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11-1. 11-2 REPORTING AND ANALYZING STOCKHOLDER’S EQUITY Accounting, Fourth Edition 11.

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Presentation on theme: "11-1. 11-2 REPORTING AND ANALYZING STOCKHOLDER’S EQUITY Accounting, Fourth Edition 11."— Presentation transcript:

1 11-1

2 11-2 REPORTING AND ANALYZING STOCKHOLDER’S EQUITY Accounting, Fourth Edition 11

3 Identify and discuss the major characteristics of a corporation Record the issuance of common stock Explain the accounting for the purchase of treasury stock Differentiate preferred stock from common stock Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits Identify the items that affect retained earnings Prepare a comprehensive stockholders’ equity section Evaluate a corporation’s dividend and earnings performance from a stockholder’s perspective. Study Objectives

4 11-4 Authorized stock Issuance Par and no-par value Accounting for common stock issues The Corporate Form of Organization Characteristics Formation Stockholder rights Purchase of treasury stock Dividend preferences Liquidation preference Stock Issue Considerations Accounting for Treasury Stock Preferred Stock Dividends and Retained Earnings Cash dividends Stock dividends Stock splits Retained earnings restrictions Financial Statement Presentation and Corporate Performance Balance sheet Statement of cash flows Dividend record Earnings performance Debt vs. equity decision Reporting and Analyzing Stockholders’ Equity

5 11-5 An entity separate and distinct from its owners. The Corporate Form of Organization Classified by Purpose Not-for-Profit For Profit Classified by Ownership Publicly held Privately held ► Nike ► General Motors ► IBM ► General Electric ► Salvation Army ► American Cancer Society ► Gates Foundation ► Cargill Inc.

6 11-6  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes Characteristics of a Corporation Advantages Disadvantages The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation.

7 11-7  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes Corporation acts under its own name rather than in the name of its stockholders. The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation. Characteristics of a Corporation

8 11-8 Limited to their investment. The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation.  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes Characteristics of a Corporation

9 11-9 Shareholders may sell their stock. The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation.  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes Characteristics of a Corporation

10 11-10 Corporation can obtain capital through the issuance of stock. The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation.  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes Characteristics of a Corporation

11 11-11 Continuance as a going concern is not affected by the withdrawal, death, or incapacity of a stockholder, employee, or officer. The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation.  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes Characteristics of a Corporation

12 11-12 The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation.  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes Characteristics of a Corporation Separation of ownership and management prevents owners from having an active role in managing the company.

13 11-13 SO 1 Identify and discuss the major characteristics of a corporation. The Corporate Form of Organization  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes Characteristics of a Corporation

14 11-14  Separate Legal Existence  Limited Liability of Stockholders  Transferable Ownership Rights  Ability to Acquire Capital  Continuous Life  Corporate Management  Government Regulations  Additional Taxes The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation. Characteristics of a Corporation Corporations pay income taxes as a separate legal entity and stockholders pay taxes on cash dividends.

15 11-15 Stockholders Chairman and Board of Directors President and Chief Executive Officer General Counsel and Secretary Vice President Marketing Vice President Finance/Chief Financial Officer Vice President Operations Vice President Human Resources TreasurerController Illustration 11-1 Corporation organization chart The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation.

16 11-16

17 11-17 Other Forms of Business Organization  Limited partnerships  Limited liability partnerships (LLPs)  Limited liability companies (LLCs)  S Corporation ► no double taxation ► cannot have more than 75 shareholders The Corporate Form of Organization SO 1 Identify and discuss the major characteristics of a corporation. Characteristics of a Corporation

18 11-18 Forming a Corporation  File application with the Secretary of State.  State grants charter.  Corporation develops by-laws. Initial Steps: Companies generally incorporate in a state whose laws are favorable to the corporate form of business (Delaware, New Jersey). Corporations engaged in interstate commerce must obtain a license from each state in which they do business. SO 1 Identify and discuss the major characteristics of a corporation. The Corporate Form of Organization

19 Vote in election of board of directors and on actions that require stockholder approval. Stockholders Rights 2.Share the corporate earnings through receipt of dividends. Illustration 11-3 SO 1 Identify and discuss the major characteristics of a corporation. The Corporate Form of Organization

20 Keep the same percentage ownership when new shares of stock are issued (preemptive right). Illustration 11-3 SO 1 Identify and discuss the major characteristics of a corporation. Stockholders Rights The Corporate Form of Organization

21 Share in assets upon liquidation in proportion to their holdings. This is called a residual claim. Illustration 11-3 SO 1 Identify and discuss the major characteristics of a corporation. Stockholders Rights The Corporate Form of Organization

22 11-22 Stock Issue Considerations  Charter indicates the amount of stock that a corporation is authorized to sell.  Number of authorized shares is often reported in the stockholders’ equity section. Authorized Stock SO 1 Identify and discuss the major characteristics of a corporation.

23 11-23 Stock Issue Considerations Name of corporation Stockholder’s name Shares Signature of corporate official Prenumbered Illustration 11-4 SO 1 Identify and discuss the major characteristics of a corporation.

24 11-24 Stock Issue Considerations  Corporation can issue common stock ► directly to investors or ► indirectly through an investment banking firm.  U.S. securities exchanges ► New York Stock Exchange ► American Stock Exchange ► 13 regional exchanges ► NASDAQ national market Issuance of Stock SO 1 Identify and discuss the major characteristics of a corporation.

25 11-25

26 11-26 Stock Issue Considerations  Capital stock that has been assigned a value per share.  Years ago, par value determined the legal capital per share that a company must retain in the business for the protection of corporate creditors.  Today many states do not require a par value.  No-par value stock is quite common today.  In many states the board of directors assigns a stated value to no-par shares. Par and No-Par Value Stocks SO 1 Identify and discuss the major characteristics of a corporation.

27 11-27 Stock Issue Considerations Review Question SO 1 Identify and discuss the major characteristics of a corporation. Which of these statements is false? a.Ownership of common stock gives the owner a voting right. b.The stockholders’ equity section begins with paid-in capital. c.The authorization of capital stock does not result in a formal accounting entry. d.Legal capital is intended to protect stockholders.

28 11-28 Paid-in Capital Retained Earnings Account Account Paid-in Capital in Excess of Par Account Account Two Primary Sources of Equity Common Stock Account Account Preferred Stock Account Account Paid-in capital is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock. SO 2 Record the issuance of common stock. Stock Issue Considerations

29 11-29 Paid-in Capital Retained Earnings Account Account Two Primary Sources of Equity Common Stock Account Account Preferred Stock Account Account Retained earnings is net income that a corporation retains for future use. SO 2 Record the issuance of common stock. Stock Issue Considerations Paid-in Capital in Excess of Par Account Account

30 11-30 Primary objectives: 1)Identify the specific sources of paid-in capital. 2)Maintain the distinction between paid-in capital and retained earnings. SO 2 Record the issuance of common stock. Other than consideration received, the issuance of common stock affects only paid-in capital accounts. Stock Issue Considerations Accounting for Common Stock Issues

31 11-31 Illustration: Assume that Hydro-Slide, Inc. issues 1,000 shares of $1 par value common stock at par. Prepare the journal entry. Cash1,000 Common stock (1,000 x $1) 1,000 SO 2 Record the issuance of common stock. Stock Issue Considerations Accounting for Common Stock Issues

32 11-32 Cash5,000 Common stock (1,000 x $1) 1,000 Paid-in capital in excess of par value 4,000 SO 2 Record the issuance of common stock. Accounting for Common Stock Issues Stock Issue Considerations Illustration: Now assume Hydro-Slide, Inc. issues an additional 1,000 shares of the $1 par value common stock for cash at $5 per share. Prepare Hydro-Slide’s journal entry.

33 11-33 SO 2 Record the issuance of common stock. Illustration 11-5 Stock Issue Considerations Stockholders’ equity section assuming Hydro-Slide, Inc. has retained earnings of $27,000.

34 11-34 ABC Corp. issues 1,000 shares of $10 par value common stock at $12 per share. When the transaction is recorded, credits are made to: a.Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $2,000. b.Common Stock $12,000. c.Common Stock $10,000 and Paid-in Capital in Excess of Par Value $2,000. d.Common Stock $10,000 and Retained Earnings $2,000. Stock Issue Considerations Review Question SO 2 Record the issuance of common stock.

35 11-35

36 11-36 Paid-in Capital Retained Earnings Account Account Paid-in Capital in Excess of Par Account Account Less: Treasury Stock AccountLess: Treasury Stock Account Two Primary Sources of Equity Common Stock Account Account Preferred Stock Account Account Accounting for Treasury Stock SO 3 Explain the accounting for the purchase of treasury stock.

37 11-37 Treasury stock - corporation’s own stock that it has reacquired from shareholders, but not retired. Corporations purchase their outstanding stock: 1.To reissue shares to officers and employees under bonus and stock compensation plans. 2.To increase trading of the company’s stock in the securities market. 3.To have additional shares available for use in acquiring other companies. 4.To increase earnings per share. Another infrequent reason is to eliminate hostile shareholders. Accounting for Treasury Stock SO 3 Explain the accounting for the purchase of treasury stock.

38 11-38 Purchase of Treasury Stock  Generally accounted for by the cost method.  Debit Treasury Stock for the price paid.  Treasury stock is a contra stockholders’ equity account, not an asset.  Purchase of treasury stock reduces stockholders’ equity. Accounting for Treasury Stock SO 3 Explain the accounting for the purchase of treasury stock.

39 11-39 Treasury stock (4,000 x $8) 32,000 Cash 32,000 Illustration: On February 1, 2012, Mead acquires 4,000 shares of its stock at $8 per share. Prepare the entry. Accounting for Treasury Stock Illustration 11-6 SO 3 Explain the accounting for the purchase of treasury stock.

40 11-40 Accounting for Treasury Stock Stockholders’ Equity with Treasury stock Both the number of shares issued (100,000), outstanding (96,000), and the number of shares held as treasury (4,000) are disclosed. Illustration 11-7 SO 3 Explain the accounting for the purchase of treasury stock.

41 11-41 Accounting for Treasury Stock SO 3 Explain the accounting for the purchase of treasury stock. Review Question Treasury stock may be repurchased: a.to reissue the shares to officers and employees under bonus and stock compensation plans. b.to signal to the stock market that management believes the stock is underpriced. c.to have additional shares available for use in the acquisition of other companies. d.more than one of the above.

42 11-42 Features often associated with preferred stock.  Preference as to dividends.  Preference as to assets in liquidation.  Nonvoting. SO 4 Differentiate preferred stock from common stock. Preferred Stock Each paid-in capital account title should identify the stock to which it relates:  Paid-in Capital in Excess of Par Value—Preferred Stock  Paid-in Capital in Excess of Par Value—Common Stock

43 11-43 Illustration: Stine Corporation issues 10,000 shares of $10 par value preferred stock for $12 cash per share. Journalize the issuance of the preferred stock. SO 4 Differentiate preferred stock from common stock. Preferred Stock Cash120,000 Preferred stock (10,000 x $10) 100,000 Paid-in capital in excess of par – Preferred stock20,000 Preferred stock may have a par value or no-par value.

44 11-44 SO 4 Differentiate preferred stock from common stock. Preferred Stock  Right to receive dividends before common stockholders.  Per share dividend amount is stated as a percentage of the preferred stock’s par value or as a specified amount.  Cumulative dividend – holders of preferred stock must be paid their annual dividend plus any dividends in arrears before common stockholders receive dividends. Dividend Preferences

45 11-45   Preference on corporate assets if the corporation fails.   Preference may be ► ► for the par value of the shares or ► ► for a specified liquidating value. SO 4 Differentiate preferred stock from common stock. Preferred Stock Liquidation Preference

46 11-46 Review Question SO 4 Differentiate preferred stock from common stock. Preferred Stock M-Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, No dividends were declared in 2008 or If M- Bot wants to pay $375,000 of dividends in 2010, common stockholders will receive: a.$0. b.$295,000. c.$215,000. d.$135,000.

47 11-47 A distribution of cash or stock to stockholders on a pro rata (proportional to ownership) basis. Types of Dividends: DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits. 1. Cash dividends. 2. Property dividends. Dividends expressed: (1) as a percentage of the par or stated value, or (2) as a dollar amount per share. 3. Stock dividends. 4. Scrip (promissory note)

48 11-48 Cash Dividends For a corporation to pay a cash dividend, it must have: 1. 1.Retained earnings - Payment of cash dividends from retained earnings is legal in all states Adequate cash Declaration by the Board of Directors. DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits.

49 11-49 Dividends require information concerning three dates: DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits.

50 11-50 Illustration: On Dec. 1, the directors of Media General declare a 50¢ per share cash dividend on 100,000 shares of $10 par value common stock. The dividend is payable on Jan. 20 to shareholders of record on Dec. 22: December 1 (Declaration Date) Cash dividends 50,000 Dividends payable 50,000 December 22 (Record Date) January 20 (Payment Date) DividendsDividends Dividends payable 50,000 Cash 50,000 No entry SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits.

51 11-51 DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits. Review Question Entries for cash dividends are required on the: a.declaration date and the record date. b.record date and the payment date. c.declaration date, record date, and payment date. d.declaration date and the payment date.

52 11-52 Stock Dividends Pro rata distribution of the corporation’s own stock. DividendsDividends Results in decrease in retained earnings and increase in paid-in capital. Illustration SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits.

53 11-53 Stock Dividends Reasons why corporations issue stock dividends: 1. 1.Satisfy stockholders’ dividend expectations without spending cash Increase the marketability of the corporation’s stock Emphasize that a portion of stockholders’ equity has been permanently reinvested in the business. DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits.

54 11-54 Effects of Stock Dividends   Changes the composition of stockholders’ equity.   Total stockholders’ equity remains the same.   No effect on the par or stated value per share.   Increases the number of shares outstanding. DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits.

55 11-55 Illustration: Medland Corp. declares a 10% stock dividend on its $10 par common stock when 50,000 shares were outstanding. The market price was $15 per share. DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits. Illustration 11-9

56 11-56 Stock Split   Reduces the market value of shares.   No entry recorded for a stock split.   Decrease par value and increase number of shares. DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits.

57 11-57 Illustration: Assuming that instead of issuing a 10% stock dividend, Medland splits its 50,000 shares of common stock on a 2-for-1 basis. DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits. Illustration 11-11

58 11-58 Differences between the effects of stock dividends and stock splits. DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits. Illustration 11-12

59 11-59 Review Question DividendsDividends SO 5 Prepare the entries for cash dividends and understand the effect of stock dividends and stock splits. Which of these statements about stock dividends is true? a.Stock dividends reduce a company’s cash balance. b.A stock dividend has no effect on total stockholders’ equity. c.A stock dividend decreases total stockholders’ equity. d.A stock dividend ordinarily will increase total stockholders’ equity.

60 11-60   Retained earnings is net income that a company retains for use in the business.   Net income increases Retained Earnings and a net loss decreases Retained Earnings.   Retained earnings is part of the stockholders’ claim on the total assets of the corporation.   A debit balance in Retained Earnings is identified as a deficit. Retained Earnings SO 6 Identify the items that affect retained earnings.

61 11-61 Retained Earnings SO 6 Identify the items that affect retained earnings. Illustration 11-14

62 11-62 Restrictions can result from: 1. 1.Legal restrictions Contractual restrictions Voluntary restrictions. Retained Earnings Restrictions Retained Earnings SO 6 Identify the items that affect retained earnings.

63 11-63 Balance Sheet Presentation Presentation of Stockholders’ Equity SO 7 Prepare a comprehensive stockholders’ equity section. Two classifications of paid-in capital: 1.Capital stock 2.Additional paid-in capital

64 11-64 SO 7 Prepare a comprehensive stockholders’ equity section. Presentation of Stockholders’ Equity Balance Sheet Presentation Illustration 11-16

65 11-65 Dividend Record Measuring Corporate Performance SO 8 Evaluate a corporation’s dividend and earnings performance from a stockholder’s perspective. Illustration: The following is the calculation of the payout ratio for Nike in 2009 and The payout ratio measures the percentage of earnings a company distributes in the form of cash dividends. Illustration 11-18

66 11-66 Measuring Corporate Performance SO 8 Evaluate a corporation’s dividend and earnings performance from a stockholder’s perspective. This ratio shows how many dollars of net income a company earned for each dollar of common stockholders’ equity. Illustration Earnings Performance Illustration: The following is the calculation of Nike’s return on common stockholders’ equity ratios for 2009 and 2008.

67 11-67 Debt Versus Equity Decision Measuring Corporate Performance SO 8 Evaluate a corporation’s dividend and earnings performance from a stockholder’s perspective. Illustration 11-21

68 11-68 Debt Versus Equity Decision Measuring Corporate Performance SO 8 Evaluate a corporation’s dividend and earnings performance from a stockholder’s perspective. Illustration 11-22

69 11-69 Measuring Corporate Performance SO 8 Illustration: Microsystems Inc. currently has 100,000 shares of common stock outstanding issued at $25 per share and no debt. It is considering two alternatives for raising an additional $5 million: Plan A involves issuing 200,000 shares of common stock at the current market price of $25 per share. Plan B involves issuing $5 million of 12% bonds at face value. Income before interest and taxes will be $1.5 million; income taxes are expected to be 30%. Illustration 11-23

70 11-70 Illustration: Medland Corporation declares a 10% stock dividend on its 50,000 shares of $10 par value common stock. The current fair market value of its stock is $15 per share. Record the entry on the declaration date: Retained earnings (50,000 x 10% x $15) 75,000 Common stock dividends distributable50,000 Paid-in capital in excess of par 25,000 SO 9 Prepare entries for stock dividends. Illustration 11A-1 appendix 11A Entries for Stock Dividends

71 11-71 Common stock dividends distributable50,000 Common stock50,000 SO 9 Prepare entries for stock dividends. appendix 11A Entries for Stock Dividends Illustration: Record the journal entry when Medland issues the dividend shares.

72 11-72 Key Points  Under IFRS, the term reserves is used to describe all equity accounts other than those arising from contributed capital. This would include, for example, reserves related to retained earnings, asset revaluations, and fair value differences.  Many countries have a different mix of investor groups than in the United States. For example, in Germany, financial institutions like banks are not only major creditors of corporations but often are the largest corporate stockholders as well. In the United States, Asia, and the United Kingdom, many companies rely on substantial investment from private investors.

73 11-73 Key Points  There are often terminology differences for equity accounts. The following summarizes some of the common differences in terminology.

74 11-74 Key Points  The accounting for treasury stock differs somewhat between IFRS and GAAP. (However, many of the differences are beyond the scope of this course.) Like GAAP, IFRS does not allow a company to record gains or losses on purchases of its own shares. One difference worth noting is that, when a company purchases its own shares, IFRS treats it as a reduction of stockholders ’ equity, but it does not specify which particular stockholders ’ equity accounts are to be affected. Therefore, it could be shown as an increase to a contra equity account (Treasury Stock) or a decrease to retained earnings or share capital. IFRS requires that the number of treasury shares held be disclosed.

75 11-75 Key Points  A major difference between IFRS and GAAP relates to the account Revaluation Surplus. Revaluation surplus arises under IFRS because companies are permitted to revalue their property, plant, and equipment to fair value under certain circumstances. This account is part of general reserves under IFRS and is not considered contributed capital.  As indicated earlier, the term reserves is used in IFRS to indicate all noncontributed (non – paid-in) capital. Reserves include retained earnings and other comprehensive income items, such as revaluation surplus and unrealized gains or losses on available-for-sale securities.

76 11-76 Key Points  IFRS often uses terms such as retained profits or accumulated profit or loss to describe retained earnings. The term retained earnings is also often used.  The accounting related to prior period adjustments is essentially the same under IFRS and GAAP.  Equity is given various descriptions under IFRS, such as shareholders ’ equity, owners ’ equity, capital and reserves, and shareholders ’ funds.

77 11-77 Looking into the Future The IASB and the FASB are currently working on a project related to financial statement presentation. An important part of this study is to determine whether certain line items, subtotals, and totals should be clearly defined and required to be displayed in the financial statements. The options of how to present other comprehensive income under GAAP will change in any converged standard. Also, the FASB has been working on a standard that will likely converge to IFRS in the area of hybrid financial instruments, such as bonds that are convertible to common stock.

78 11-78 Under IFRS, a purchase by a company of its own shares is recorded by: a)an increase in Treasury Stock. b)a decrease in contributed capital. c)a decrease in share capital. d)All of these are acceptable treatments.

79 11-79 The term reserves is used under IFRS with reference to all of the following except: a)gains and losses on revaluation of property, plant, and equipment. b)capital received in excess of the par value of issued shares. c)retained earnings. d)fair value differences.

80 11-80 Under IFRS, the amount of capital received in excess of par value would be credited to: a)Retained Earnings. b)Contributed Capital. c)Share Premium. d)Par value is not used under IFRS.

81 11-81 “Copyright © 2011 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.” CopyrightCopyright


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