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Partnerships Chapter 12 Copyright © 2007 Prentice-Hall. All rights reserved 1 Partnerships Chapter 12 Copyright © 2007 Prentice-Hall. All rights reserved 1

Ch. 12 – Objectives: • • 1. Characteristics of a Partnership 2. Account for Ch. 12 – Objectives: • • 1. Characteristics of a Partnership 2. Account for Partner Investment 3. Allocate Profit/Loss 4. Account for Admission of new partner 5. Account for a partner’s Withdrawal 6. Account for Liquidation of a Partnership 7. Prepare Partnership Fin. Statement Copyright © 2007 Prentice-Hall. All rights reserved 2

Objective 1 Identify the characteristics of a partnership Copyright © 2007 Prentice-Hall. All rights Objective 1 Identify the characteristics of a partnership Copyright © 2007 Prentice-Hall. All rights reserved 3

Partnership • Association of two or more persons who coown a business for a Partnership • Association of two or more persons who coown a business for a profit • Combines – Capital – Talent – Experience Copyright © 2007 Prentice-Hall. All rights reserved 4

Partnership Agreement • Contract between partners should specify – Name, location, and nature of Partnership Agreement • Contract between partners should specify – Name, location, and nature of business – Name, investment, and duties of each partner – How new partners are admitted – How profits and losses are divided up – Withdrawals of assets by the partners – How to settle up with a withdrawing partner – How to liquidate the partnership Copyright © 2007 Prentice-Hall. All rights reserved 5

Characteristics of a Partnership • • • Limited life Mutual agency Unlimited liability Co-ownership Characteristics of a Partnership • • • Limited life Mutual agency Unlimited liability Co-ownership of property No partnership income taxes Partners’ capital accounts Copyright © 2007 Prentice-Hall. All rights reserved 6

Types of Partnerships • General partnership – basic form • Limited partnership – two Types of Partnerships • General partnership – basic form • Limited partnership – two classes of partners Copyright © 2007 Prentice-Hall. All rights reserved 7

Limited Liability Company • Its own form of business organization – Owners are called Limited Liability Company • Its own form of business organization – Owners are called members – Limited liability – Members can participate in management – Can elect not to pay business income tax Copyright © 2007 Prentice-Hall. All rights reserved 8

S Corporations • Corporation taxed as a partnership – Limited liability of owners – S Corporations • Corporation taxed as a partnership – Limited liability of owners – No corporate income tax – Stockholders pay personal income tax on their share of income Copyright © 2007 Prentice-Hall. All rights reserved 9

Objective 2 Account for partner investments Copyright © 2007 Prentice-Hall. All rights reserved 10 Objective 2 Account for partner investments Copyright © 2007 Prentice-Hall. All rights reserved 10

The Partnership Start-Up • Record assets invested by partners at fair market values • The Partnership Start-Up • Record assets invested by partners at fair market values • Record liabilities assumed at fair market values • Each partner has his/her own capital and withdrawals account Copyright © 2007 Prentice-Hall. All rights reserved 11

E 12 -15 GENERAL JOURNAL DATE DESCRIPTION REF Cash Accounts Receivable Furniture Building Note E 12 -15 GENERAL JOURNAL DATE DESCRIPTION REF Cash Accounts Receivable Furniture Building Note Payable 10, 000 Accounts Payable 3, 000 N. Fuentes, Capital Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 8, 000 10, 000 1, 000 90, 000 12

Objective 3 Allocate profits and losses to the partners Copyright © 2007 Prentice-Hall. All Objective 3 Allocate profits and losses to the partners Copyright © 2007 Prentice-Hall. All rights reserved 13

Sharing Profits and Losses • Stated fraction for each partner • Based on percent Sharing Profits and Losses • Stated fraction for each partner • Based on percent of capital balances of the partners • Based on each partner’s service • Combination Copyright © 2007 Prentice-Hall. All rights reserved 14

Sharing Profits and Losses • If no partnership agreement, the law states earnings will Sharing Profits and Losses • If no partnership agreement, the law states earnings will be divided equally • If agreement specifies how to share profits, but not losses – losses are shared the same way as profits Copyright © 2007 Prentice-Hall. All rights reserved 15

E 12 -16 a Net loss B. Fultz J. Hardie ($90, 000) 45, 000 E 12 -16 a Net loss B. Fultz J. Hardie ($90, 000) 45, 000 GENERAL JOURNAL DATE DESCRIPTION REF B. Fultz, Capital J. Hardie, Capital Income Summary 90, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 45, 000 16

E 12 -16 b Net income B. Fultz (40, 000/120, 000) x 60, 000 E 12 -16 b Net income B. Fultz (40, 000/120, 000) x 60, 000 J. Hardie (80, 000/120, 000) x 60, 000 $60, 000 20, 000 40, 000 GENERAL JOURNAL DATE DESCRIPTION REF Income Summary B. Fultz, Capital 20, 000 J. Hardie, Capital 40, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 60, 000 17

E 12 -16 c B. Fultz J. Hardie Capital Bal. Service Remainder Total $20, E 12 -16 c B. Fultz J. Hardie Capital Bal. Service Remainder Total $20, 000 12, 000 5, 000 $37, 000 $40, 000 18, 000 5, 000 $63, 000 Copyright © 2007 Prentice-Hall. All rights reserved Net income to be distributed $100, 000 40, 000 10, 000 0 18

E 12 -16 c GENERAL JOURNAL DATE DESCRIPTION REF Income Summary B. Fultz, Capital E 12 -16 c GENERAL JOURNAL DATE DESCRIPTION REF Income Summary B. Fultz, Capital 37, 000 J. Hardie, Capital 63, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 100, 000 19

Partner Drawings • Reduces capital • Debit Drawing and credit Cash • At period Partner Drawings • Reduces capital • Debit Drawing and credit Cash • At period end, close drawing to capital Copyright © 2007 Prentice-Hall. All rights reserved 20

Objective 4 Account for the admission of a new partner Copyright © 2007 Prentice-Hall. Objective 4 Account for the admission of a new partner Copyright © 2007 Prentice-Hall. All rights reserved 21

Purchasing a Partner’s Interest • Equity is transferred from retiring partner to new partner Purchasing a Partner’s Interest • Equity is transferred from retiring partner to new partner – Debit retiring partner’s capital – Credit new partner’s capital • Partnership assets are not affected Copyright © 2007 Prentice-Hall. All rights reserved 22

E 12 -18 a G. Rose, Capital C. Novak, Capital Total $100, 000 50, E 12 -18 a G. Rose, Capital C. Novak, Capital Total $100, 000 50, 000 $150, 000 GENERAL JOURNAL DATE DESCRIPTION REF C. Novak, Capital H. Hollis, Capital 50, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 50, 000 23

E 12 -18 a Balances: G. Rose, Capital H. Hollis, Capital Total Copyright © E 12 -18 a Balances: G. Rose, Capital H. Hollis, Capital Total Copyright © 2007 Prentice-Hall. All rights reserved $100, 000 50, 000 $150, 000 24

Investing in the Partnership • New partner contributes assets to the partnership in exchange Investing in the Partnership • New partner contributes assets to the partnership in exchange for a share of the business Copyright © 2007 Prentice-Hall. All rights reserved 25

Investing in the Partnership at Book Value • New partner invests assets equal to Investing in the Partnership at Book Value • New partner invests assets equal to his/her interest in the new partnership – Debit assets – Credit new partner’s capital Copyright © 2007 Prentice-Hall. All rights reserved 26

E 12 -18 b G. Rose, Capital C. Novak, Capital Total before admitting Hollis E 12 -18 b G. Rose, Capital C. Novak, Capital Total before admitting Hollis investment Total after admitting $100, 000 50, 000 $150, 000 $200, 000 ¼ interest = $50, 000 Copyright © 2007 Prentice-Hall. All rights reserved 27

E 12 -18 b GENERAL JOURNAL DATE DESCRIPTION REF Cash H. Hollis, Capital 50, E 12 -18 b GENERAL JOURNAL DATE DESCRIPTION REF Cash H. Hollis, Capital 50, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 50, 000 28

E 12 -18 b Balances G. Rose, Capital C. Novak, Capital Hollis investment Copyright E 12 -18 b Balances G. Rose, Capital C. Novak, Capital Hollis investment Copyright © 2007 Prentice-Hall. All rights reserved $100, 000 50, 000 $200, 000 29

Investing in the Partnership Bonus to the Old Partners • New partner invests assets Investing in the Partnership Bonus to the Old Partners • New partner invests assets greater than his/her equity in the new partnership • Bonus increases old partner’s capital in profit-and-loss sharing ratio – Debit assets – Credit new partner’s capital for his/her share – Credit each old partners’ capital for his/her share of the bonus Copyright © 2007 Prentice-Hall. All rights reserved 30

E 12 -18 c G. Rose, Capital C. Novak, Capital Total before admitting Hollis E 12 -18 c G. Rose, Capital C. Novak, Capital Total before admitting Hollis investment Total after admitting $100, 000 50, 000 $150, 000 90, 000 $240, 000 ¼ interest = $60, 000 Bonus of $30, 000 paid to existing partners Copyright © 2007 Prentice-Hall. All rights reserved 31

E 12 -18 c Distribution of bonus: G. Rose, Capital (30, 000 x 1/2) E 12 -18 c Distribution of bonus: G. Rose, Capital (30, 000 x 1/2) C. Novak, Capital (30, 000 x 1/2) Copyright © 2007 Prentice-Hall. All rights reserved $15, 000 32

E 12 -18 c GENERAL JOURNAL DATE DESCRIPTION REF Cash H. Hollis, Capital 60, E 12 -18 c GENERAL JOURNAL DATE DESCRIPTION REF Cash H. Hollis, Capital 60, 000 G. Rose, Capital 15, 000 C. Novak, Capital 15, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 90, 000 33

E 12 -19 c Balances: G. Rose, Capital C. Novak, Capital Hollis investment Copyright E 12 -19 c Balances: G. Rose, Capital C. Novak, Capital Hollis investment Copyright © 2007 Prentice-Hall. All rights reserved $115, 000 60, 000 $240, 000 34

Investing in the Partnership Bonus to New Partners • New partner invests assets less Investing in the Partnership Bonus to New Partners • New partner invests assets less than his/her equity in the new partnership • Bonus decreases old partner’s capital in profit-and-loss sharing ratio – Debit assets – Debit each old partners’ capital for his/her share of the bonus to the new partner – Credit new partner’s capital for his/her share Copyright © 2007 Prentice-Hall. All rights reserved 35

Objective 5 Account for a partner’s withdrawal from the firm Copyright © 2007 Prentice-Hall. Objective 5 Account for a partner’s withdrawal from the firm Copyright © 2007 Prentice-Hall. All rights reserved 36

Withdrawal of a Partner • Assets may be revalued • Any gain or loss Withdrawal of a Partner • Assets may be revalued • Any gain or loss is allocated among the partners based on their profit- and-loss ratios Copyright © 2007 Prentice-Hall. All rights reserved 37

Partner Sells Interest to Existing Partner • Transfer equity from the withdrawing partner to Partner Sells Interest to Existing Partner • Transfer equity from the withdrawing partner to the purchaser • No assets flows through the partnership • Debit withdrawing partner’s capital • Credit purchaser’s capital Copyright © 2007 Prentice-Hall. All rights reserved 38

Withdrawal at Book Value • Partner takes assets with value equal to his capital Withdrawal at Book Value • Partner takes assets with value equal to his capital account (equal to book value) • Debit withdrawing partner’s capital • Credit assets taken Copyright © 2007 Prentice-Hall. All rights reserved 39

Withdrawal at Less Than Book Value • Remaining partners share the difference (bonus) based Withdrawal at Less Than Book Value • Remaining partners share the difference (bonus) based on their profit-and losssharing ratio • Debit withdrawing partner’s capital • Credit assets and remaining partners’ capital Copyright © 2007 Prentice-Hall. All rights reserved 40

Withdrawal at More Than Book Value • Bonus to the withdrawing partner reduces the Withdrawal at More Than Book Value • Bonus to the withdrawing partner reduces the remaining partners’ capital balances based on their profit-and-loss ratio • Debit withdrawing partner’s capital • Debit remaining partners’ capital • Credit assets Copyright © 2007 Prentice-Hall. All rights reserved 41

E 12 -21 Distribute gain on land to partners based on profit-loss ratio Sam E 12 -21 Distribute gain on land to partners based on profit-loss ratio Sam (32, 000 x 4/10) $12, 800 Bob (32, 000 x 3/10) 9, 600 Tim (32, 000 x 3/10) 9, 600 Copyright © 2007 Prentice-Hall. All rights reserved 42

E 12 -21 GENERAL JOURNAL DATE DESCRIPTION REF May 31 Land Sam, Capital 12, E 12 -21 GENERAL JOURNAL DATE DESCRIPTION REF May 31 Land Sam, Capital 12, 800 Bob, Capital 9, 600 Tim, Capital 9, 600 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 32, 000 43

E 12 -21 Distribute loss on inventory to partners based on profit-loss ratio Sam E 12 -21 Distribute loss on inventory to partners based on profit-loss ratio Sam (12, 000 x 4/10) $4, 800 Bob (12, 000 x 3/10) 3, 600 Tim (12, 000 x 3/10) 3, 600 Copyright © 2007 Prentice-Hall. All rights reserved 44

E 12 -21 GENERAL JOURNAL DATE DESCRIPTION REF May 31 Sam, Capital Bob, Capital E 12 -21 GENERAL JOURNAL DATE DESCRIPTION REF May 31 Sam, Capital Bob, Capital Tim, Capital Inventory 12, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 4, 800 3, 600 45

E 12 -21 Sam, Capital 36, 000 12, 800 44, 000 Bob, Capital 51, E 12 -21 Sam, Capital 36, 000 12, 800 44, 000 Bob, Capital 51, 000 9, 600 3, 600 57, 000 Tim, Capital 22, 000 9, 600 3, 600 28, 000 Sam receives a bonus of $16, 000 ($60, 000 - $44, 000) Copyright © 2007 Prentice-Hall. All rights reserved 46

E 12 -21 Distribute bonus to withdrawing partner based on profit-loss ratio Bob (16, E 12 -21 Distribute bonus to withdrawing partner based on profit-loss ratio Bob (16, 000 x 3/6) $8, 000 Tim (16, 000 x 3/6) 8, 000 Copyright © 2007 Prentice-Hall. All rights reserved 47

E 12 -21 GENERAL JOURNAL DATE DESCRIPTION REF May 31 Sam, Capital Bob, Capital E 12 -21 GENERAL JOURNAL DATE DESCRIPTION REF May 31 Sam, Capital Bob, Capital Tim, Capital Cash 60, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 44, 000 8, 000 48

Objective 6 Account for the liquidation of a partnership Copyright © 2007 Prentice-Hall. All Objective 6 Account for the liquidation of a partnership Copyright © 2007 Prentice-Hall. All rights reserved 49

Death of a Partner • Dissolves partnership • Settlement with the deceased partner’s estate Death of a Partner • Dissolves partnership • Settlement with the deceased partner’s estate - based on partnership agreement • Or, a remaining partner may buy the deceased partner’s equity Copyright © 2007 Prentice-Hall. All rights reserved 50

Liquidation of a Partnership • Adjust and close books • Sell the noncash assets, Liquidation of a Partnership • Adjust and close books • Sell the noncash assets, allocate gains and losses to the partners based on their profit-and-loss-sharing ratio • Pay all the liabilities • Distribute the remaining cash based on the partners’ capital balances Copyright © 2007 Prentice-Hall. All rights reserved 51

E 12 -24 Noncash Dodd, Gage, Hamm, Assets Liabilities Capital Cash $6, 000 $126, E 12 -24 Noncash Dodd, Gage, Hamm, Assets Liabilities Capital Cash $6, 000 $126, 000 $77, 000 $12, 000 $37, 000 $6, 000 140, 000 (126, 000) GENERAL JOURNAL DATE DESCRIPTION REF Cash Noncash Assets 126, 000 Gain on Sale of Assets 14, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 140, 000 52

E 12 -24 Distribute Gain on Sale of Assets: Dodd ($14, 000 x 20%) E 12 -24 Distribute Gain on Sale of Assets: Dodd ($14, 000 x 20%) Gage ($14, 000 x 30%) Hamm ($14, 000 x 50%) $2, 800 4, 200 7, 000 GENERAL JOURNAL DATE DESCRIPTION Gain on Sale of Assets Dodd, Capital 2, 800 Gage, Capital 4, 200 REF Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 14, 000 53

E 12 -24 Noncash Dodd, Gage, Hamm, Assets Liabilities Capital Cash $6, 000 $126, E 12 -24 Noncash Dodd, Gage, Hamm, Assets Liabilities Capital Cash $6, 000 $126, 000 $77, 000 $12, 000 $37, 000 $6, 000 140, 000 (126, 000) 2, 800 4, 200 7, 000 $146, 000 0 $77, 000 $14, 800 $41, 200 $13, 000 GENERAL JOURNAL DATE DESCRIPTION REF Liabilities Cash 77, 000 DEBIT CREDIT 77, 000 Copyright © 2007 Prentice-Hall. All rights reserved 54

E 12 -24 Noncash Dodd, Gage, Hamm, Assets Liabilities Capital Cash $6, 000 $126, E 12 -24 Noncash Dodd, Gage, Hamm, Assets Liabilities Capital Cash $6, 000 $126, 000 $77, 000 $12, 000 $37, 000 $6, 000 140, 000 (126, 000) 2, 800 4, 200 7, 000 $146, 000 0 (77, 000) $69, 000 $77, 000 $14, 800 $41, 200 $13, 000 (77, 000) 0 0 $14, 800 $41, 200 $13, 000 $69, 000 Copyright © 2007 Prentice-Hall. All rights reserved 55

E 12 -24 GENERAL JOURNAL DATE DESCRIPTION REF Dodd, Capital Gage, Capital Hamm, Capital E 12 -24 GENERAL JOURNAL DATE DESCRIPTION REF Dodd, Capital Gage, Capital Hamm, Capital Cash 69, 000 Copyright © 2007 Prentice-Hall. All rights reserved DEBIT CREDIT 14, 800 41, 200 13, 000 56

E 12 -24 Noncash Dodd, Gage, Hamm, Assets Liabilities Capital Cash $6, 000 $126, E 12 -24 Noncash Dodd, Gage, Hamm, Assets Liabilities Capital Cash $6, 000 $126, 000 $77, 000 $12, 000 $37, 000 $6, 000 140, 000 (126, 000) 2, 800 4, 200 7, 000 $146, 000 0 (77, 000) $69, 000 $77, 000 $14, 800 $41, 200 $13, 000 (77, 000) 0 0 $14, 800 $41, 200 $13, 000 (69, 000) 0 (14, 800) (41, 200) (13, 000) 0 0 0 Copyright © 2007 Prentice-Hall. All rights reserved 0 0 57

E 12 -22 1. Cash Ray, capital Scott, capital Van, capital $80, 000 $33, E 12 -22 1. Cash Ray, capital Scott, capital Van, capital $80, 000 $33, 000 28, 000 19, 000 80, 000 Each partner receives cash equal to his capital balance because cash equals total partnership capital Copyright © 2007 Prentice-Hall. All rights reserved 58

E 12 -22 2. Cash Ray, capital Scott, capital Van, capital Loss $50, 000 E 12 -22 2. Cash Ray, capital Scott, capital Van, capital Loss $50, 000 $33, 000 28, 000 19, 000 80, 000 $30, 000 Each partner gets $10, 000 ($30, 000 / 3) less than his capital balance Copyright © 2007 Prentice-Hall. All rights reserved 59

E 12 -22 2. Ray Scott Van $23, 000 18, 000 9, 000 $50, E 12 -22 2. Ray Scott Van $23, 000 18, 000 9, 000 $50, 000 Copyright © 2007 Prentice-Hall. All rights reserved 60

Objective 7 Prepare partnership financial statements Copyright © 2007 Prentice-Hall. All rights reserved 61 Objective 7 Prepare partnership financial statements Copyright © 2007 Prentice-Hall. All rights reserved 61

Financial Statements • Much like those of a proprietorship • Income statement - section Financial Statements • Much like those of a proprietorship • Income statement - section showing division of net income to the partners • Balance sheet - capital of each partner in owners’ equity section • Statement of Owners’ Equity shows changes to each partner’s capital account Copyright © 2007 Prentice-Hall. All rights reserved 62

S 12 -13 Bush and Carter Income Statement Year Ended September 30, 2007 Service S 12 -13 Bush and Carter Income Statement Year Ended September 30, 2007 Service revenue Total expenses Net income Allocation of net income: To Bush ($60, 000 . 60) To Carter ($60, 000 . 40) $145, 000 85, 000 $60, 000 $36, 000 24, 000 Copyright © 2007 Prentice-Hall. All rights reserved $60, 000 63

Copyright © 2007 Prentice-Hall. All rights reserved 64 Copyright © 2007 Prentice-Hall. All rights reserved 64

Review Question? • Which of the following is (are) characteristic of a partnership? • Review Question? • Which of the following is (are) characteristic of a partnership? • A. Mutual agency • B. Limited liability • C. Written partnership agreement • D. Both A and C. Copyright © 2007 Prentice-Hall. All rights reserved 65

Question - Partnership • Which of the following is (are) characteristic of a partnership? Question - Partnership • Which of the following is (are) characteristic of a partnership? • • A. B. C. D. Mutual agency Limited liability Written partnership agreement Both A and C. Ans: D-Mutual Agency & Written Agreement Copyright © 2007 Prentice-Hall. All rights reserved 66

Review Question? • Gary and Harry failed to draft a written partnership agreement; therefore Review Question? • Gary and Harry failed to draft a written partnership agreement; therefore the profits and losses must be divided • A. equally. • B. according to the balance in their capital accounts. • C. according to their original capital contributions. • D. based on their capital balances at the beginning of the year. Copyright © 2007 Prentice-Hall. All rights reserved 67

Sharing Profit/Loss? • Gary and Harry failed to draft a written partnership agreement; therefore Sharing Profit/Loss? • Gary and Harry failed to draft a written partnership agreement; therefore the profits and losses must be divided • A. equally. • B. according to the balance in their capital accounts. • C. according to their original capital contributions. • D. based on their capital balances at the beginning of the year. • * A - EQUALLY Copyright © 2007 Prentice-Hall. All rights reserved 68

S 12 – 8 ADMIT NEW PARTNER P. 623 • BO & GO – S 12 – 8 ADMIT NEW PARTNER P. 623 • BO & GO – CAPITAL $250 K & $150 K • BO gets 60%; GO 40% profit/loss • MO invests $100 K to buy 25% interest of new partnership BOGOMO • Any bonus? Who gets it? • Journalize the partnership’s receipt of cash from MO. Copyright © 2007 Prentice-Hall. All rights reserved 69

BONUS to older partners • * • • • Partnership capital before MO is BONUS to older partners • * • • • Partnership capital before MO is admitted MO’s investment in partner Partnership capital after MO is admitted MO’s capital in the partnership Bonus to? ? Copyright © 2007 Prentice-Hall. All rights reserved 70

Exercises/Homework • • E 15 E 16 E 17 E 18 E 20 E Exercises/Homework • • E 15 E 16 E 17 E 18 E 20 E 23 E 25 Partner’s investment Sharing profit/loss Partners’ capital balance Admitting a new partner Withdrawal of a partner Liquidation of partnership Partnership Balance Sheet Copyright © 2007 Prentice-Hall. All rights reserved 71

Exerecise/Homework • • P 29 A P 31 A P 36 B P 38 Exerecise/Homework • • P 29 A P 31 A P 36 B P 38 B sharing profit & income stmt. liquidation Copyright © 2007 Prentice-Hall. All rights reserved 72

End of Chapter Copyright © 2007 Prentice-Hall. All rights reserved 73 End of Chapter Copyright © 2007 Prentice-Hall. All rights reserved 73