SOLUTIONS MANUAL to accompany MANAGERIAL

Weygandt PhD, CPAArthur Andersen Alumni Professor of Accounting University of Wisconsin Madison, Wisconsin Donald E.. Kieso PhD, CPA KPMG Peat Marwick Emeritus Professor of Accountanc

Jerry J Weygandt PhD, CPA

Arthur Andersen Alumni Professor of Accounting

University of Wisconsin

Madison, Wisconsin

Donald E Kieso PhD, CPA

KPMG Peat Marwick Emeritus Professor of Accountancy

Northern Illinois University

DeKalb, Illinois

Paul D Kimmel PhD, CPA

Associate Professor of Accounting

University of Wisconsin Milwaukee

Milwaukee, Wisconsin

John Wiley & Sons, Inc

COVER PHOTO  Ron Behrmann/International Stock.

To order books or for customer service call 1-800-CALL-WILEY (225-5945)

Copyright  2002 by John Wiley & Sons, Inc

Excerpts from this work may be reproduced by

instructors for distribution on a not-for-profit basis for

testing or instructional purposes only to students enrolled

in courses for which the textbook has been adopted Any

other reproduction or translation of this work beyond

that permitted by Sections 107 or 108 of the 1976 United

States Copyright Act without the permission of the

copyright owner is unlawful Requests for permission or

further information should be addressed to the

Permissions Department, John Wiley & Sons, Inc., 605

Third Avenue, New York, NY 10158-0012

/ 01,2#,('34% 0$0&%(0),'5%64#7! D!/*"8/&!.&,+/(&!-.!-/(!B-4/+"-*)!C,*/,4!")!,!+,04&!+%,+!2,+&;-("E&)!

+%&!&*6<-.<2%,'+&(!"+&3)!>8/&)+"-*)9!0("&.!&:&(2")&)9!&:&(2")&)9!'(-04&3)9!,*6!,4+&(*,+"#&!'(-04&3)@!07! )+/67!-01&2+"#&)!"*!&,2%!2%,'+&(A!

!

<.#-(0),-7! $%&!8/&)+"-*)!,+!+%&!&*6!-.!&,2%!2%,'+&(!'(-#"6&!,!0,)")!.-(!24,))( 3!6")2/))"-*!-.!+%&!

+-'"2)!'(&)&*+&6!"*!+%&!2%,'+&(!,*6!)&(#&!,)!,*!,"6!+-!+%&!)+/6&*+)!"*!+&)+"*;!+%&"(!/*6&()+,*6"*;!-.!+%&! +&:+!3,+&(",4)A!$%&7!6&,4!5"+%!0-+%!2-*2&'+/,4!,*6!'(-2&6/(,4!3,++&()A!$%&!)&8/&*2&!-.!8/&)+"-*)!;&*<

&(,447!2-((&)'-*6)!+-!+%&!+-'"2,4!2-#&(,;&!"*!+%&!+&:+A!M/44!,*6!2-3'4&+&!,*)5&()!+-!+%&)&!8/&)+"-*)!,(&! '(&)&*+&6!"*!+%")!3,*/,4A!

!

8"0#$'=:#"&0-#-7! F,2%!0("&.!&:&(2")&!.-2/)&)!-*!-*&!-.!+%&!)+/67!-01&2+"#&)!4")+&6!,+!+%&!0&;"**"*;!-.!+%&!

2%,'+&(A!K&2,/)&!+%&)&!0("&.!&:&(2")&)!,(&!)+(,";%+.-(5,(6!,*6!)"3'4&9!+%&7!0/"46!+%&!)+/6&*+L)!2-*."6&*2&! ,*6!+&)+!0,)"2!)?"44)A!

!

=:#"&0-#-7! N&*&(,4479!+%&!&:&(2")&)!2-#&(!,!)'&2"."2!+-'"2!,*6!(&8/"(&!4&))!+"3&!,*6!& -(+!+-!)-4#&!+%,*!

+%&!'(-04&3)A!O*!,66"+"-*!+-!)&(#"*;!,)!)/''4&3&*+,4!,))";*3&*+!3,+&(",49!+%&!&:&(2")&)!3,7!0&!/)&6!.-(! 24,))!6")2/))"-*!,*6!.-(!&:,3"*,+"-*!'/('-)&)A!

!

!")64#2-7! =%&(&,)!+%&!;-,4!-.!+%&!&:&(2")&)!")!0(&#"+7!-.!)-4/+"-*!+"3&!,*6!2-#&(,;&!-.!&))&*+",4!'("*<

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

! D66"+"-*,4479!,!.,(!;(&,+&(!*/30&(!-.!'(-04&3)!%,)!0&&*!'(-#"6&6!+%,*!+%&!"*)+(/2+-(!2,*!(&,)-*,047! /)&!"*!,!)"*;4&!- &("*;!-.!+%&!2-/()&A!D*!,4+&(*,+"#&!)&+!-.!'(-04&3)!)"3"4,(!"*!*,+/(&!,*6!2-#&(,;&!+-!+%&! "()+!)&+!-.!'(-04&3)!")!'(-#"6&6!)-!+%,+!,))";*3&*+)!)"3"4,(!"*!2-#&(,;&!,*6!6" "2/4+7!2,*!0&!#,("&6!.(-3! )&3&)+&(!+-!)&3&)+&(A!

D%,%1#"0%4'/,%4;-0-7! C,*,;&(",4!,*,47)")!,))";*3&*+)!0/"46!,*,47+"2,4!,*6!6&2")"-*<3,?"*;!)?"44)!"*!

'(-04&3,+"2!)"+/,+"-*)!&*2-/*+&(&6!07!0/)"*&))!3,*,;&()A!$%&7!,4)-!(&8/"(&!+%&!,''4"2,+"-*!-.!0/)"*&))! 2-33/*"2,+"-*!)?"44)A!

!

E#%4FG)"4>'H)&.-7! F,2%!2%,'+&(!%,)!,!(&,4<5-(46!2,)&!+,?&*!.(-3!+%&!2/((&*+!0/)"*&))!4"+&(,+/(&!>*&5)<

','&()9!3,;,E"*&)9!0 ?)9!,*6!,**/,4!(&'-(+)@A!$%&)&!,))";*3&*+)!(&8/"(&!+%&!)+/6&*+!+-!,''47!2-*2&'+)9! 3&+%-6)9!,*6!+&2%*"8/&)!+%&7!%,#&!4&,(*&6!.(-3!+%&!2%,'+&(!+-!)'&2"."2!)"+/,+"-*)!,*6!'(-04&3)!.,2&6! 07!,2+/,4!2-3',*"&)A!

=&!,4)-!5")%!+-!(&2-;*"E&!+%&!2(&,+"#&!+,4&*+)!-.!$%-3,)!VA!Y&44&(9!V-7-4,!S*"#&()"+7!X%"2,;-U!R&))"2,! M(,E"&(9!F,)+&(*!Z&*+/2?7!S*"#&()"+7U!,*6!Q,+("2",!C-/*2&9!C"))"))"''"!X-44&;&!"*!6&#&4-'"*;!+%&!2-3'(&<

%&*)"#&!2,)&)!.-(!C,*,;&3&*+!W&2")"-*!C,?"*;A!

!

! ! !

#"!

=&!,4)-!;(&,+47!,''(&2",+&!+%&!2-3'-)"+"-*!'(-#"6&6!07!C,(7!D**!K&*)-*!,*6!+%&!2-3'-)"+"-*9!'( ."*;9! ,*6!&6"+-(",4!,))")+,*2&!'(-#"6&6!07!R&**".&(!= 6!,*6!-+%&(!)+, !3&30&()!-.!F43!B+(&&+!Q/04")%"*;!B&(<

!

5*#'!"#"$%&'"()*++,-#.'#$'G#6'L0(#7' %++'G]]555A5"4&7A2-3]2-44&;&]5&7;,*6+A! D)!,!(&)-/(2&!,*6!

4&,(*"*;!+ 4!.-(!"*)+(/2+-()!,*6!)+/6&*+)9!+%&!=&0!)"+&!)&(#&)!,)!,!4,/*2%"*;!',6!+-!*/3&(-/)!,2+"#"+"&)9! (&)-/(2&)9!,*6!(&4,+&6!)"+&)A!^&5!+-!+%")!&6"+"-*!,(&!W&3-*)+(,+"-*!Q(-04&3)!,*6!Q(-04&3)!.-(!)+/6&*+)!

'-5&(&6!07!%4&"1%2!%4&"1%!,44-5)!)+/6&*+)!+-!5-(?!-*!,*!&*64&))!,3-/*+!-.!#,(",+"-*)!-.!+%&!),3&!'(-0<

4&3!5%"4&!'(-#"6"*;!"33&6",+&!.&&60,2?!-*!+%&!,*)5&()A!

! S)&()!5"44!,4)-!."*6!4"*?)!+-!2-3',*"&)!6")2/))&6!"*!+%&!+&:+!,*6!O*)+(/2+-(L)!C,*/,49!"*+&(,2+"#&!B&4.< B+/67!_/&)+"-*)!,*6!$&)+)9!Q-5&(Q-"*+9!,!4"*?!+-!K/)"*&))!F:+(,9!,*6!3/2%!3-(&A!D44!-.!+%&!"*)+(/2+-(L)! 3,+&(",4)!5"44!0&!,#,"4,04&!"*!,!',))5-(6<'(-+&2+&6!'-(+"-*!-.!+%&!)"+&A!

!

+,-(".&()"9-'E#-)."&#'L;-(#2'),'3CFEMD7! `&)'-*6"*;!+-!+%&!2%,*;"*;!*&&6)!-.!"*)+(/2+-()!,*6!+-!

6&#&4-'3&*+)!"*!6")+,*2&!4&,(*"*;!,*6!&4&2+(-*"2!24,))( 3)9!,!XW<`aC!)/''4&3&*+!'(-#"6&)!,44!+%&!

"*)+(/2+-(!)/''-(+!3,+&(",4!"*!,*!&4&2+(-*"2!.-(3,+!+%,+!")!&,)7!+-!*,#";,+&!,*6!/)&A!O*!',(+"2/4,(9!"+!2-*+,"*)! +%&!B-4/+"-*)!C,*/,49!O*)+(/2+-(L)!C,*/,49!$&)+!K,*?9!F:2&4!Q(-04&3!B-4/+"-*)9!X-3'/+&("E&6!$&)+!K,*?9! X%&2?4")+9!Q-5&(Q-"*+!B4"6&)9!$&,2%"*;!$(,*)',(&*2"&)9!,*6!$&:+!D(+A!$%")!XW<`aC!5,)!'(&',(&6!.-(! /)&!"*!+%&!24,))( 39!.-(!'("*+"*;!-/+!3,+&(",49!.-(!/'4-,6"*;!+-!7-/(!-5*!=&0!)"+&9!-(!.-(!6-5*4-,6"*;!,*6! 3-6".7"*;A!O+!;"#&)!7-/!+%&!.4&:"0"4"+7!+-!,22&))!,*6!'(&',(&!"*)+(/2+"-*,4!3,+&(",4!0,)&6!-*!7-/(!"*6"#"6/,4!

*&&6)A!

!

L)4.(0),-'D%,.%47! $%&!B-4/+"-*)!C,*/,4!2-*+,"*)!6&+,"4&6!)-4/+"-*)!+-!,44!&:&(2")&)!,*6!'(-04&3)!"*!

+%&!+&:+0 ?!,*6!)/;;&)+&6!,*)5&()!+-!+%&!8/&)+"-*)!,*6!2,)&)A!Q("*+!")!4,(;&!,*6!0-46!.-(!&,)7!(&,6< ,0"4"+7!"*!4&2+/(&!)&++"*;)9!,*6!"*)+(/2+-()!3,7!6/'4"2,+&!,*7!'-(+"-*!-.!+%&!3,*/,4!5"+%-/+!',7"*;!,!'&(<

3"))"-*)!.&&A!F,2%!2%,'+&(!"*24/6&)!,*!"33'$#4%#.)+("33'5'+".',#)."6(%!>"6&*+"."&)!&*6<-.<2%,'+&(!"+&3)! 07!)+/67!-01&2+"#&)@9!,*!"33'$#4%#.)+1"&"+.%&'3.'+3)."6(%!>6&)2("0&)!&,2%!'(-04&3@9!,*6!,!7(,,483)."9,#: ,4;)."6(%!>24,))"."&)!&*6<-.<2%,'+&(!"+&3)!07!K4 3L)!+,:-*-37!-.!4&,(*"*;!-01&2+"#&!,*6!)+/67!-01&2+"#&@A!

+%&!.-(3!-.!Hb!+(/&].,4)&!,*6!c!3/4+"'4&<2%-"2&!8/&)+"-*)!>5"+%!)-4/+"-*)@U!,*6!"44/)+(,+"-*)9!"*24/6"*;!6",<

;(,3)9!;(,'%)9!8/&)+"-*)9!,*6!&:&(2")&)9!.-(!/)&!,)!24,))( 3!%,*6-/+)9!-#&(%&,6!+(,*)',(&*2"&)9!"*<24,))! 8/"EE&)!-(!6&3-*)+(,+"-*)!>)-4/+"-*)!,(&!'(-#"6&6@A!>D4)-!,#,"4,04&!-*!O*)+(/2+-(L)!`&)-/(2&!XW!,*6!,+!

!

5#%&*0,1'5"%,-@%"#,&0#-7! $&,2%"*;!$(,*)',(&*2"&)!,(&!;(,'%)9!+,04&)9!,*6!2%,(+)!6&)";*&6!+-!&*%,*2&!

24,))( 3!4&2+/(&)A!$%&)&!.-/(<2-4-(!+(,*)',(&*2"&)!)/''-(+!,*6!24,(".7!2-*2&'+)!"*!+%&!+&:+A!B-3&!-.!+%&! +(,*)',(&*2"&)!(&'4"2,+&!+%-)&!.-/*6!"*!+%&!+&:+9!5%"4&!-+%&()!,(&!.(-3!-/+)"6&!)-/(2&)A!$%&!O*)+(/2+-(L)! C,*/,4!- &()!)/;;&)+"-*)!-*!%-5!+-!& &2+"#&47!"*+&;(,+&!+%&!+(,*)',(&*2"&)!"*+-!,!4&2+/(&A!

!

=:%20,%(0),'8))I'%,>'5#-('8%,I7! $%&!F:,3"*,+"-*!K ?!,*6!$&)+!K,*?!")!,!2-3'(&%&*)"#&!+&)+"*;!

',2?,;&!+%,+!,44-5)!"*)+(/2+-()!+-!+,"4-(!&:,3"*,+"-*)!,22-(6"*;!+-!)+/67!-01&2+"#&)9!4&,(*"*;!)?"44)9!,*6!2-*< +&*+A!D!3,"*!.&,+/(&!-.!+%")!)/''4&3&*+!")!+%&!(&#")&6!$&)+!K,*?!+%,+9!5"+%!+%&!"*24/)"-*!-.!Hcd!3-(&!3/4< +"'4&<2%-"2&!8/&)+"-*)!,*6!+5-!*&5!&:&(2")&)!.-(!&,2%!2%,'+&(9!*-5!+-+,4)!-#&(!ebb!&:,3"*,+"-*!8/&)< +"-*)!,*6!&:&(2")&)!,22-3',*"&6!07!)-4/+"-*)A!$%")!(&#")"-*!-.!+%&!$&)+!K,*?!)+"44!"*24/6&)!+%&!%&4'./4!

E-44"&;),5)F-%3.',#3)6;)G6>%+.'/%3!,*6!E-44"&;),5)G6>%+.'/%3)6;)F-%3.',#39!+ 4)!& &2+"#&!"*!4"*?"*;!

+&)+!"+&3)!+-!)+/67!-01&2+"#&)A!F,2%!2%,'+&(!,4)-!"*24/6&)!,!2%,(+!"*6"2,+"*;!+%&!'4,2&3&*+!-.!8/&)+"-*)!"*! K4 3L)!+,:-*-37A!D*!&)+"3,+&6!2-3'4&+"-*!+"3&!.-(!&,2%!8/&)+"-*!,*6!&:&(2")&!")!,4)-!'(-#"6&6A!

! $%&!F:,3"*,+"-*!K ?!,*6!$&)+!K,*?!'(-#"6&)!,*!,2%"&#&3&*+!+&)+!,*6!)-4/+"-*)!0,*?!.-(!&#&(7!+5-! 2%,'+&()!"*!+%&!+&:+0 ?A!$%(&&!2-3'(&%&*)"#&!+&)+)!,*6!,!."*,4!&:,3!,(&!,4)-!'(-#"6&6A!$%&!+&)+)9!&,)7! +-!'%-+-2-'7!,*6!6")+("0/+&!+-!)+/6&*+)9!2-*)")+!-.!'(-04&3)!,*6!&:&(2")&)!,)!5&44!,)!3/4+"'4&<2%-"2&9! 3,+2%"*;9!,*6!+(/&].,4)&!8/&)+"-*)A!>D4)-!,#,"4,04&!-*!O*)+(/2+-(L)!`&)-/(2&!XW!,*6!,+!%++'G]]555A5"4&7A! 2-3]2-44&;&]5&7;,*6+@!

!

3)2@.(#"0N#>'5#-('8%,I7! C"2(-$&)+!")!,!2-3'/+&("E&6!#&()"-*!-.!+%&!C,*,;&(",4!I&!$&)+!K,*?!+%,+!

")!,#,"4,04&!.-(!/)&!5"+%!QX)!(/**"*;!="*6-5)!JAH!-(!%";%&(A!C"2(-$&)+!,44-5)!"*)+(/2+-()!+-!2(&,+&!,*6! '("*+!3/4+"'4&!#&()"-*)!-.!+%&!),3&!+&)+!07!)2(,304"*;!+%&!-(6&(!-.!,44!+%&!6" &(&*+!+7'&)!-.!8/&)+"-*)!.-/*6!

"*!+%&!$&)+!K,*?A!C"2(-$&)+!&#&*!,44-5)!,/+%-()!+-!)2(,304&!,*)5&()!5"+%"*!,!',(+"2/4,(!3/4+"'4&<2%-"2&! 8/&)+"-*A!B2(,304"*;!2,*!0&!6-*&!(,*6-347!-(!3,*/,447A!M/(+%&(3-(&9!'(-.&))-()!2,*!3-6".7!,*6!2/)< +-3"E&!+&)+!8/&)+"-*)!07!2%,*;"*;!&:")+"*;!'(-04&3)!-(!,66"*;!+%&"(!-5*A!a*2&!,!+&)+!")!2(&,+&69!+%&!+&)+! 2,*!,4)-!0&!"3'-(+&6!"*+-!,!=-(6!."4&A!>D4)-!,#,"4,04&!-*!O*)+(/2+-(L)!`&)-/(2&!XW!,*6!,+!%++'G]]555A5"4&7A! 2-3]2-44&;&]5&7;,*6+@!

!

5#-('!"#@%"%(0),'L#"A0&#7! B"3'47!2,44!="4&7L)!)'&2",4!*/30&(!>H<ebb<cfH<cgbI@!5"+%!+%&!8/&)+"-*)!7-/' 5,*+!-*!,*!&:,3"*,+"-*A!="4&7!5"44!'(-#"6&!,!2/)+-3"E&6!3,)+&(!&:,3!5"+%"*!If!%-/()A!O.!7-/!'(&.&(9'(,*6-3!

)&4&2+"-*!.(-3!,!*/30&(!-.!2%,'+&()!")!'-))"04&A!

! ! !

":!

3*#&I40-(')$'O#;'H01."#-7! D!4")+"*;!-.!?&7!,3-/*+)!.-(!+&:+0 ?!'(-04&3)9!,44-5"*;!)+/6&*+)!+-!#&(".7!+%&! ,22/(,27!-.'+%&"(!,*)5&()!,)!+%&7!5-(?!+%(-/;%!+%&!,))";*3&*+)9!")!,#,"4,04&!-*!O*)+(/2+-(L)!`&)-/(2&!XW!

,*6!,+!%++'G]]555A5"4&7A2-3]2-44&;&]5&7;,*6+A!

!

!)J#"!)0,('!"#-#,(%(0),'D%(#"0%47! $%")!&4&2+(-*"2!4&2+/(&!,"69!5%"2%!2-3'4&+&47!(&#,3')!+%&!)+74&!,*6! 2-*+&*+!-.!+%&!'("-(!&6"+"-*L)!)4"6&)9!2-*+,"*)!,!2-30"*,+"-*!-.!?&7!2-*2&'+)9'"3,;&)9!,*6!'(-04&3)!.(-3!

!

=:&#4'G)"I0,1'!%@#"-7! $%&!F:2&4!=-(?"*;!Q,'&()!XW!2-3'"4&)!,44!+%&!,22-/*+"*;!.-(3)!7-/!5"44!*&&6!

+-!)/22&))./447!2-3'4&+&!7-/(!)+/67!5-(?!.-(!!"#"$%&'"()*++,-#.'#$)@%A!$%&!+&3'4,+&)!-*!+%")!XW!2,*!

0&!.-/*6!"*!+%&!','&(0-/*6!5-(?"*;!','&()!,*6!+%&(&.-(&!"*24/6&!2/)+-3!.-(3)!.-(!,44!(&4&#,*+!&*6<-.< 2%,'+&(!&:&(2")&)9!'(-04&3)9!,*6!2,)&)A!$%&!F:2&4!=-(?"*;!Q,'&()9!%-5&#&(9!'(-#"6&!7-/!5"+%!+%&!-'+"-*! -.!'("*+"*;!.-(3)!,*6!2-3'4&+"*;!+%&3!3,*/,4479!-(!&*+&("*;!6,+,!&4&2+(-*"2,447!,*6!+%&*!'("*+"*;!-/+!,! 2-3'4&+&6!.-(3A!K7!&*+&("*;!6,+,!&4&2+(-*"2,4479!7-/!2,*!*-5!',)+&!%-3&5-(?!"*+-!,!*&5!."4&!,*6!&<3,"4! +%&!5-(?)%&&+!+-!7-/(!"*)+(/2+-(A!

!

M,FK0,#'8.-0,# 'L."A0A%4'B.0>#'0,'/&&).,(0,17! $%&!1-/(*&7!-.!H9bbb!=&0!)"+&)!0&;"*)!5"+%!-*&!24"2?9!

,*6!+%")!'(,2+"2,4!;/"6&!;&+)!7-/!-*!+%&!(-,6A!$%&!a*<V"*&!K/)"*&))!B/(#"#,4!N/"6&!")!,!0("&.9!24&,(!"*+(-< 6/2+"-*!+-!/)"*;!+%&!=-(46!="6&!=&0!,)!,!0/)"*&))!(&)&,(2%!+ 4A!B+,(+"*;!5"+%!+%&!0,)"2)9!+%")!3,*/,4! 2-#&()!&#&(7+%"*;!7-/(!)+/6&*+)!*&&6!+-!?*-5!+-!0&2-3&!3,)+&(!)4&/+%)!,+!."*6"*;!2("+"2,4!"*.-(3,+"-*!-*!

+%&!O*+&(*&+A!O*!,66"+"-*9!+%&!;/"6&!'(-#"6&)!,!%,*6)<-*!(&)-/(2&!+-!/)"*;!J1%)K"(()E.&%%.)L,-&#"(! O*+&(< ,2+"#&!F6"+"-*9!,)!5&44!,)!,!6")2-/*+!- &(!.-(!,!)/0)2("'+"-*!+-!J1%)K"(()E.&%%.)L,-&#"(!O*+&(,2+"#&!-*<4"*&A!

! ! !

:!

8.-0,# '=:("%'G#6'L0(#'%('*((@RSSJJJ7J04#;7&)2S&)44#1#S6.-0,# #:("%7! $%&!K/)"*&))!F:+(,!=&0!

)"+&!;"#&)!7-/!"*)+,*+!,22&))!+-!,!5&,4+%!-.!2/((&*+!,(+"24&)!6&,4"*;!5"+%!,44!,)'&2+)!-.!."*,*2",4!,*6!3,*< ,;&(",4!,22-/*+"*;A!$%&!,(+"24&)!,(&!-(;,*"E&6!07!+-'"29!,*6!6")2/))"-*!8/&)+"-*)!.-44-5!&,2%!,(+"24&A!D! ',))5-(6!2,(69!,#,"4,04&!.-(!',2?,;"*;!5"+%!+%&!+&:+9!'(-#"6&)!)+/6&*+)!5"+%!(&;")+(,+"-*!,*6!,22&))!

"*)+(/2+"-*A!

!

L)4A0,1'D%,%1#"0%4'/&&).,(0,1'!")64#2-'T-0,1'=:&#47! $%")!5-(?0 ?!2-*+,"*)!F:2&4!+&3'4,+&)!+%,+! ,44-5!)+/6&*+)!+-!2-3'4&+&!)&4&2+!&*6<-.<2%,'+&(!&:&(2")&)!,*6!'(-04&3)!"6&*+"."&6!07!,!)'(&,6)%&&+'"2-*!

"*!+%&!3,(;"*!-.!+%&!3,"*!+&:+A!D!/)&./4!"*+(-6/2+"-*!+-!2-3'/+&()9!+%")!',2?,;&!6&+,"4)!%-5!)+/6&*+)!2,*! 5-(?!5"+%!'(&'(-;(,33&6!)'(&,6)%&&+)!,*6!"+!"*)+(/2+)!-*!%-5!+-!6&)";*!7-/(!-5*!)'(&,6)%&&+A!$%&!5-(?< 0 ?!,*6!+&3'4,+&)!%&4'!)+/6&*+)!6&#&4-'!,*6!%-*&!+%&"(!2-3'/+&(!)?"44)!,*6!& &2+"#&47!&:'-)&!+%&3!+-!

F:2&49!,!)-.+5,(&'',2?,;&!-.+&*!/)&6!"*!(&,4<5-(46!0/)"*&))!&*#"(-*3&*+)A!B-4/+"-*)!,#,"4,04&!-*!O*)+(/2<

+-(L)!`&)-/(2&!XW!,*6!,+!%++'G]]555A5"4&7A2-3]2-44&;&]5&7;,*6+A!

!

!

-LEN' HLEL)' HLEN)' HLEL!'

HLEL!' HLEN!'

K SM' -=G2356'471'A5FF1016C1'8149116'3'

:10C736A5<56J'36A'3':36@F3C4@0E 56J'56C/:1'<4341:164M'

OLELN' -LEQ'

-LEX' -LEY' -LELW'

HLEQ)' HLEQ!'

-LET' -LEV' HLEP)'

HLES)' HLEP!' HLES!'

!-LEY' -LEX'

-LEY' -LELW' HLEQ)' HLEQ!'

!-LELW'

!-LELL' -LES' -LET' -LEV'

HLEP)' HLES)' HLEP!' HLES!'

K XM' -=G2356'471'A5FF1016C1'8149116'3'

:10C736A5<56J'36A'3':36@F3C4@0E 56J'83236C1'<7114M'

OLELX' OLEY'

OLENW' -LEQ'

!-LEV' -LEY' -LELW'

HLEQ)' HLEQ!'

HLEP)' HLEP!'

KYM' H01G301'3'9/0Z'<7114'36A'C2/<56J'

164051<'F/0'3':36@F3C4@056J'C/:E G36>M'

OLELV' OLELY'

OLENW'

!-LELN'

-LELL' HLET)'

' -475C<'.3<1'

!

!

! S?T! M)*11+4+/0!4+,*,8+*)!1-*-/7/,-1!*5/!-./!/,0!(56038-!64!4+,*,8+*)!*8863,-+,2%!X./!1-*-/7/,-1!*5/!

(5/(*5/0!Y3*5-/5)>!*,0!*,,3*))>%!=,!7*,*2/5+*)!*8863,-+,29!+,-/5,*)!5/(65-1!7*>!?/!(5/(*5/0! 0*+)>9!H//K)>9!76,-.)>9!Y3*5-/5)>9!*,,3*))>9!65!*1!,//0/0%!

! S8T! X./!(35(61/!64!4+,*,8+*)!*8863,-+,2!+1!-6!(56U+0/!2/,/5*)#(35(61/!+,4657*-+6,!465!*))!31/51%!

X./!(35(61/!64!7*,*2/5+*)!*8863,-+,2!+1!-6!(56U+0/!1(/8+*)#(35(61/!+,4657*-+6,!465!*!(*5-+83# )*5!31/5!465!*!1(/8+4+8!0/8+1+6,%!

• N-*,0*50!+1!5/)/U*,8/!-6!0/8+1+6,1%!

!

! =,!4+,*,8+*)!*8863,-+,29!4+,*,8+*)!1-*-/7/,-1!*5/!U/5+4+/0!*,,3*))>!-.5632.!*,!+,0/(/,0/,-!*30+-!?>! 8/5-+4+/0!(3?)+8!*8863,-*,-1%!X./5/!*5/!,6!+,0/(/,0/,-!*30+-1!64!+,-/5,*)!5/(65-1!+113/0!?>!7*,*# 2/5+*)!*8863,-*,-1%!

[ ( \M! X./!0+44/5/,8/!+,!?*)*,8/!1.//-1!(/5-*+,1!-6!-./!(5/1/,-*-+6,!64!+,U/,-65+/1!+,!-./!8355/,-!*11/-!

1/8-+6,%!=,!*!7/58.*,0+1+,2!867(*,>9!6,)>!7/58.*,0+1/!+,U/,-65>!+1!1.6H,%!=,!*!7*,34*8-35+,2! 867(*,>9!-.5//!+,U/,-65>!*8863,-1!*5/!1.6H,Z!4+,+1./0!266019!H65K!+,!(568/119!*,0!5*H!7*-/5+*)1%!

!

[ )TM! F!7/58.*,0+1+,2!867(*,>!.*1!?/2+,,+,2!7/58.*,0+1/!+,U/,-65>9!(358.*1/19!*,0!/,0+,2!7/58.*,#!

0+1/!+,U/,-65>%!F!7*,34*8-35+,2!867(*,>!.*1!?/2+,,+,2!4+,+1./0!26601!+,U/,-65>9!861-!64!26601! 7*,34*8-35/09!*,0!/,0+,2!4+,+1./0!26601!+,U/,-65>%!

='7&;(&P&'!76&()_T(

(

%Z.(E34/(CK.20E02(.5Z02+1(C5+,>+/>C(K/3G41-+5.>(@?(5Z.(7,C50545.(3E(*+,+-._ G.,5(#2234,5+,5C(+/.H(L)N(23GK.5.,2.b(LTN(23,E0>.,50+105?b(LUN(0,5.-/05?b(+,>( LVN(3@A.250B05?M(

( P(

L@N( J0/.25(G+5./0+1C MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( d)UYbX^^( ( J0/.25(1+@3/ MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( ( X]b)^^( ( *+,4E+254/0,-(3B./Z.+> MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( )YTbUW^( ( $/3>425(23C5C MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dUY]b^W^( (

L2N( J.K/.20+503,(3,(>.10B./?(5/42IC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( d( ( UbW^^( ( 6+1.C(C+1+/0.C MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( V]bV^^( ( '.K+0/C(53(3EE02.(.`40KG.,5MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( ( ( )bU^^( ( #>B./50C0,- MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( ( )\b^^^( ( <EE02.(C4KK10.C(4C.>MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( ( ( TbXV^( ( $./03>(23C5C MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( d( YVb\V^( (

( !3C5(3E(-33>C(G+,4E+254/.> MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dWX^b^^^(( ( #>>H(((R3/I(0,(K/32.CC(L)TfU)N MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( ( \)b^^^(( ( %35+1(23C5(3E(c3/I(0,(K/32.CC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dXV)b^^^(( (

%35+1(G+,4E+254/0,-(23C5CH(

( %35+1(23C5(3E(c3/I(0,(K/32.CC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dXV)b^^^(( ( :.CCH((R3/I(0,(K/32.CC(L)f)N MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( LT^^b^^^N( ( %35+1(G+,4E+254/0,-(23C5C MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dVV)b^^^(( (

J0/.25(1+@3/H(

( %35+1(G+,4E+254/0,-(23C5C MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dVV)b^^^(( ( :.CCH((%35+1(3B./Z.+> MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( L)TTb^^^N( ( ( J0/.25(G+5./0+1C(4C.> MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( L)]^b^^^N( ( J0/.25(1+@3/ MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( d)T]b^^^(( (

L@N( %35+1(23C5(3E(c3/I(0,(K/32.CC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( dTT)bW^^(( ( :.CCH((%35+1(G+,4E+254/0,-(23C5CMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( ( )\^bXW^(( ( R3/I(0,(K/32.CC(L)f)f^TNMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( d( V^b\W^(( (

L2N( %35+1(23C5(3E(c3/I(0,(K/32.CC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( dTT)bW^^(( ( :.CCH((!3C5(3E(-33>C(G+,4E+254/.>MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( ( )\WbTYW(( ( R3/I(0,(K/32.CC(L)TfU)f^TNMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( d( UXbTTW(( (

!+C.(=(

(

L>N( J0/.25(G+5./0+1C(4C.>MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( d( X\bV^^(( ( J0/.25(1+@3/ MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( ( ( \Xb^^^(( ( *+,4E+254/0,-(3B./Z.+> MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( ( ( \)bX^^(( ( %35+1(G+,4E+254/0,-(23C5C MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( dTUXb^^^(( (

L.N( %35+1(G+,4E+254/0,-(23C5C MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( dTUXb^^^(( ( R3/I(0,(K/32.CC(L)f)f^TNMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( ( ( )XbW^^(( ( %35+1(23C5(3E(c3/I(0,(K/32.CC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( dTWTbW^^(( (

LEN( %35+1(23C5(3E(c3/I(0,(K/32.CC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( dTWTbW^^(( ( :.CCH((R3/I(0,(K/32.CC(L)TfU)f^TN MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( ( ( ( ]b^^^(( ( !3C5(3E(-33>C(G+,4E+254/.> MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM ( dTVUbW^^(( (

LZN( %35+1(23C5(3E(c3/I(0,(K/32.CC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dUTYb^^^(( ( :.CCH((%35+1(G+,4E+254/0,-(23C5CMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( TWUbY^^(( ( R3/I(0,(K/32.CC(L)f)f^TNMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( d( YUbU^^(( (

L0N( %35+1(23C5(3E(c3/I(0,(K/32.CC MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dUTYb^^^(( ( :.CCH((R3/I(0,(K/32.CC(L)TfU)f^TN MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( ( ( Y^b^^^(( ( !3C5(3E(-33>C(G+,4E+254/.> MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM( dTWYb^^^(( (

234,5C(cZ02Z(23,5+0,(.,>_3E_K./03>(@+1+,2.CM(%Z4Cb(5Z.?(c011(@.(/.K3/5.>( 4,>./(0,B.,53/0.C(0,(5Z.(24//.,5(+CC.5C(C.2503,(3E(5Z.(@+1+,2.(CZ 5(0,( 5Z.(E3113c0,-(3/>./H(E0,0CZ.>(-33>Cb(c3/I(0,(K/32.CCb(+,>(/+c(G+5./0+1CM( (

( ))@)??(

( ( ( ( ( ( (

( ( ( ( ( ( ( ( (

PPPQPPP(

NOPQPPP(

( ( ( ( NRSQPPP(

( ( ( ( ( (

( ( ( ( ( TQTPP(

( ( UQOPP(

( ( ( (RPP(

( ( ( ( TQUPP(

NTOQTPP(

( ( ( N( ( (WPP(

( ( ( ( (XPP(

( ( ( ( TTQPPP(

QR)STTT(

( ( QUPSTTT(

( ( ( ( ( (

TTTSTTT ( QUPSTTT(

( (

( Q( NSPTT(

( ( USPTT(

( ( +SVTT(

( ( )SITT(

( ( ( ( (UTT(

( ( ( (PTT(

Q)US)TT(

( (

( ( ( ( ( QWSPTT(

(

TTSTTT ( QWSPTT(

(

3=M/N)%/N/COA)

) 7<GB)<P)9<<DG) (/CEP/OBE=AD)

*I\\^I]KK)

) ) ) ) ) ) )H]HIKKK) ) )) _]IKKK) ) )) H^IJKK) ) )) ) \IKKK) ) )H]JIKKK) ) )JK]IHKK) ) )\\,IKKK) ) ) ) ) ) ) ) ) ) ) )

KIKKKIKKK)

*I\\^I]KK)

) ) ) J[I^KK) ) H[IJKK) ) ) ) ) ) ) ) ) JH,I]KK) J^KI\KK) ) J[I_KK) ) *[IJKK) ) *\IKKK) ) _KIKKK) ) **IKKK) ) *JI\KK) ) *HIHKK) ) )

KKKIKKK ) ) ,\I\KK) ,]HIHKK) [JHIJKK)

) ) )) ],IKKK) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )) \^I]KK) ) )**]IJKK) ) )) H,IKKK) ) ) ),]HIHKK) ) )\]\IKKK) ) )) \*I,KK)

*IK]KI,KK)

) ) )) ]_I,KK) ) ) ) ) ) ) ) ) ) ) )\\,IKKK) ) ) ) ) ) ) ) ) ) ) ) ) )

KIKKKIKKK )

*IKKJI]KK) ) )) \*I,KK)

*IK\_I*KK) )