August 18, 2017 | Author: Diane Pascual | Category: Cheque, Debits And Credits, Deposit Account, Transaction Account, Banks
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P1/AP – CASH & CASH EQUIVALENTS Multiple Choice Identify the letter of the choice that best completes the statement or answers the question.

1. Puma Company has a following cash balance at the end of the year Cash in bank Cash on hand Petty cash fund Sinking Fund Money Order Manager’s Check Certificate of deposit maturity of 3mos. Treasury bill with a maturity of 6mos Post dated Check Savings Deposit Voucher paid out of collection – not recorded IOUs signed by employees

1,000,000 1,500,000 500,000 2,000,000 1,000,000 900,000 10,000,000 10,000,000 1,000,000 1,000,000 2,000,000 5,000,000

The sinking fund is set aside for the payment of bonds due next year. What amount should be reported as Cash on December 31, 2016? a. 10,000,000 b. 7,900,000 c. 9,500,000 d. 9,000,000 2. PHINEAS AND FERB Company shows the following account balances in their financial records as of December 31, 2016 Checking account at BPI P(20,000) Checking account at Land Bank 500,000 Payroll account- National Bank 100,000 Foreign bank account-restricted 750,000 Postage stamps 22,000 Employees’ postdated checks 30,000 I.O.U from president’s brother 75,000 Traveler’s check 50,000 NSF check 18,000 Petty cash fund (16,000 in currency & expenses receipts for 84,000) 100,000 Cashier’s check 36,000 What is the correct cash balance to be reported in the statement of financial position of Phineas and Ferb Company of December 31, 2016 a. 582,000 b. 686,000 c. 702,000 d. 704,000 3. The controller of the Red Wing Corporation is in the process of preparing the company’s 2016 financial statements. She’s trying to determine the correct balance of cash and cash equivalents to be reported as current asset in the statement of financial position. The following items are being considered: Balances in the company’s accounts at First National Bank; checking P13,500, savings P22,100 Undeposited customer checks of P5,200 Currency and coins on hand P580 Savings account at East Bay Bank with a balance of P400,000. This account is being used to accumulate cash for future plant expansion (2018) 1

2 P20,000 in checking account at East Bay Bank. The balance in the account represent a 20% compensating balance for a P100,000 loan with the bank. Red Wing may not withdraw the funds until the loan is due in (2018) Treasury bills; 2-month maturity bills totaling P15,000(purchased 2-months before maturity), and 7-month bills totaling P20,000. Q1. What is the correct balance of cash? a. P41,380 b. P36,180 c. P441,380 d. P436,180 Q2. What is the correct amount for cash equivalents? a. P35,000 b. P15,000 c. P20,000 d. P0 Q3. What is the total amount of cash and cash equivalents to be reported in the current asset section of the 2016 statement of financial position? a. P56,380 b. P76,380 c. P476,380 d. P456,380 Q4. What would be the classification for the P400,000 savings account at East Bay Bank? a. Current Asset, as cash b. Noncurrent Asset, as long-term investment c. Current Asset, as temporary investments d. None of the choices given Q5. What is the classification for the P20,000 7-month treasury bills? a. Current Asset, as cash b. Noncurrent Asset, as long-term investment c. Current Asset, as temporary investments d. None of the choices given 4. You were able to gather the following from the December 31, 2014 trial balance of JP Corporation in connection with your audit of the company: Cash on hand Petty cash fund BPI current account Security Bank current account No. 01 Security Bank current account No. 02 PNB savings account PNB time deposit

P 500,000 10,000 1,000,000 1,080,000 (80,000) 1,200,000 500,000

Cash on hand includes the following items: a. Customer’s check for P40,000 returned by bank on December 26, 2014 due to insufficient fund but subsequently redeposited and cleared by the bank on January 8, 2015. b. Customer’s check for P20,000 dated January 2, 2015, received on December 29, 2014. c. Postal money orders received from customers, P30,000. The petty cash fund consisted of the following items as of December 31, 2014. Currency and coins Employees’ vales Currency in an envelope marked “collections for charity” with names attached Unreplenished petty cash vouchers

P 2,000 1,600 1,200 1,300


3 Check drawn by JP Corporation, payable to the petty cashier

4,000 P10,100

Included among the checks drawn by JP Corporation against the BPI current account and recorded in December 2014 are the following: a. Check written and dated December 29, 2014 and delivered to payee on January 2, 2015, P80,000. b. Check written on December 27, 2014, dated January 2, 2015, delivered to payee on December 29, 2014, P40,000. The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance. These checks were still outstanding at December 31, 2014. The savings account deposit in PNB has been set aside by the board of directors for acquisition of new equipment. This account is expected to be disbursed in the next 3 months after the end of the reporting period. Based on the above and the result of your audit, determine the adjusted balances of following: 1. Cash on hand a. P410,000 b. P530,000

c. P470,000 d. P440,000

2. Petty cash fund a. P6,000 b. P7,200

c. P2,000 d. P4,900

3. BPI current account a. P1,000,000 b. P1,120,000

c. P1,080,000 d. P1,040,000

4. Cash and cash equivalents a. P2,917,200 b. P3,074,900

c. P3,052,000 d. P3,066,000

5. You are making an audit of the San Rafael Company for the year ended December 31, 2015. The balance of the petty cash account on December 31, 2015 was P15,000. Your count of the imprest cash fund, made at 9:00 a.m. on January 3, 2016, in the presence of Ms G. Gonzaga revealed: Bills and Coins: Denomination 1,000 500 100 50 20 10 5 1 0.50 0.25 Checks: Date 12-28-2015 12-29-2015 12-31-2015 01-02-2016 01-12-2016

Quantity 2 4 14 16 10 19 17 25 21 28

Maker Urquiola, employee Sta. Maria, employee L. Chua, customer

Bank PNB Security Bank Asia Trust

Amount ?3,0001,5002,500-

A. Bobadilla, customer C. German, employee

FEBTC Union Bank


4 (check received 12-28-2015)


(These checks were all considered good when deposited after dates shown on the checks. The first four checks were actually deposited January 3; the German check was deposited January 13; all five checks proved to be good.) Vouchers: Date Voucher No. 12-13-2015 151 12-28-2015 183 12-29-2015 184 12-31-2015 189 01-02-2016 001 IOUs: 12-21-2015 S. Dechavez, employee

Particulars Freight out Supplies Freight In Freight on cabinet Freight in

Amount P 500300394.20 741.10 244.70 300-

Sales Invoices (for cash sales; collections handled by Ms. G. Gonzaga) Inv. # 118 December 30 # 129 December 31 # 133 January 2

1,000.40 2,5003,200-

(As a general rule, the petty cashier endeavoured to turn over the proceeds of cash sales to the general cashier every Friday. Proceeds on these sales were recorded and deposited by the general cashier.) Unused office supplies


1. What is the cash shortage? a. 750.40

b. 802.90

c. 910.40

d. 850.90

2. Adjusting entries for the petty cash fund includes a credit to: a. Cash Shortage c. Petty Cash Fund

802.90 4,538.20

b. Petty Cash Fund d. Cash Shortage

4,738.20 850.90

6. You are making an audit of the Da King Company for the year ended December 31, 2015. The balance of the petty cash fund account on December 31, 2016 was ?10,000.00. Your count of the imprest cash fund, made at 10:00 am on January 5, 2016 in the presence of Ms. Leviste, the petty cash custodian disclosed the following fund composition: Bills and Coins: Denomination ?500.00 100.00 50.00 10.00 5.00 1.00

Quantity 1 8 3 4 2 3

Checks: Date 12-29-15 12-30-15 01-02-16 01-15-16

Maker Amount M. Roxas, employee 2,000.00 J. Madrigal Company 1,500.00 J. Estrada Junk Shop 2,450.00 F. Chavez, employee 1,800.00 (check received 12-27-15) (These checks were considered good when deposited after dates shown on the checks.) 4

5 Vouchers: Date 12-16-15 12-26-15 12-29-15 01-02-16

Voucher # 145 164 165 166



Freight on merchandise bought Postage Transportation of messenger Cost of labour cost for repairs done on office cabinets. Repair was completed on Dec. 29, 2016

?500.00 200.00 50.00 1,500.00

IOU: Ed Gil, employee


Postage Stamps: 10 pieces of ? 12.00 stamps purchased on voucher # 164


Duplicate copies of provisional receipts: Date PR # Issued to Particulars Amount 12-302204 J. Madrigal Refund for merchandise 1,500.00 15 Company returned 01-022205 J. Estrada Junk Sale of junk and scrap items 2,450.00 16 Shop You verified that Ms. Leviste handles miscellaneous receipts and issues provisional receipts. These miscellaneous collections are periodically turned over to the general cashier who issues official receipts. 1. How much is the cash shortage or overage? a. 1,247.00 c. 1,472.00

b. 2,174.00 d. 0

2. What is the correct petty cash fund balance as of December 31? a. 10,000.00 c. 5,003.00

b. 4,997.00 d. 20,000.00

7. The accountant of Mark, Inc. examined the petty cash fund immediately after the close of business, January 31, 2016, the end of the company’s natural business year. The petty cash custodian presented the following during the count: Currency P2,450 Petty cash vouchers: Postage 350 Office Supplies Exp. 1,000 Transportation Exp. 560 Computer repairs 700 Advances to office staff 1,700 A check drawn by Mark, Inc., payable toThe petty cash custodian 6,840 Postage stamps 450 An employee’s check, returned by bank, marked NSF 2,000 An enveloped containing currency of p 3,780 for a giftFor a retiring employee 3,780 P19,830 The petty cash fund was originally set up for 20,000. How much is the petty cash shortage or overage? a.P4, 400 b.P5, 987 c.P6, 987 d.P6, 897 5

6 8. On April 1, 2016, Mark Company established an imprest petty cash fund for P10,000 by writing a check drawn against its checking account. On April 30, 2016, the fund contained the following: Currency and coins 3,000 Receipts for office supplies 4,000 Receipts for postage still unused 3,000 Receipts for transportation 800 On April 30, 2016, the entity wrote a check to replenish the fund. What is the amount of replenishment under the imprest fund system? a. 8,200 b. 6,600 c. 7,000 d. 3,000 9. Mark Company provided the following data for the purpose of reconciling the cash balance per book with the balance per bank statement on December 31, 2016: Balance per bank statement 2,000,000 Balance per book 850,000 Outstanding checks (including certified check of P100,000) 500,000 Deposit in transit 200,000 December NSF checks (of which P50,000 had been re-deposited and cleared by December 27) 150,000 Erroneous credit to Mark’s account, representing proceeds of loan granted to another company 300,000 Proceeds of note collected by bank for Mark, net of service charge of P20,000 750,000 The cash in bank balance to be shown on Mark’s December 31, 2016 balance sheet is a. 1,500,000 c. 1,400,000 b. 1,800,000 d. 1,450,000 10. Joshtine Company’s newly hired assistant prepared the following bank reconciliation on December 31, 2014: Book balance P2,810,000 Add: December 31 deposit in transit P1,500,000 Collection of note 5,000,000 Interest on note 300,000 6,800,000 Total 9,610,000 Less: Jerome Company’s deposit to our account 2,200,000 Bank service charge 90,000 2,290,000 Adjusted book balance P7,320,000 Bank balance Add: Error on check No. 193 Total Less: Preauthorized payments for water bills NSF check Outstanding check Adjusted bank balance

P11,260,000 9,000 11,269,000 P 248,000 440,000 3,219,000

3,907,000 P7,362,000

Check No. 193 was made for the proper amount P489,000 in payment of account. However it was entered in the cash payments journal as P498,000. Joshtine authorized the bank to automatically pay its water bill as submitted directly to the bank. Based on the above and the result of your audit, the correct cash in bank balance as of December 31, 2014 is a. P7,320,000 c. P7,341,000 b. P7,362,000 d. P9,541,000 6

7 11. The Patrick Company had a weak internal control structure over its cash transactions. Facts about its cash position at November 30, 2016 were as follows: The cash books showed a balance of P 1,890,162, which included undeposited receipts. A credit of P 10,000 on the bank’s records did not appear on the books of the company. The balance per bank statement was P 1,555,000. Outstanding checks were no. 62 for P 11,625, no. 183 for P 15,000, no. 284 for P 25,325, no. 8621 for P 19,071, no. 8622 for P 20,680, and no. 8632 for P 14,528. The cashier stole all undeposited receipts in excess of P 379,441 and prepared the following reconciliation: Balance per books, November 30, 2016 Add: outstanding checks 8621 8622 8632

P1,890,162 P 19,071 20,680 14,528

Less: undeposited receipts Balance per bank, November 30, 2016 Deduct unrecorded credit True cash, November 30,2016 1. How much did the cashier stole? a. P71,000 b. P71,950

44,279 P 1,934,441 379,441 P 1,555,000 (10,000) P 1,545,000

c. P81,110 d. P 94,650

2.. What is the correct amount of cash to be shown on the statement of financial position on November 30, 2016? a. P 1,882,612 c. P 1,862,212 b. P 1,828,212 d. P 1,682,612 12. The Sunshine Corporation engaged your services to audit its accounts. In your examination of cash, you find that the Cash account represents both cash on hand and cash in bank. You further noted that there is very poor internal control over cash. Your audit covers the period ended December 31, 2015. You made a cash count on January 15, 2016, and cash on hand on this date was determined to be P52,000. Examination of the cashbooks and other evidences of transaction disclosed the following: 1. January 1 through 15, 2016 collections per duplicate receipts, P199,000. 2. Total of duplicate deposit slips, all dated January 2 through 15, P110,000, includes a deposit representing collections of December 31. 3. Cash book balance on December 31, 2015 is P465,000, representing both cash on hand and cash in bank. 4. Bank statement for December shows a balance of P424,000. 5. Outstanding checks at December 31: November checks:

December check:

Number 183





Number 252











8 6. Undeposited collections at December 31, P48,000. 7. An amount of P19,000 representing proceeds of a customer’s note was credited by bank, but is not yet taken up in the company’s books. 8. Bank service charge for December, P1,500. The company cashier presented to you the following reconciliation statement at December 2015, which he prepared: Balance per books, December 31, 2015 Add: outstanding checks Number 252

456,000 P











50,900 P


Bank charges


Undeposited collections


Balance per bank



1. How much is the amount of Cash shortage as of December 31, 2015? a) 121,500

b) 123,500

c) 132,500

d) none of the above

2. How much is the additional shortage in January 2016? a) 102,400

b) 85,000

c) 58,000

d) none of the above

3. Which is to be included in the audit adjusting entries at December 31, 2015? a) Dr: Cash 1,600

b) Cr: Cash 106,000 c) Cr: Loss 123,500

d) none of the above

13. On March 3, 2016, Jerome Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. Thus, you had to prepare a bank reconciliation from the available information summarized below: February 28 book balance 1,460,000 Note collected by bank 100,000 Interest earned on note 10,000 NSF check of customer 130,000 Bank service charge on NSF check 2,000 Other bank service charges 3,000 Outstanding checks 202,000 Deposit of February 28 placed in night depository 85,000 Check issued by Joshtin Company charged to Jerome’s account 20,000 What was the cash balance per bank statement? a. 1,435,000 b. 1,532,000 c. 1,338,000 d. 1,557,000 14. The following information pertains to Teresa Company as of December 31, 2016: Cash balance per bank statement 4,000,000 Checks outstanding (including certified check of P100,000) 500,000 Bank service charge shown in December bank statement 20,000 Error made by Teresa in recording a check that cleared the bank


9 December (check was drawn in December for P100,000 but recorded at P10,000) Deposit in transit

90,000 1,300,000

What is the cash balance per ledger on December 31, 2016? a. 4,900,000 b. 5,010,000 c. 4,910,000 d. 4,830,000 15. Teresa Company had the following bank reconciliation on June 30, 2016: Balance per bank statement, June 30 Add: Deposit in transit Total Less: Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: Deposits (including P200,000 note collected for Teresa) Disbursement (including P140,000 NSF check and P10,000 service charge)

3,000,000 400,000 3,400,000 900,000 2,500,000 P9,000,00 7,000,000

All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. Q1. What is the cash balance per book on July 31, 2016? a. 5,400,000 b. 5,350,000 c. 5,550,000 d. 4,500,000 Q2. What is the amount of cash receipts per book in July 2016? a. 9,400,000 b. 9,600,000 c. 8,600,000 d. 9,800,000 Q3. What is the amount of cash disbursements per book in July 2016? a. 6,550,000 b. 6,700,000 c. 7,300,000 d. 6,850,000 16. Your client, Angel Company, presented you with the following data: Bank balances November 30 December 31 Bank receipts in December Book balances November 30 December 31 Book receipts in December

P 2,500,000 3,100,000 2,300,000 P 2,390,000 3,047,000 2,206,000

Deposits in transit November 30 December 31

58,000 47,000

Outstanding checks November 30



10 December 31


NSF checks returned by bank (recorded by client in the month following the return) November December

15,000 25,000

Bank service charges (recorded by client in the month following the month the charge) November 10,000 December 18,000 Note collected by bank (recorded by the client in the following month) November 76,000 December 84,000 Erroneous bank charges (corrected by the bank in the following month) November 30 25,000 December 31 37,000 Erroneous bank credits (corrected by the bank in the following month) November 45,000 December 50,000 1) How much is the audit adjusted balance of receipts as of December 31? a) 2,241,000 b) 2,214,000 c) 2,421,000 d) 2,124,000 e) none of the above 2) How much is the audit adjusted balance of disbursements as of December 31? a) 1,576,000 b) 1,657,000 c) 1,765,000 d) 1,567,000 e) none of the above 3) Which is to be included in the audit adjusting entries for December 31? a) Cr: Cash in Bank 19,000 b) Dr: Cash in Bank 83,000 c) Dr: Accounts Receivable 19,000 d) none of the above 17. You are auditing the cash in bank account of Rose V Manufacturing Company as of December 31, 2016. Your examination revealed the following: From the bank statement: Balance, December 1, 2016



Deposits (20)


Check (64) plus debit memos


Service charges for new checks


Balance, December 31, 2016




From the company’s records: Nov. 1 Nov. 30 CR Dec. 31 CR CD – Cash disbursements CR – Cash receipts

CASH 652,070 Nov. 30 CD 6,654,410 6,824,290 Dec. 1 – Bank reconciliation 38,400 9,198,720 Dec. 31 CD 8,574,610

Your review of last month’s bank reconciliation and the current bank statement reveals the following. 1. Outstanding checks: November 30, 2016 December 31, 2016 2. Deposit in transit:

November 30, 2016

P254,720 335,610 164,220


11 December 31, 2016


3. Check no 359 for Office Repairs was written for P6,950 but recorded in the cash disbursements journal as P9,650. The bank deducted the check as P6,950. The error happened in November and is not yet recorded as of December 31. 4. A check written on the account of the Pamplona Company for P5,830 was deducted by the bank from the Rose V’s account. 5. Included with the bank statement was debit memorandum dated December 31 for P24,750 for interest on a note taken out by the Rose V Manufacturing Company on November 30. 6. The service charge for the new checks has not been recorded. 7. The November 30 bank reconciliation showed as reconciling items a service charge of P3,500 and a customer’s DAIF check for P34,900.

1. How much is the audit adjusted balance of Receipts as of December 31? a) 9,198,720 b) 9,918,270 c) 9,891,720 d) 9,189,270 e) none of the above 2. How much is the audit adjusted balance of Disbursements as of December 31? a) 8,601,610 b) 8,610,601 c) 8,601,601 d) 8,610,610 e) none of the above 3. Which is to be included in the audit adjusting entries? a) Dr: Cash in Bank 2,700 b) Cr: Cash in bank 2,200 d) None of the above

c) Dr: Interest expense 20,000

18. Your audit senior instructed you to prepare a four column proof of cash receipts and disbursements for the month of December, 2014. The bank reconciliation prepared by Joshtine Company at November 30 is reproduced below: Unadjusted bank balance Add: deposit in transit Total Less outstanding checks: No. 276 P2,400 282 7,200 284 4,800 285 1,600 Adjusted balance

P96,800 18,000 114,800

16,000 P98,800

Unadjusted book balance Add: CM - Note collected Total Less: DM bank charges

Adjusted balance

P58,640 40,320 98,960 160

. P98,800

The December bank statement, which has a beginning balance of P96,800, is reproduced below: May Bank Account Name: Joshtine Company Date Debits December 01 December 02 P7,200 December 04 24,000 December 06 December 08 December 10 40,000 DM97 December 11 December 16 20,000 December 18 December 21 December 28 36,000

Credits P18,000 40,000 48,000 400,000 CM83 56,000 64,000 72,400 80,000


12 December 31 4,000 DM98 64,000 CM84 Totals P131,200 P842,400 DM97 – Customer’s DAIF check CM83 – Note collected by the bank DM98 – Service Charges CM84 – Account collected by the bank The company’s cash receipts and cash disbursements journals for the month of December 2014 are provided below: Cash Disbursements Journal Cash Receipts Journal Date OR No. Amount Date Check No. Amount Dec. 01 415 P40,000 Dec. 01 286 P16,000 05 416 48,000 03 287 24,000 10 417 56,000 10 288 32,000 17 418 64,000 14 289 20,000 20 419 72,000 20 290 28,000 27 420 80,000 23 291 36,000 31 421 88,800 26 292 40,000 28 293 44,000 . 31 294 48,000 Total P440,800 Total P304,000 The company’s Cash in Bank ledger appears below:

12/01/2014 12/2014/2014 12/31/2014

Balance GJ GJ (CM83) CRJ

Cash in Bank P58,640 12/31/2014 40,320 400,000




Based on the application of the necessary audit procedures and appreciation of the above data, you are to provide the answers to the following: 1. How much is the outstanding checks as of December 31, 2014? a. P208,000 c. P216,800 b. P232,800 d. P224,000 2. How much is the adjusted book receipts for December, 2014? a. P913,200 c. P904,800 b. P985,200 d. P771,600 3. How much is the adjusted book disbursements for December, 2014? a. P347,840 c. P348,000 b P332,000 d. P339,200 4. How much is the adjusted cash balance as of December 31, 2014 a. P664,000 c. P688,800 b. P680,000 d. P672,800 5. How much is the cash shortage as of December 31, 2014? a. P24,240 c. P23,840 b. P15,840 d. P 0 19. The Jerome Corporation was organized on January 15, 2016 and started operation soon thereafter. The Company cashier who acted also as the bookkeeper had kept the accounting records very haphazardly. The manager suspects him of defalcation and engaged you to audit his account to find out the extent of the fraud, if there is any.


13 On November 15, when you started the examination of the accounts, you find the cash on hand to be P25,700. From inquiry at the bank, it was ascertained that the balance of the Company’s bank deposit in current account on the same date was P131,640. Verification revealed that the check issued for P9,260 is not yet paid by the bank. The corporation sells at 40% above cost. Your examination of the available records disclosed the following information: Share capital issued at par for cash Real state purchased and paid in full Mortgage liability secured by real state Furniture and fixtures (gross) bought on which there is still balance unpaid of P30,000 Outstanding notes due to bank Total amount owed to creditors on open account Total sales Total amount still due from customers Inventory of merchandise on November 15 at cost Expenses paid excluding purchases

P1,600,000 1,000,000 400,000 145,000 160,000 231,420 1,615,040 426,900 469,600 303,780

Based on the above and the result of your audit, compute for the following as of November 15, 2016: 1. Collections from sales a. P1,188,140 b. P1,153,600

c. P1,615,040 d. P2,041,940

2. Payments for purchases a. P1,854,620 b. P1,391,780

c. P1,207,204 d. P 922,180

3. Total cash disbursements a. P2,340,960 b. P3,273,400

c. P2,810,560 d. P2,625,984

4. Unadjusted cash balance a. P 74,740 b. P722,156

c. P1,007,180 d. P 537,580

5. Cash shortage a. P574,076 b. P389,500

c. P859,100 d. P 0

20. The following information is shown in the accounting records of a company: Balances as of January 1, 2016 Cash Merchandise inventory Accounts Receivable Accounts payable Balances as of December 31, 2016 Merchandise Inventory Accounts receivable Accounts payable

P93,000 129,000 100,500 79,500 P117,000 136,500 72,000

Total sales and cost of goods sold for 2016 were P1,197,000 and P874,500, respectively. All sales and all merchandise purchases were made on credit. Various operating expenses of P160,500 were paid in cash. Assume that there were no other pertinent transactions. The cash balance on December 31, 2016 would be a. 162,500 b. 223,500 c. 384,000 13 d. 457,500

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