitted at the end of each year: 2011 P50, 000 2012 75,000 a 2013 60,000 7 @. A P200,000, 2-year insurance was paid in July 1, 2012 and was charged to insurance expense. The premium however covers the Period July 1, 2012 to June 30, 2014. f. On January 1, 2012 an equipment costing P400,000 was sold for P220,000. At the date of sale the equipment had carrying value of P160,000. The cash received was recorded by the company as miscellaneous income. ? 9. You also discovered that on January 1, 2012, the company fompleted the construction of the left wing of its factory building incurring a total cost of P280,000, which it had| | t ReSA: The Review Schoo! of Accountancy ‘ Page 2 of 10 charged to repairs expense. The said building has a total life of 15 years from the beginning of operations in 2011, Required: G@) A+ What is the correct net income in 20117 a. 1,500,000 gl. 1,440,000 b. 1,550,000 @. 1,390,000 (Cy 2+ What is the correct net income in 20122 a. 1,955,000 @. 1,845,000 b. 1,885,000 d. 1,785,000 #*S ‘A /3. wnat is the correct net income in 2013? LS 2,285,000 ©. 2,385,000 b. 2,305,000 “ d. 2,405,000 A <4: What is the retroactive adjustment to the 2013 retained earnings beginning as a result of the audit? Lor. 35,000 cc. 195,000 Yrs Bee 15, 000 d. 175,000. ; D ~5- What is the net effect of the errors to the 2013 working capital? a. 120,000 ce. 190,000 b. 150,000 sf. 240,000 PROBLEM 2: ERROR CORRECTION You were assigned to audit the financial statements of Exxon Corp. for the first time as of and for the period ended December 31, 2013. Exxon Corp. has commenced its operations in 2011 and has reported the following net income: 2011 P1,000, 000 2012 2,000,000 os 2013 ’ 3,600, 000 The following reflects the result of your investigations: a. Collections of a P40,000 accolnts receivable in 2013 has been “ erroneously credited to notes receivable. b. Purchase of P20,000 office supplies has been debited to the Purchases account in 2013. P5,000 from office supplies remained unused by the end of 2013 and was not reflected in the accounting records by year end. ©. The physical count of inventories at the end of each year wore misstated as follows: 2011, overstated 20,000 2012, understated 30,000 2013, overstated 5,000 a. The following year-end advance payments to suppliers for deliveries made the following year were debited to purchases upon payment: 2011 P60, 000 " 2012 80,000 " e. The following year-end advance payments from customers for deliveries made the following year were credited to sales upon receipt of cash: 2012 P50, 000 2012 100,000 2013 40,000 f£. Remodeling costs amounting to P200,000, incurred prior to the use of the building acquired on January 1, 2011 had been charged to expense. The building had a cost of P1,600,000 and AUDITING PROBLEMS - FIRST PRE-BOARD EXAMINATION (BATCH 27) - EXReSA: The Review School of Accountancy Page 3 of 10 has been depreciated over its useful life of twenty years with no salvage value. 9g. From inception of operations, the company has declared and paid dividends amounting to 500,000 in 2011, 250,000 an 2012. On December 15, 2013 the BoD foved the declaration of 2013cash dividends totaling to €150,000},to stockholders so of December 28, 2013 payable on January 31, 2014. The December 15 declaration of dividends is yet to be recorded by the company. Required: 6. What is the adjusted net income in 20112 a. 1,180,000 ¢. 940,000 b. 1,235,000 a. 950,000 “7, What is the adjusted net income in 20137 a. 3,360,000 c. 3,530,000 b. 3,490,000 @. 3,540,000 A: What is the retroactive adjustment to the retained earnings, beginning 20132 a. 190,000 ce. 192,500 b. 190,500 d. 195,000 9. What is the effect of the errors to the 2013 working capital? a. 190,000 overstatement c. 40,000 overstatement b. 150,000 overstatement A. 40, 000understatement. 10. What is the adjusted retained earnings, end 2013? < a. 5,280,000 c. 5,630,000 b. 5,830,000 ad. 5,880,000 PROBrE CASH/ACCRUAL, SINGLE ENTR’ @n analysis of incomplete records of Maxwell Corporation produced the following information applicable to 2013: Summary of cash transactions were as follows: CASH RECEIPTS: Collections on accounts receivable 27,600,000 Collections on notes receivable 2,400, 000 Purchase returns and allowances (note a) 500,000 Fecovery of previously written off accounts (not included in the collections on accounts receivable above, note b) 70,000 . CASH DISBURSEMENTS: Payments on accounts payable 13,200,000 Payments of notes payable, trade "2, 300,000 Sales returns and allowances (note c) 400,000 Insurance 700,000 Saldries 10,000,000 Other expenses 1,500, 000 Dividends 1,000,000 Additional information: a. Total purchase returns and allowances amounted to P800,000. Purchase discounts taken was at P350,000. b. Write-off of accounts receivable during the year amounted to P310,000. . Total sales returns and allowances amounted to P1,200,090. Bales discount taken by customers was at P1,G00, 000. AUDITING PROBLEMS - FIRST PRE-BOARD EXAMINATION (BATCH 27)ReSA: The Review School of Accountancy ‘ Page 4 of 10 a. The following information regarding increases and decreases in relevant balance sheet accounts were also ascertained: ACCOUNT INCREASES ACCOUNT DECREASES Cash 2? Inventory + 1,000,000 Recounts receivable + 1,400,000 Notes receivable * 600,000 Allow for bad debts . 180,000 Accrued salaries 330,000 Accounts payable 850,000 Notes payable-trade Prepaid insurance 200,000 \7950,000 Accum. Depr. 900,000 Required: Determine the audited balances under accrual basis of the following: Al. Gross sales a. 33,510,000 c. 33,710,000 b. 33,780,000 6. 33,810,000 B 12. Gross purchases : ‘ a. 16,000,000 c. 16,450,000 b. 16,050, 000 a. 16,300,000 C+ 33. Gross profit a. 13,960,000 gi 14,810,000 b. 13,910,000 d. 14,910,000 Co Bk. bad debt expense a. 380,000 420,000 b. 200,000 ad. 490,000 AA 35. Net income : A. 1,160,000 ©. 1,050,000 b. 1,150,000 d. 1,060,000 PROBLEM 4: STOCKHOLDERS’ EQUTTY The Orion Corp. has requested you to audit its financial statements for the year 2013. During your audit, Orion Corp. presented to you its statement of financial position as of December 31, 2012, which had the following shareholders’ equity section: . Shee ene Convertible Preference shares, P19 paz: 90/000 shares 900,000 authorized and issued, 9,000 in the Treasury. Ordinary shares, P4 ‘par value, 900,000 shares 2,700,000 authorized, 675,000 shares issued and outstanding Share premium - Preference “eo 450, 000%°%, Share premium - Ordinary ; 1,350,090 ’ Reserve for depreciation 1,260,000 Reserve for plant expansion 290, 000 Accumulated profits 3,375, 000 Treasury shares at cost (108, 000) Audit notes: a.On March 1, 2013, the Reserve for plant expansion was increased by P100,000. b. 4,500 of the treasury shares were resold for Pi® per share on August 30, 2013. c. The preference shares are convertible to ordinary shares at the rate of 1 preference share to 3 ordinary shares. 20,000 of the preference shares were converted on October 2, 2013. mber 1, d. A cash dividend of P3 per share was declared on 0 2013. to preference shareholders and 0.50 per, shara to ; ordinary sharcholders as of record December 15, 2013. Phe , dividends are payable on January 15, 2014. | AUDITING PROBLEMS - FIRST PRE-BOARD EXAMINATION (BATCH 27) fanReSA: The Review School of Accountancy Page 5 of 10 e. On December 31, 2013, the Reserve for plant expansion was decreased by P45,000 which represents the carrying value of a machine destroyed by fire on that date (Cost 450,000, accumulated depreciation P405,000). Additional fire cleanup costs of P5,000ware incurred and does not appear in the records yet. f£, The December 31, 2012 Accumulated profits consists of the following: Donated land from a stockholder 675,090 Gains from treasury stock transactions 76,500 Earnings retained in the business 2,623, 500 53,375, g. The unadjusted net income for the year ended December 31, 2013 was P990,000. Based on the information above, answer‘the following: B As. the conversion of the preference shares on October 2, 2013 1 require a credit to: ordinary shares, P200,0/ ©. Share premium, P240,000 Share premium, P60, 000 d. Accum. Profits, P60,000 x © Al. How much is the total cash dividends declared on December 1? a. $50,500 oe 564,000 b. 534,000 a 577,500 CAB. what is the total additional paid-in capital as of Decenber 31, 20137 a. 2,435,000 f 2,538,500 b. 2,535,500 a 2,588,500 D 19. What’ is the total unappropriated accumulated profits as of December 31, 2013? a. 2,835,500 c. 2,899,500 b. 2,904,500 4d. 2,845,500 A 20. What is the total stockholders’ equity as of December 31, 2013? a. 9,414,000 c. 9,514,000 bl 9,468,000 4. 9,528,000 PROBLEM 5: STOCKHOLDERS EQUITY The stockholders’ equity accounts of Nextel Inc. had the following balances as of December 31, 2012 Ordinary shares, ¥10 par vaiue, 1,000,000 shares authorized, 750,000 shares issued 7,800,000 Share premium 6, 000,000 Accumulated profits 4,500,000 The following transactions occurred in 201 a. On January 5, 2013 the company ceacquired 1,050,000. 0 shares av b. On February 20, the company issued additional 20,000 shares (from previously unissued lot) in exchange of a piece of equipment. The shares wexe currently selling on this date at P22/share. ©. On March 31, Nextel Inc. declared a 4 to } share split down qd. On June 1, the company reissued 3,000 of the treasury shares at P90 per share. e- On August 2, the company teissued another. 5,000, of the treasury at P75 per share. AUDITING PROBLEMS - FIRST PRE-BOARD EXAMINATION (BATCH 27) if£. On September 20, received subscriptions from various subscribers for 15,000 shares at P80’ per share subscription price. The company received 26% downpayment. from. these subscriber. 3 g. On-October 1, Nextel Inc. declared a piece of land carried in its books at P2,100,000 as property dividends distributable to its shareholders on January 31, 2014, The fair value of the a land on October 1 is at P2,500,000.” By the end of the year the fair value of the land increased to P2,800,000 and is not i expected to-change by the settlement date on January 31, i h. On December 1 the company declared a P3 per share cash i dividends te stockholders of record December 20, payable on January 31, 2014. i. The adjusted net income for 2013 was at P1,350,000. Required: D At. the entry to record reissue of treasury on August 2 required a debit to: a. share premium, 45,000 b. share premium, 227,000 4 accum. profits, P45,000 accum. profits, P27,000 YAR te entry to record the property dividend declanivion” os October 1 shall require a debit to accumulated profits at: a. 2,100,000 c. 2,800,000 b. 2,500,000 d. none P 23. How much shall be recognized in the profit/loss that will result from the settlement of the property dividends on January 31, 20142 ‘a. none + 400,000 A b. 300, 000 + 700,000 469 C/ 34 How much is the total cash dividends declared in December 1? ¥ a. $64,000 x% 609,000 b. 585,000 a. 622,500 ® 25. what is the adjusted balance of the Accumulated profits - unappropriated account as of December 31, 2013? a, 2,414,000 ©. 2,063,000 b. 2,036,000 ad. 2,441,000 PROBLEM 6: LIABILITIES In line with your audit of Colombus Corp.’s liabilities account as of December 31, 2013, the following schedule was provided to you by the client’s accountant: Current liabilities Accounts payable 225,000" . Warranties liabilities 140,000 Accrued salaries 184,600. P5439, 800 Noncurrent liabilities 108, Serial notes payable P2,000,000 8%, Bonds payable —5+000,000 7,000, 000 Audit notes: a. The accounts payable is for purchases of merchandise from suppliers. The amount exclude goods costing P25,000, purchased and received on December 31, 2013 but’ the invoice for which has not been received from the supplier yet as of December 31, 2013. | b. The company commenced a one-year warranty program in 2012. In relation to this, the company estimates that 40% of goods sold shall be returned for repairs. The company estimates AUDITING PROBLEMS ~ FIRST PRE-BOARD EXAMINATION (RATCH 27) - amf A cre ReSA: The Review School of Accountancy Page 7 of 19 478. i med is at P75 in parts further that cost to repair goods retur: and‘ labor. Details about the said warranty program are as follows: 2012 2013 Sales in units 12,990 14,506 Actual warranty costs 2228, 000 F368, 000 sr Actual warranty costs incurred for each year we: appropriately charged to warranty expense. The balance in the warranties liability account is the accrued liability in 2012. No adjustment had been made yet to the same account as of December 31, 2013. The accrued salary is the balance of the company’s liability for compensated absences in 2012. Adjustments are yet to be made on the account as of December 31, 2013. The company allows employees to carry forward unused leaves earned during = the current year up totwo years only, thereafter it shall expire. As per past experience, only 80% of the leavesallowed to be carried forward from previous years are ultimately exercised. The following information are deemed relevant in your audit of the said account: 2012 2013 Leaves earned in 2011 forwarded to 240 days Leaves earned in the current year 1,200 days 1,320 days Leaves used earned in prior years 180 days 220 days Leaves used earned in the current year 710 days 930 days Avarage daily salary rate Pa20 P450 d. The 10% serial notes payable was originated in september 30, 2012 and had an original face value of €2.5M. The same is payable at P500,000 plus interest every September 30 starting 2013. ‘The principal and interest payment was made and appropriately recorded during the current year. Accrual of interest at year-end is yet to be made e. The 8% bonds was originated on January 2, 2013 when the prevailing market rate of interest was at 10%. The bonds shall mature on December 31, 2015. The same was recorded as a debit te cash for the cash consideration received, credit to bonds payable at face value with the difference being charged to interest expense. Semi-anwual interest payments on the bonds were made and appropriately recorded in June 30 and December 31. You ascertained that amortization of any premium or discount should he made under the effective interest method. Required: 6. What is the correct warranties payable balance as of December 31, 20137 4. 207,000 ¢. 360,000 b. 435,000 d. 225,000 oN 27; What is the correct salaries payable for compensated absences ‘as of December 31, 2013? a. 229,100 ce. 237,600 b. 259,200 d. 297,000 How much is the proceeds from the issuance of the bonds payable? 4,746,215 ©. 4,822,702 b. 4,783,526 d. 4,863,838 J) 29. nat is the total current liabilities as of December 31, 20137 +. 1,163,600 ©. 1,194,600 b. 1,219,600 a. 1,224,600ReSA: The Review School of Accountancy Page 8 of 10 (30. what is the total non-current liabilities as of December 31, 20137 a. 6,246,215 (2 6,322,702 b. 6,283,526 d. 6,363,638 PROBLEM 7: LIABILITIES You were assigned to audit the various liability accounts of Tango Corp., a washing machine manufacturer, for the year ended December 31, 2013. Upon your request, the following schedule was furnished to you by the accountant: Estimated premiums payable “PI, 400, 000 |Pey - Provision for litigation cases _ 3,000,000 Lease liability © 4, 500, 000 Audit notes: . ‘a. The company has an on-going promotional program whereby each washing machine sold comes with 5 coupons. 25 coupons plus P2,000 shall entitle the customer/distributor a dryer which originally costs P6,000. The dryers can be redeemed 2 years after receipt of the coupons from purchases. The company estimates that 40% of the coupons issued with the washing machines sold will ultimately be presented for the premiums redemption. The balance in the estimated premiums payable account is the accrued liability in the prior year. The beginning inv y of dryers was 00 units. During the year additional 1,000 dryers were acquired. An inventory of | the remaining dryers on hand at year-end places the count at 240 units. The company sold 12,000 units of washing machines during the current year. The redemption of premiums for the current year were appropriately recorded by the company. b. During 2013, Tango was sued by a competitor for P5,000,000 infringement suit of a trademark. Based on the legal counsel’s advise, Tango accrued the sum of 3,000,000 as a provision. On February 15, 2014, the Supreme Court decided in favor of the party alleging the infringement and ordered the defendant to pay the aggrieved party a sum of P3,509,000. The financial statements of Tango were approved by the 80D for issue on February 20, 2014. c. The company entercd into 2 19 yoar lease agreement with Jack Corp. on January 1, 2013 on a warehouse. The agreement requires a periodic payment of P500,000 every December 31. The implicit lease rate known to both parties was at 9%. There is no bargain purchase option and the asset shall be reverted back lo Jack Corp. at the expiration of the lease term. The building which had a 15 year useful life had a fair value of P3,500,000 on January 1, 2013. The entries made by the client were as follows: Jan. 1, Building P5, 000,000 Lease Liability 25,000,000 ‘ Dec. 31, Lease Liability 500,000 cash 500,000 Requirements: (31. What is the correct estimated premiums payable as of December 31, 20132 2. 960,000 ©. 1,000,000 b. 990,000 a. 1,120,000 32. What is the correct provision for litigation «, is of BP ecanber 31, 20132 i ae oe a, 3,000,000 ©. 4,000,000 J6. 3,500,000 4. 5,000,000 AUDITING PROBLEMS - FIRST PRE-BOARD EXAMINATION (BATCH 27)ReSA: The Review School of Accountancy Page 9 of 10 C33. “ma i te correct carrying vatye of the lease Liability as of becember 31, 2013? \ s a. 4,500,000 ff. 2,997,623 b. 3,208,829 d. 2,767,410 B34. what is the carrying value of the warehouse under finance lease as of December 31, '2013? a. 4,500,000 ¢. 3,150,000 AS. 2,887,946 a. 2,997,623 B ps. wnat is the total current liability as of pecember 31, 20137 a. 4,230,214 c. 4,769,786 JB. 4,730,214 d. 5,000,000 PROBLEM 8: LIABILITIES AND STOCKHOLDERS’ EQUITY The following post-closing trial balance has been presented to you by the accountant of PX Corp. in line with your audit of its financial statements as of and for the period ended December 31, 2013: Cash ~~ P252,000 “Trading Securities ~~ 500,000 Receivables = Tnventorie: Prepayments Building 1,250,000 ‘Accumulated Depreciation 250,000 Equipment. 850,000 Accumulated Depreciation 255,000 Accounts payable 325,000 Accrued expenses | | 75, 000 128 Notes payable - Bank, ° Due Dec. 31, 2015 200,000 Bonds payable = Due December 31, 2016 | 1,000,000} - Ordinary shares, P5 par, 100,000 authorized 500,000 108, Preference 5! | 50,000 authorized 3 650,00 Accumulated profits 456,000] - Total 3,711, 600 | 3,711, 600 « Audit notes: a. Of the authorized ordinary shares, 50,000 shares were issued 5,000 of which were reacquired at P@ per share. b. Of the authorized preference shares, 15,000 shares were issued and outstanding. c. The trading securities balance, included PX Corp. ordinary shares xeacquired and were restated at its prevailing fair value of P10 at year-end. Gain on the xestatement was recognized in the profit/loss of the current year. d. On December '28, 2013, the BOD of PX Corp. declared the annual cash dividends to preference shares and a 15% stock dividends to ordinary shares. The same has not been reflected in the company’s books as of the end of reporting date. The fair value of the shares on this date was at P10. @. The 12% notes payable to the bank is due on December 31, 2015. Interest are payable annually every December 31. The agreement with the bank includes the maintenance of an equity to debt ratio of 2:1. As of December 31, 2013, the company is in violation of this covenant. on January 15, 2014 the bank AUDITING PROBLEMS ~ FIRST PRE-BOARD EXAMINATION (BATCH 27) A>ReSA: The Review School of Accountancy Page 10 of 10 gave the company a grace period up to January 2015 to rectify the breached agreement during which the bank will not be demanding payment of the loan. f.0n January 25, 2014, a customer filed a P300,000 lawsuit against the company for damages it suffered when it used an allegedly defective merchandise sold to the same customer in 2013. ‘Through your letter of audit inquiry, the company lawyers opined that it is probable that the company will be liable for such damages and that the extent of liability will be within the range of P150,000 to P250,000. On March 1, 2013, the company agreed to settle out of court paying P220,000 to the customer. g. The financial statement were authorized for issue on April 15, 201 Required: ® 736. The stock dividends declaration shall require a debit to accumulated profits at: a. 33,750 c. 37,500 p. 67,500 d. 75,000 (CL 3t-__shat is the amount of provision, if there are any to be accrued as a result of the audit note fi a. None 220,000 b. 200,000 a. 300,000 D 38. what is the totel current liabilities to be reported in the 2013 statement of financial position? a. 620,000 820,000 B. 650,000 350,000 Ly 39. What is the net adjustment to rhe 2013 net income? a. 210,000 c. 230,000 b. 220,000 240,000 40. what is the adjusted balance of accumulated profits- “ unappropriated as of December 31, 7013? fo 88,500 c. 118,500 ‘b. 128,500 d. 132,500‘AUDITING PROBIEM - FIRST PRE-BOARD EXAMINATION (B27) | RENEO/ESPENILLA/JAMES ‘SOLUTION GUIDE zy, amas memcazaln cant S20, “L2MSn Edoobo “aise “sioom GEES, sconoo asnoon at seo como, “i389 (r0.900 fone 1200 E28 ee som 9.000) ie) cae 7500 Te oom 130000 100 oss soot 1x00) uso eo #8) son, tna a sth deren te alanis rer of etd i (13) ee ence 3: WC7013 000 zoe ‘3000 (300.00 an 20000 8) ea ego . ee Tate 00 cat econ on nce eon) Sete Sac arrose wawentan 310000] 70.000 Resery ef evo wt | as RSG es tt we “S006 ie 5 EE nee npn, sce pmmertecroanane, vase 15500200] anosooee Aecusltanm vardaes Spomccne | "t {sooeesey [—FST00 Accounts Payable, incressa, . Gross Sales 33,710,000 ’ SS arte Buse Seer denon, ues se.ni0a00 Tears connotes sora. : inet nace decom “sion mene ne SS i Sens grey 20000 _ (15200000, ‘Serene TEEPE aa.0. Sra Se “ass 00) Sasors ooin 70.0 200.0 {siaooy StercTaemes tion soos, aac) Depreciation (incranse in sccum dor) Oe Nevhecome caudeedes 1s.ts os SuPrem-f3 ShPam-O5 ShPrem-1St Oona Cao. Pace Anan TS ‘Begin bre onze amo "Saat 386.000 ‘item Fars ieee hres nacre fy ort oxonion Gwoae “aceon Skceem stun ae ate 4.00 2 clyesen ars 200.000) 240900 (00.000) «0.000 ‘S Gatharren ection (4000 msm 675000 gsuson Secon = eum 0,200 mare oat esion e000 » 1900 rary saree 400 Borecremum ST Bee erence share (29,000°710) 200900 : ‘teak hve ft speci, tind Seer amano 0900 00 Ba eon resco : seer shafts 24.0010 hadnigat Pid aca! . Se seme Sotewen-omev 183 Sreiemam or Tae eee me SERGE Tartwesen SEBS fein Rene Goce TESS aac tase 22h enirita cewor. ESS nn "ae Seca raise en, Promcn S caoment ‘Sey se renee Sarerramae-O5 aos Memo: for tino, "Fon Sy te a 172.309 ahem: hms Dom tPA oe Fee reyes sao uh nb mmr fom 72k coe/TS 10 PO ot S com, 70200 "Pmry Suet 200-704) rs000 Saecremamets| “0 * Page 204(. cas czomeas.c00rr80) 240.900 ‘Steerer acon eon, sees ‘Scales isso 2a ‘Steeenun sos ‘oi e.morenry OMENS: Seneca “Aecemcace roms some me em knoe rece ants aa scan oo} 2.00.0 wupee ster one: Nima ete 200.000 cera itn of MEANS cn Yt Nee a CY ‘ary cr pvaia oot ron Serre on Dry 3.2034) Mer sooo 02 eon hsa aor Dcel 2,300,009 = ee cones on pe ctr dtm, ns aca oe ha il under PRS wee 8 Se ee tamer ef ca sok Ph cr a oe a (2.5) hosted rt osm SS rte roe ‘ om Som aca Sere, ain 0000 0 oar Teste tise Emacs ctvoe ware Seco “Sone Senso recs sea iio Eseceson ee, . ‘Samah an ater sare, 2/1 ay Shanon tae i ‘eacicom amioente ee ne 1 te uaey 1.20.09 “Rod ete 1.350.900 * healt st 7.00 nad ote teary s7es00 orcas 25,000 ‘Were evan 340,000 Wormer eens 140,000 Worerty exarce 207.000 Estimated expan 2012: (12,000%0%)°975 (etal est oe, 2012 20,000 ‘Worrartnspovee, 2012 ‘mated expanen 2023: (14500%40%)°975 ‘ss.000 ‘etl cost pend, 2033 ‘wacramties pevabie, 2023 37,500 26.4, ves eared 2012 aves used n 2012 (oir and crrert) ‘ota unused ones ‘acai rehab arin ae Cotees tht wl pctbiy mate ‘Mati by corre slay rte (ecru Solrtes Eparon, 2012 Lames sored in 2012 Loves corned in 2032 usin 2012 _ 1D ‘Une owes om 2032 ee Usmves ened n 2033 Laver ween 2013 (ror aed cure) 11359) “Yea unused vee Sco acy bye probable marcerate ON Caren hut reat rete oe tty by currant sly rte (Recrecd Gotarics Gxponse, 2023 EAT 609 27. Iter expense 50.020 4g MTS papel CMeBORea/22) 50,000 (6 Decaunt on bods parable 37290 ‘haere expence ana8 roca rom bond issuance: Present wae of Cas lowe in ina eactiva ata (em anvu: 5%6) reco 500 60%0 3za107 Trenreat 260,000. 5.136 Proceeds from ewance Riaggis~ 2A. Amortzaton: Covet Inert Nominal Inter Arortizato Sarai 1, 2013 4746235 ‘pane 90, 2015: * za ogo a ATH S26 gaeams = Poon Sane Agaee ass Tet wr ua (ne aarti) ae ain wean . Sac Saco ame Sorwee oogale Bae ares oreo ee Prt sna00 Scvemootonceen tomes __ 550008 Azo 28. owcerest ins Socsense(essmercatie) Senna ssmarer 2c ree som TE pce re ett ines ee “Laewe tettey amortiraton tae Povment “Interest expanse Pro! — a = = =n oe ‘Sin onenorant a of court mase ar 5c Shetek fore the suance oF in Tres (hana) Suomen Eset festa rt Can crc ten 705,009) Seon te imehromon ‘Aeommemens potas mceecereated Bebe 0am, Poen ht EMLO/ESPEDMULAPAMES,