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Consolidations Week 2 TEXT CHAP 15 TEXT CHAP 15. Carrying amount of acquisition nSo far it has been assumed that the subsidiary’s net assets.

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Presentation on theme: "Consolidations Week 2 TEXT CHAP 15 TEXT CHAP 15. Carrying amount of acquisition nSo far it has been assumed that the subsidiary’s net assets."— Presentation transcript:

1 Consolidations Week 2 TEXT CHAP 15 TEXT CHAP 15

2 Carrying amount of acquisition nSo far it has been assumed that the subsidiary’s net assets are recorded at fair values nWhen the carrying amount of the subsidiary's assets are different from fair values AASB 1024 sets out two (2) approaches to recognising the necessary adjustments (1) to recognise the necessary adjustment on consolidation (2) to revalue the assets in the accounting records of the subsidiary

3 Adjustment on Consolidation nThe non-current assets of the subsidiary are adjusted to the fair values on consolidation nThe differences being recorded in the assets revaluation reserve nThe asset revaluation reserve is then part of the equity acquired nInventory has to carried at the lower of cost or net realisable value, they cannot be adjusted to assets revaluation reserve but adjusted directly in pre- acquisition entry

4 Example - Land nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- CAPITAL $80,000 CAPITAL $80,000 RETAINED PROFITS 30,000 RETAINED PROFITS 30,000 All the identified net assets of Frog Ltd were recorded at fair value Except for land which had a carrying amount of $26000, $ less than its fair value of $36,000.

5 Example - Land nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- CAPITAL $80,000 CAPITAL $80,000 RETAINED PROFITS 30,000 RETAINED PROFITS 30,000 All the identified net assets of Frog Ltd were recorded at fair value Except for land which had a carrying amount of $26000, $ less than its fair value of $36,000. FV of INA= (10) =117 Cost =117 FV of INA= (10) =117 Cost =117

6 Example - Land nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- CAPITAL $80,000 CAPITAL $80,000 RETAINED PROFITS 30,000 RETAINED PROFITS 30,000 All the identified net assets of Frog Ltd were recorded at fair value Except for land which had a carrying amount of $26000, $ less than its fair value of $36,000. FIRST CONS ENTRY:: DR LAND 10,000 CR Deferred Tax Liab CR ASSET REVALN RESERVE 7,000 FIRST CONS ENTRY:: DR LAND 10,000 CR Deferred Tax Liab CR ASSET REVALN RESERVE 7,000

7 Example - Land nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- CAPITAL $80,000 CAPITAL $80,000 RETAINED PROFITS 30,000 RETAINED PROFITS 30,000 All the identified net assets of Frog Ltd were recorded at fair value Except for land which had a carrying amount of $26000, $ less than its fair value of $36,000. DR CAPITAL 80,000 DR RETAINED PROFITS 30,000 DR A.R.R. 7,000 CR SHARES IN FROG LTD 117,000 DR CAPITAL 80,000 DR RETAINED PROFITS 30,000 DR A.R.R. 7,000 CR SHARES IN FROG LTD 117,000 FV of INA= (10) =117 Cost =117 FV of INA= (10) =117 Cost =117

8 Example - Depreciable Asset nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog ltd were recorded at fair value Except for a depreciable asset Plant which has a fair value $10,000 greater than its carrying amount (Frog Ltd has it recorded at $45,000 with accumulated depreciation $5,000)

9 Example - Depreciable Asset nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog ltd were recorded at fair value Except for a depreciable asset Plant which has a fair value $10,000 greater than its carrying amount (Frog Ltd has it recorded at $45,000 with accumulated depreciation $5,000) F.V. Assets acquired = (Capital $ RP $ %ARR $10 000) = Cost of Acquisition = F.V. Assets acquired = (Capital $ RP $ %ARR $10 000) = Cost of Acquisition =

10 Example - Depreciable Asset nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog ltd were recorded at fair value Except for a depreciable asset Plant which has a fair value $10,000 greater than its carrying amount (Frog Ltd has it recorded at $45,000 with accumulated depreciation $5,000) second cons entry:: DR PLANT 10,000 Cr Deferred Tax Lia 3,000 CR A.R.R. 7,000 second cons entry:: DR PLANT 10,000 Cr Deferred Tax Lia 3,000 CR A.R.R. 7,000 Write off accum depn:: DR Accumulated Depn 5,000 CR Plant 5,000 Write off accum depn:: DR Accumulated Depn 5,000 CR Plant 5,000

11 Example - Depreciable Asset nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog ltd were recorded at fair value Except for a depreciable asset Plant which has a fair value $10,000 greater than its carrying amount (Frog Ltd has it recorded at $45,000 with accumulated depreciation $5,000) DR CAPITAL 80,000 DR R.P. 30,000 DR A.R.R. 7,000 CR SHARES IN FROG 117,000 DR CAPITAL 80,000 DR R.P. 30,000 DR A.R.R. 7,000 CR SHARES IN FROG 117,000 F.V. Assets acquired = (Capital $ RP $ %ARR $10 000) = Cost of Acquisition = F.V. Assets acquired = (Capital $ RP $ %ARR $10 000) = Cost of Acquisition =

12 Example - Depreciable Asset Example - Depreciable Asset nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog ltd were recorded at fair value Except for a depreciable asset Plant which has a fair value $10,000 greater than its carrying amount (Frog Ltd has it recorded at $45,000 with accumulated depreciation $5,000) cons entry:: DR PLANT 10,000 Cr DTL 3,000 CR A.R.R. 7,000 DR DEPN 2,500 CR ACC DEPN 2,500 DR DTL 750 CR Income tax Exp 750 cons entry:: DR PLANT 10,000 Cr DTL 3,000 CR A.R.R. 7,000 DR DEPN 2,500 CR ACC DEPN 2,500 DR DTL 750 CR Income tax Exp 750 ENTRY AFTER 1 YEARS ASSUMING PLANT HAS LIFE OF 4 YEARS

13 Example - Depreciable Asset Example - Depreciable Asset nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog ltd were recorded at fair value Except for a depreciable asset Plant which has a fair value $10,000 greater than its carrying amount (Frog Ltd has it recorded at $45,000 with accumulated depreciation $5,000) second cons entry:: DR PLANT 10,000 Cr DTL 3,000 CR A.R.R. 7,000 DR DEPN 2,500 DR RP 2,500 CR ACC DEPN 5,000 DR DTL 1,500 CR Income tax Exp 750 Cr RP 750 second cons entry:: DR PLANT 10,000 Cr DTL 3,000 CR A.R.R. 7,000 DR DEPN 2,500 DR RP 2,500 CR ACC DEPN 5,000 DR DTL 1,500 CR Income tax Exp 750 Cr RP 750 ENTRY AFTER 2 YEARS ASSUMING PLANT HAS LIFE OF 4 YEARS

14 Example - Inventories nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog Ltd were recorded at fair value Except for inventory which had a carrying amount of $ greater than its book value.

15 Example - Inventories nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog Ltd were recorded at fair value except for inventory which had a carrying amount of $ greater than its book value. F.V. Assets acquired = (Capital $ RP $ % Invent $10 000) = Cost of Acquisition = F.V. Assets acquired = (Capital $ RP $ % Invent $10 000) = Cost of Acquisition =

16 Example - Inventories nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog Ltd were recorded at fair value Except for inventory which had a carrying amount of $ greater than its book value. CONS ENTRY:: DR CAPITAL 80,000 DR R.P. 30,000 DR INVENTORY 10,000 CR Deferred Tax Liab 3,000 CR SHARES IN FROG 117,000 CONS ENTRY:: DR CAPITAL 80,000 DR R.P. 30,000 DR INVENTORY 10,000 CR Deferred Tax Liab 3,000 CR SHARES IN FROG 117,000 F.V. Assets acquired = (Capital $ RP $ % Invent $10 000) = Cost of Acquisition = F.V. Assets acquired = (Capital $ RP $ % Invent $10 000) = Cost of Acquisition =

17 Example - Inventories nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog Ltd were recorded at fair value Except for inventory which had a carrying amount of $ greater than its book value. CONS ENTRY:: YEAR INVENTORY SOLD DR CAPITAL 80,000 DR R.P. 30,000 DR COST OF SALES 10,000 CR TAX EXPENSE 3,000 CR SHARES IN FROG 117,000 CONS ENTRY:: YEAR INVENTORY SOLD DR CAPITAL 80,000 DR R.P. 30,000 DR COST OF SALES 10,000 CR TAX EXPENSE 3,000 CR SHARES IN FROG 117,000

18 Example - Inventories nGreen Ltd purchased all of the shares of Frog Ltd on 1 July 19x5 for $117,000. The equity of Frog Ltd at that date was :- Capital $80,000 Capital $80,000 Retained profits 30,000 Retained profits 30,000 All the identified net assets of Frog Ltd were recorded at fair value Except for inventory which had a carrying amount of $ greater than its book value. CONS ENTRY:: FOLLOWING YEARS DR CAPITAL 80,000 DR R.P. 37,000 (30,000+10,000-3,000) CR SHARES IN FROG CONS ENTRY:: FOLLOWING YEARS DR CAPITAL 80,000 DR R.P. 37,000 (30,000+10,000-3,000) CR SHARES IN FROG

19 Revaluation of assets in Subsidiary’s books nAs per AASB 1010 subsidiary can revalue non current assets in its books ie DR Non current asset DR Non current asset CR Deferred Tax Liability CR Deferred Tax Liability CR Asset revaluation reserve CR Asset revaluation reserve nIf depreciable assets accumulated depreciation must be written off as before nIf revalue in books no need to adjust depreciation as this will be adjusted in the books nInventory as per AASB 1019 cannot be written up and therefore still adjusted on consolidation

20 Revaln in Subsidiary’s books - goodwill nOn 1 January 19x7, Buddy Ltd acquired all the issued shares of Holly Ltd for $52,000. At this date the financial position of Holly Ltd was as follows :- CAPITAL 22,000 CAPITAL 22,000 RETAINED PROFITS 18,000 RETAINED PROFITS 18,000 F. V. F. V. PLANT (COST $20,000) 15,000 18,000 PLANT (COST $20,000) 15,000 18,000 LAND 5,000 7,000 LAND 5,000 7,000 INVENTORY 20,000 25,000 INVENTORY 20,000 25,000 Holly revalues to fair values (except inventory)

21 Revaln in Subsidiary’s books - goodwill nOn 1 January 19x7, Buddy Ltd acquired all the issued shares of Holly Ltd for $52,000. At this date the financial position of Holly Ltd was as follows :- CAPITAL 22,000 CAPITAL 22,000 RETAINED PROFITS 18,000 RETAINED PROFITS 18,000 F. V. F. V. PLANT (COST $20,000) 15,000 18,000 PLANT (COST $20,000) 15,000 18,000 LAND 5,000 7,000 LAND 5,000 7,000 INVENTORY 20,000 25,000 INVENTORY 20,000 25,000 Holly revalues to fair values (except inventory) FV of Assets Acq= ( ) = Cost Goodwill FV of Assets Acq= ( ) = Cost Goodwill 5 000

22 Revaln in Subsidiary’s books - goodwill nOn 1 January 19x7, Buddy Ltd acquired all the issued shares of Holly Ltd for $52,000. At this date the financial position of Holly Ltd was as follows :- CAPITAL 22,000 CAPITAL 22,000 RETAINED PROFITS 18,000 RETAINED PROFITS 18,000 F. V. F. V. PLANT (COST $20,000) 15,000 18,000 PLANT (COST $20,000) 15,000 18,000 LAND 5,000 7,000 LAND 5,000 7,000 INVENTORY 20,000 25,000 INVENTORY 20,000 25,000 Holly revalues to fair values (except inventory) entries in BOOKS OF SUB Dr Land 2,000 Cr Deferred Tax Lia 600 Cr ARR 1,400 DR ACC DEPN 5,000 CR PLANT 5,000 Dr Plant 3,000 Cr DTL 900 Cr ARR 2,100 entries in BOOKS OF SUB Dr Land 2,000 Cr Deferred Tax Lia 600 Cr ARR 1,400 DR ACC DEPN 5,000 CR PLANT 5,000 Dr Plant 3,000 Cr DTL 900 Cr ARR 2,100

23 Revaln in Subsidiary’s books - goodwill nOn 1 January 19x7, Buddy Ltd acquired all the issued shares of Holly Ltd for $52,000. At this date the financial position of Holly Ltd was as follows :- CAPITAL 22,000 CAPITAL 22,000 RETAINED PROFITS 18,000 RETAINED PROFITS 18,000 F. V. F. V. PLANT (COST $20,000) 15,000 18,000 PLANT (COST $20,000) 15,000 18,000 LAND 5,000 7,000 LAND 5,000 7,000 INVENTORY 20,000 25,000 INVENTORY 20,000 25,000 Holly revalues to fair values (except inventory) CONS entries:: DR CAPITAL 22,000 DR R.P. 18,000 DR A.R.R. 3,500 DR G’WILL 5,000 DR INVENT. 5,000 CR Deferred Tax Liab 1,500 CR SHARES S 52,000 CONS entries:: DR CAPITAL 22,000 DR R.P. 18,000 DR A.R.R. 3,500 DR G’WILL 5,000 DR INVENT. 5,000 CR Deferred Tax Liab 1,500 CR SHARES S 52,000 FV of Assets Acq= ( ) = Cost Goodwill FV of Assets Acq= ( ) = Cost Goodwill 5 000

24 Revaln in Subsidiary’s books - goodwill nOn 1 January 19x7, Buddy Ltd acquired all the issued shares of Holly Ltd for $52,000. At this date the financial position of Holly Ltd was as follows :- CAPITAL 22,000 CAPITAL 22,000 RETAINED PROFITS 18,000 RETAINED PROFITS 18,000 F. V. F. V. PLANT (COST $20,000) 15,000 18,000 PLANT (COST $20,000) 15,000 18,000 LAND 5,000 7,000 LAND 5,000 7,000 INVENTORY 20,000 25,000 INVENTORY 20,000 25,000 Holly revalues to fair values (except inventory) entries (after 1 year):: Dr Goodwill Exp 500 DR CAPITAL 22,000 DR R.P. 18,000 DR A.R.R. 3,500 DR G’WILL 5,000 CR Acc Amort 500 DR Cost of Sales 5,000 CR Tax Expense 1,500 CR SHARES S 52,000 entries (after 1 year):: Dr Goodwill Exp 500 DR CAPITAL 22,000 DR R.P. 18,000 DR A.R.R. 3,500 DR G’WILL 5,000 CR Acc Amort 500 DR Cost of Sales 5,000 CR Tax Expense 1,500 CR SHARES S 52,000 CONS entries:: DR CAPITAL 22,000 DR R.P. 18,000 DR A.R.R. 3,500 DR G’WILL 5,000 DR INVENT. 5,000 CR Deferred Tax Liab 1,500 CR SHARES S 52,000 CONS entries:: DR CAPITAL 22,000 DR R.P. 18,000 DR A.R.R. 3,500 DR G’WILL 5,000 DR INVENT. 5,000 CR Deferred Tax Liab 1,500 CR SHARES S 52,000

25 Discount adj on consolidation nOn 1 July 19x7, Big Ltd acquired all the issued shares of Boppa Ltd for $31,530. The financial position of Boppa Ltd at that date was CAPITAL 20,000 CAPITAL 20,000 RESERVES 6,000 RESERVES 6,000 RETAINED PROFITS 4,000 RETAINED PROFITS 4,000 F.V. F.V. PLANT (NET) 25,000 30,000 PLANT (NET) 25,000 30,000 LAND 4,000 6,000 LAND 4,000 6,000 INVENTORY 4,000 5,000 INVENTORY 4,000 5,000 MONETARY ASSETS 2,000 2,000 MONETARY ASSETS 2,000 2,000 LIABILITIES (5,000) (5,000) LIABILITIES (5,000) (5,000) Boppa Ltd revalues Land & Plant. Tax rate 30%

26 Discount nOn 1 July 19x7, Big Ltd acquired all the issued shares of Boppa Ltd for $31,530. The financial position of Boppa Ltd at that date was CAPITAL 20,000 CAPITAL 20,000 RESERVES 6,000 RESERVES 6,000 RETAINED PROFITS 4,000 RETAINED PROFITS 4,000 F.V. F.V. PLANT (NET) 25,000 30,000 PLANT (NET) 25,000 30,000 LAND 4,000 6,000 LAND 4,000 6,000 INVENTORY 4,000 5,000 INVENTORY 4,000 5,000 MONETARY ASSETS 2,000 2,000 MONETARY ASSETS 2,000 2,000 LIABILITIES (5,000) (5,000) LIABILITIES (5,000) (5,000) Boppa Ltd revalues Land & Plant. Tax rate 30% F,V, OF ASSETS ACQ (20,000+6,000+4, (A.R.R. 7,000+INV 1,000) = $35,600 COST = 31,530 DISCOUNT $ 4,070 F,V, OF ASSETS ACQ (20,000+6,000+4, (A.R.R. 7,000+INV 1,000) = $35,600 COST = 31,530 DISCOUNT $ 4,070

27 Discount nOn 1 July 19x7, Big Ltd acquired all the issued shares of Boppa Ltd for $31,530. The financial position of Boppa Ltd at that date was CAPITAL 20,000 CAPITAL 20,000 RESERVES 6,000 RESERVES 6,000 RETAINED PROFITS 4,000 RETAINED PROFITS 4,000 F.V. F.V. PLANT (NET) 25,000 30,000 PLANT (NET) 25,000 30,000 LAND 4,000 6,000 LAND 4,000 6,000 INVENTORY 4,000 5,000 INVENTORY 4,000 5,000 MONETARY ASSETS 2,000 2,000 MONETARY ASSETS 2,000 2,000 LIABILITIES (5,000) (5,000) LIABILITIES (5,000) (5,000) Boppa Ltd revalues Land & Plant. Tax rate 30% Revaluation: Dr Land Cr DTL 600 Cr ARR Dr Plant Cr DTL Cr ARR Revaluation: Dr Land Cr DTL 600 Cr ARR Dr Plant Cr DTL Cr ARR 3 500

28 Discount nOn 1 July 19x7, Big Ltd acquired all the issued shares of Boppa Ltd for $31,530. The financial position of Boppa Ltd at that date was CAPITAL 20,000 CAPITAL 20,000 RESERVES 6,000 RESERVES 6,000 RETAINED PROFITS 4,000 RETAINED PROFITS 4,000 F.V. F.V. PLANT (NET) 25,000 30,000 PLANT (NET) 25,000 30,000 LAND 4,000 6,000 LAND 4,000 6,000 INVENTORY 4,000 5,000 INVENTORY 4,000 5,000 MONETARY ASSETS 2,000 2,000 MONETARY ASSETS 2,000 2,000 LIABILITIES (5,000) (5,000) LIABILITIES (5,000) (5,000) Boppa Ltd revalues Land & Plant. Tax rate 30% ALLOCATION OF DISCOUNT: N-M ASSETS F.V. DISCOUNT Grossed Tax Effect Cost up PLANT 30,000 3, LAND 6, INVENTORY Net of tax 4, ,700 $4070 Carry Amount of Inventory $4000 Gross up $230 /.7 Carrying Amt Plant & Land now fair values ALLOCATION OF DISCOUNT: N-M ASSETS F.V. DISCOUNT Grossed Tax Effect Cost up PLANT 30,000 3, LAND 6, INVENTORY Net of tax 4, ,700 $4070 Carry Amount of Inventory $4000 Gross up $230 /.7 Carrying Amt Plant & Land now fair values

29 Discount nOn 1 July 19x7, Big Ltd acquired all the issued shares of Boppa Ltd for $31,530. The financial position of Boppa Ltd at that date was CAPITAL 20,000 CAPITAL 20,000 RESERVES 6,000 RESERVES 6,000 RETAINED PROFITS 4,000 RETAINED PROFITS 4,000 F.V. F.V. PLANT (NET) 25,000 30,000 PLANT (NET) 25,000 30,000 LAND 4,000 6,000 LAND 4,000 6,000 INVENTORY 4,000 5,000 INVENTORY 4,000 5,000 MONETARY ASSETS 2,000 2,000 MONETARY ASSETS 2,000 2,000 LIABILITIES (5,000) (5,000) LIABILITIES (5,000) (5,000) Boppa Ltd revalues Land & Plant. Tax rate 30% F,V, OF ASSETS ACQ (20,000+6,000+4, (A.R.R. 7,000+INV 1,000) = $35,600 COST = 31,530 DISCOUNT $ 4,070 F,V, OF ASSETS ACQ (20,000+6,000+4, (A.R.R. 7,000+INV 1,000) = $35,600 COST = 31,530 DISCOUNT $ 4,070 ALLOCATION OF DISCOUNT: N-M ASSETS F.V. DISCOUNT Grossed Tax Effect Cost up PLANT 30,000 3, LAND 6, INVENTORY Net of tax 4, ,700 $4070 NET GROSS UP /.7 230/.7=329 ALLOCATION OF DISCOUNT: N-M ASSETS F.V. DISCOUNT Grossed Tax Effect Cost up PLANT 30,000 3, LAND 6, INVENTORY Net of tax 4, ,700 $4070 NET GROSS UP /.7 230/.7=329 CONS ENTRY :: DR CAPITAL 20,000 DR G.R. 6,000 DR R.P. 4,000 DR A.R.R. 4,900 CR PLANT 4,286 Dr Deferred Tax Liab 1,286 CR LAND 857 DR Deferred Tax Liab 257 DR INVENT 329 CR DTL 99 CR SHARES IN B 31,530 CONS ENTRY :: DR CAPITAL 20,000 DR G.R. 6,000 DR R.P. 4,000 DR A.R.R. 4,900 CR PLANT 4,286 Dr Deferred Tax Liab 1,286 CR LAND 857 DR Deferred Tax Liab 257 DR INVENT 329 CR DTL 99 CR SHARES IN B 31,530

30 Tutorial Questions nProblem 15.1 nProblem 15.2 nProblem 15.3 nProblem 15.4 nProblem 15.5


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