,ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquitymMethodmofmAccountingmformInvestmentsm –
mHoyle,mSchaefer,mDoupnik,mAdvancedm
Accounting,m15e
CHAPTER 1 m m
THE EQUITY METHOD OF ACCOUNTING FOR INVESTMENTS
m m m m m m
ChaptermOutline
I. Fourmmethodsmaremprincipallymusedmtomaccountmformanminvestmentminmequitymsecuritiesmal
ongmwithmamfairmvaluemoption.
A. Fairmvaluemmethod:mappliedmbymanminvestormwhenmonlymamsmallmpercentagem
ofmamcompany’smvotingmstockmismheld.
1. Theminvestormrecognizesmincomemwhenmtheminvesteemdeclaresmamdividend.
2. Portfoliosmaremreportedmatmfairmvalue.mIfmfairmvaluesmaremunavailable,minvestmen
tmismreportedmatmcost.
B. CostmMethod:mappliedmtominvestmentsmwithoutmamreadilymdeterminablemfairmvalue.mWh
enmthemfairmvaluemofmanminvestmentminmequitymsecuritiesmismnotmreadilymdeterminable,m
andmtheminvestmentmprovidesmneithermsignificantminfluencemnormcontrol,mtheminvestment
mmaymbemmeasuredmatmcost.mTheminvestmentmremainsmatmcostmunless
1. Amdemonstrablemimpairmentmoccursmformtheminvestment,mor
2. Anmobservablempricemchangemoccursmformidenticalmormsimilarminvestmentsmofmthemsa
memissuer.
Theminvestormtypicallymrecognizesmitsmsharemofminvesteemdividendsmdeclaredmasmdivide
ndmincome.
C. Consolidation:mwhenmonemfirmmcontrolsmanotherm(e.g.,mwhenmamparentmhasmammajorit
yminterestminmthemvotingmstockmofmamsubsidiarymormcontrolmthroughmvariableminterests,
mtheirm
financialmstatementsmaremconsolidatedmandmreportedmformthemcombinedmentity.
D. Equitymmethod:mappliedmwhenmtheminvestormhasmthemabilitymtomexercisemsignific
antminfluencemovermoperatingmandmfinancialmpoliciesmofmtheminvestee.
1. Abilitymtomsignificantlyminfluenceminvesteemismindicatedmbymseveralmfactorsmincludi
ngmrepresentationmonmthemboardmofmdirectors,mparticipationminmpolicy-
making,metc.
2. GAAPmguidelinesmpresumemthemequitymmethodmismapplicablemifm20mtom50mpercentmofm
themoutstandingmvotingmstockmofmtheminvesteemismheldmbymtheminvestor.
Currentmfinancialmreportingmstandardsmallowmfirmsmtomelectmtomusemfairmvaluemformanymnewmin
vestmentminmequitymsharesmincludingmthosemwheremthemequitymmethodmwouldmotherwisemappl
y.mHowever,mthemoption,moncemtaken,mismirrevocable.mTheminvestormrecognizesmbothminveste
emdividendsmandmchangesminmfairmvaluemovermtimemasmincome.
1-1
©mMcGrawmHillmLLC.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw
mHillmLLC.
mynursytest.store
,ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquitymMethodmofmAccountingmformInvestmentsm –
mHoyle,mSchaefer,mDoupnik,mAdvancedm
Accounting,m15e
II. Accountingmformanminvestment:mthemequitymmethod
A. Theminvestormadjustsmtheminvestmentmaccountmtomreflectmallmchangesminmthemequitymof
mthem
investeemcompany.
B. Theminvestormaccruesminvesteemincomemwhenmitmismreportedminmtheminvestee’smfinan
cialmstatements.
C. Dividendsmdeclaredmbymtheminvesteemcreatemamreductionminmthemcarryingmamountmofmth
emInvestmentmaccount.mThismbookmassumesmallminvesteemdividendsmaremdeclaredmand
mpaidm
inmthemsamemreportingmperiod.
III. Specialmaccountingmproceduresmusedminmthemapplicationmofmthemequitymmethod
A. Reportingmamchangemtomthemequitymmethodmwhenmthemabilitymtomsignificantlyminfluence
manminvesteemismachievedmthroughmamseriesmofmacquisitions.
1. Initialmpurchase(s)mwillmbemaccountedmformbymmeansmofmthemfairmvaluemmethodm(o
rmatmcost)muntilmthemabilitymtomsignificantlyminfluencemismattained.
2. Whenmthemabilitymtomexercisemsignificantminfluencemoccursmfollowingmamseriesmofmst
ockmpurchases,mtheminvestormappliesmthemequitymmethodmprospectively.mThemtotalmf
airmvaluematmthemdatemsignificantminfluencemismattainedmismcomparedmtomtheminveste
e’smbookmvaluemtomdeterminemfuturemexcessmfairmvaluemamortizations.
B. Investeemincomemfrommothermthanmcontinuingmoperations
1. Theminvestormrecognizesmitsmsharemofminvesteemreportedmothermcomprehensi
vemincomem(OCI)mthroughmtheminvestmentmaccountmandmtheminvestor’smownm
OCI.
2. Incomemitemsmsuchmasmdiscontinuedmoperationsmthatmaremreportedmseparatelymbymt
heminvesteemshouldmbemshownminmthemsamemmannermbymtheminvestor.mThemmateriali
tymofmthesemotherminvesteemincomemelementsm(asmitmaffectsmtheminvestor)mcontinue
smtombemamcriterionmformseparatemdisclosure.
C. Investeemlosses
1. Lossesmreportedmbymtheminvesteemcreatemcorrespondingmlossesmformtheminvestor.
2. Ampermanentmdeclineminmthemfairmvaluemofmanminvestee’smstockmshouldmbemrecogni
zedmimmediatelymbymtheminvestormasmanmimpairmentmloss.
3. Investeemlossesmcanmpossiblymreducemthemcarryingmvaluemofmtheminvestmentmaccou
ntmtomamzerombalance.mAtmthatmpoint,mthemequitymmethodmceasesmtombemapplicablema
ndmthemfair-valuemmethodmismsubsequentlymused.
D. Reportingmthemsalemofmanmequityminvestment
1. Theminvestormappliesmthemequitymmethodmuntilmthemdisposalmdatemtomestablishmampro
permbookmvalue.
2. Followingmthemsale,mthemequitymmethodmcontinuesmtombemappropriatemifmenoughmsha
resmaremstillmheldmtommaintainmtheminvestor’smabilitymtomsignificantlyminfluencemtheminv
estee.mIfmthatmabilitymhasmbeenmlost,mthemfair-valuemmethodmismsubsequentlymused.
IV. Excessminvestmentmcostmovermbookmvaluemacquired
A. Thempricemanminvestormpaysmformequitymsecuritiesmoftenmdiffersmsignificantlymfromm
theminvestee’smunderlyingmbookmvaluemprimarilymbecausemthemhistoricalmcostmbase
dmaccountingmmodelmdoesmnotmkeepmtrackmofmchangesminmamfirm’smfairmvalue.
B. Paymentsmmademinmexcessmofmunderlyingmbookmvaluemcanmsometimesmbemidentifiedm
withmspecificminvesteemaccountsmsuchmasminventorymormequipment.
C. Anmextramacquisitionmpricemcanmalsombemassignedmtomanticipatedmbenefitsmthatmaremex
pectedmtombemderivedmfrommtheminvestment.mInmaccounting,mthesemamountsmarempresu
medmtomreflectmanmintangiblemassetmreferredmtomasmgoodwill.mGoodwillmismcalculated
1-2
©mMcGrawmHillmLLC.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw
mHillmLLC.
mynursytest.store
, ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquitymMethodmofmAccountingmformInvestmentsm –
mHoyle,mSchaefer,mDoupnik,mAdvancedm
Accounting,m15e
asmanymexcessmpaymentmthatmismnotmattributablemtomspecificmidentifiablemassetsmandmliabil
itiesmofmtheminvestee.mBecausemgoodwillmismanmindefinite-
livedmasset,mitmismnotmamortized.
V. Deferralmofmintra-entitymgrossmprofitminminventory
A. Theminvestor’smsharemofmintra-
entitymprofitsminmendingminventorymaremnotmrecognizedmuntilmthemtransferredmgoodsmarem
eithermconsumedmormuntilmtheymaremresoldmtomunrelatedmparties.
B. Downstreammsalesmofminventory
1. “Downstream”mrefersmtomtransfersmmadembymtheminvestormtomtheminvestee.
2. Intra-
entitymgrossmprofitsmfrommsalesmareminitiallymdeferredmundermthemequitymmethodman
dmthenmrecognizedmasmincomematmthemtimemofmtheminventory’smeventualmdisposal.
3. Themamountmofmgrossmprofitmtombemdeferredmismtheminvestor’smownershipmpercent
agemmultipliedmbymthemmarkupmonmthemmerchandisemremainingmatmthemendmofmthem
year.
C. Upstreammsalesmofminventory
1. “Upstream”mrefersmtomtransfersmmadembymtheminvesteemtomtheminvestor.
2. Undermthemequitymmethod,mthemdeferralmprocessmformintra-
entitymgrossmprofitsmismidenticalmformupstreammandmdownstreammtransfers.mThempro
ceduresmaremseparatelymidentifiedminmChaptermOnembecausemthemhandlingmdoesmv
arymwithinmthemconsolidationmprocess.
AnswersmtomDiscussionmQuestions
Themtextbookmincludesmdiscussionmquestionsmtomstimulatemstudentmthoughtmandmdiscussion.mThes
emquestionsmaremalsomdesignedmtomallowmstudentsmtomconsidermrelevantmissuesmthatmmightmotherwi
sembemoverlooked.mSomemofmthesemquestionsmmaymbemaddressedmbymtheminstructorminmclassmtommo
tivatemstudentmdiscussion.mStudentsmshouldmbemencouragedmtombeginmbymdefiningmthemissue(s)minm
eachmcase.mNext,mauthoritativemaccountingmliteraturem(FASBmASC)mormothermrelevantmliteraturemca
nmbemconsultedmasmampreliminarymstepminmarrivingmatmlogicalmactions.mFrequently,mthemFASBmAccou
ntingmStandardsmCodificationmwillmprovidemthemnecessarymsupport.
Unfortunately,minmaccounting,mdefinitivemresolutionsmtomfinancialmreportingmquestionsmaremnotmalwa
ysmavailable.mStudentsmoftenmseemmtombelievemthatmallmaccountingmissuesmhavembeenmresolvedminmt
hempastmsomthatmaccountingmeducationmismonlymammattermofmlearningmtomapplymhistoricallymprescribe
dmprocedures.mHowever,minmactualmpractice,mthemonlymrealmanswermismoftenmthemonemthatmprovidesm
themfairestmrepresentationmofmthemfirm’smtransactions.mIfmanmauthoritativemsolutionmismnotmavailable,m
studentsmshouldmbemdirectedmtomlistmallmofmthemissuesminvolvedmandmthemconsequencesmofmpossible
malternativemactions.mThemvariousmfactorsmpresentedmcanmbemweighedmtomproducemamviablemsolutio
n.
Themdiscussionmquestionsmaremdesignedmtomhelpmstudentsmdevelopmresearchmandmcriticalmthink
ingmskillsminmaddressingmissuesmthatmgombeyondmthempurelymmechanicalmelementsmofmaccountin
g.
DidmthemCostmMethodmInvitemManipulation?
Themcostmmethodmofmaccountingmforminvestmentsmoftenmcausedmamlackmofmobjectivityminmreportedmi
ncomemfigures.mWithmamlargemblockmofmtheminvestee’smvotingmshares,manminvestormcouldminfluencem
themamountmandmtimingmofmtheminvestee’smdividendmdeclarations.mThus,mwhenmenjoyingmamgoodmea
rningsmyear,manminvestormmightminfluencemtheminvesteemtomwithholdmdeclaringmamdividendmuntilmnee
dedminmamsubsequentmyear.mAlternatively,mifmtheminvestormjudgedmthatmitsmcurrentmyearmearningsm“n
1-3
©mMcGrawmHillmLLC.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw
mHillmLLC.
mynursytest.store
m m m m m m m m
Chapterm01m-mThemEquitymMethodmofmAccountingmformInvestmentsm –
mHoyle,mSchaefer,mDoupnik,mAdvancedm
Accounting,m15e
CHAPTER 1 m m
THE EQUITY METHOD OF ACCOUNTING FOR INVESTMENTS
m m m m m m
ChaptermOutline
I. Fourmmethodsmaremprincipallymusedmtomaccountmformanminvestmentminmequitymsecuritiesmal
ongmwithmamfairmvaluemoption.
A. Fairmvaluemmethod:mappliedmbymanminvestormwhenmonlymamsmallmpercentagem
ofmamcompany’smvotingmstockmismheld.
1. Theminvestormrecognizesmincomemwhenmtheminvesteemdeclaresmamdividend.
2. Portfoliosmaremreportedmatmfairmvalue.mIfmfairmvaluesmaremunavailable,minvestmen
tmismreportedmatmcost.
B. CostmMethod:mappliedmtominvestmentsmwithoutmamreadilymdeterminablemfairmvalue.mWh
enmthemfairmvaluemofmanminvestmentminmequitymsecuritiesmismnotmreadilymdeterminable,m
andmtheminvestmentmprovidesmneithermsignificantminfluencemnormcontrol,mtheminvestment
mmaymbemmeasuredmatmcost.mTheminvestmentmremainsmatmcostmunless
1. Amdemonstrablemimpairmentmoccursmformtheminvestment,mor
2. Anmobservablempricemchangemoccursmformidenticalmormsimilarminvestmentsmofmthemsa
memissuer.
Theminvestormtypicallymrecognizesmitsmsharemofminvesteemdividendsmdeclaredmasmdivide
ndmincome.
C. Consolidation:mwhenmonemfirmmcontrolsmanotherm(e.g.,mwhenmamparentmhasmammajorit
yminterestminmthemvotingmstockmofmamsubsidiarymormcontrolmthroughmvariableminterests,
mtheirm
financialmstatementsmaremconsolidatedmandmreportedmformthemcombinedmentity.
D. Equitymmethod:mappliedmwhenmtheminvestormhasmthemabilitymtomexercisemsignific
antminfluencemovermoperatingmandmfinancialmpoliciesmofmtheminvestee.
1. Abilitymtomsignificantlyminfluenceminvesteemismindicatedmbymseveralmfactorsmincludi
ngmrepresentationmonmthemboardmofmdirectors,mparticipationminmpolicy-
making,metc.
2. GAAPmguidelinesmpresumemthemequitymmethodmismapplicablemifm20mtom50mpercentmofm
themoutstandingmvotingmstockmofmtheminvesteemismheldmbymtheminvestor.
Currentmfinancialmreportingmstandardsmallowmfirmsmtomelectmtomusemfairmvaluemformanymnewmin
vestmentminmequitymsharesmincludingmthosemwheremthemequitymmethodmwouldmotherwisemappl
y.mHowever,mthemoption,moncemtaken,mismirrevocable.mTheminvestormrecognizesmbothminveste
emdividendsmandmchangesminmfairmvaluemovermtimemasmincome.
1-1
©mMcGrawmHillmLLC.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw
mHillmLLC.
mynursytest.store
,ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquitymMethodmofmAccountingmformInvestmentsm –
mHoyle,mSchaefer,mDoupnik,mAdvancedm
Accounting,m15e
II. Accountingmformanminvestment:mthemequitymmethod
A. Theminvestormadjustsmtheminvestmentmaccountmtomreflectmallmchangesminmthemequitymof
mthem
investeemcompany.
B. Theminvestormaccruesminvesteemincomemwhenmitmismreportedminmtheminvestee’smfinan
cialmstatements.
C. Dividendsmdeclaredmbymtheminvesteemcreatemamreductionminmthemcarryingmamountmofmth
emInvestmentmaccount.mThismbookmassumesmallminvesteemdividendsmaremdeclaredmand
mpaidm
inmthemsamemreportingmperiod.
III. Specialmaccountingmproceduresmusedminmthemapplicationmofmthemequitymmethod
A. Reportingmamchangemtomthemequitymmethodmwhenmthemabilitymtomsignificantlyminfluence
manminvesteemismachievedmthroughmamseriesmofmacquisitions.
1. Initialmpurchase(s)mwillmbemaccountedmformbymmeansmofmthemfairmvaluemmethodm(o
rmatmcost)muntilmthemabilitymtomsignificantlyminfluencemismattained.
2. Whenmthemabilitymtomexercisemsignificantminfluencemoccursmfollowingmamseriesmofmst
ockmpurchases,mtheminvestormappliesmthemequitymmethodmprospectively.mThemtotalmf
airmvaluematmthemdatemsignificantminfluencemismattainedmismcomparedmtomtheminveste
e’smbookmvaluemtomdeterminemfuturemexcessmfairmvaluemamortizations.
B. Investeemincomemfrommothermthanmcontinuingmoperations
1. Theminvestormrecognizesmitsmsharemofminvesteemreportedmothermcomprehensi
vemincomem(OCI)mthroughmtheminvestmentmaccountmandmtheminvestor’smownm
OCI.
2. Incomemitemsmsuchmasmdiscontinuedmoperationsmthatmaremreportedmseparatelymbymt
heminvesteemshouldmbemshownminmthemsamemmannermbymtheminvestor.mThemmateriali
tymofmthesemotherminvesteemincomemelementsm(asmitmaffectsmtheminvestor)mcontinue
smtombemamcriterionmformseparatemdisclosure.
C. Investeemlosses
1. Lossesmreportedmbymtheminvesteemcreatemcorrespondingmlossesmformtheminvestor.
2. Ampermanentmdeclineminmthemfairmvaluemofmanminvestee’smstockmshouldmbemrecogni
zedmimmediatelymbymtheminvestormasmanmimpairmentmloss.
3. Investeemlossesmcanmpossiblymreducemthemcarryingmvaluemofmtheminvestmentmaccou
ntmtomamzerombalance.mAtmthatmpoint,mthemequitymmethodmceasesmtombemapplicablema
ndmthemfair-valuemmethodmismsubsequentlymused.
D. Reportingmthemsalemofmanmequityminvestment
1. Theminvestormappliesmthemequitymmethodmuntilmthemdisposalmdatemtomestablishmampro
permbookmvalue.
2. Followingmthemsale,mthemequitymmethodmcontinuesmtombemappropriatemifmenoughmsha
resmaremstillmheldmtommaintainmtheminvestor’smabilitymtomsignificantlyminfluencemtheminv
estee.mIfmthatmabilitymhasmbeenmlost,mthemfair-valuemmethodmismsubsequentlymused.
IV. Excessminvestmentmcostmovermbookmvaluemacquired
A. Thempricemanminvestormpaysmformequitymsecuritiesmoftenmdiffersmsignificantlymfromm
theminvestee’smunderlyingmbookmvaluemprimarilymbecausemthemhistoricalmcostmbase
dmaccountingmmodelmdoesmnotmkeepmtrackmofmchangesminmamfirm’smfairmvalue.
B. Paymentsmmademinmexcessmofmunderlyingmbookmvaluemcanmsometimesmbemidentifiedm
withmspecificminvesteemaccountsmsuchmasminventorymormequipment.
C. Anmextramacquisitionmpricemcanmalsombemassignedmtomanticipatedmbenefitsmthatmaremex
pectedmtombemderivedmfrommtheminvestment.mInmaccounting,mthesemamountsmarempresu
medmtomreflectmanmintangiblemassetmreferredmtomasmgoodwill.mGoodwillmismcalculated
1-2
©mMcGrawmHillmLLC.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw
mHillmLLC.
mynursytest.store
, ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquitymMethodmofmAccountingmformInvestmentsm –
mHoyle,mSchaefer,mDoupnik,mAdvancedm
Accounting,m15e
asmanymexcessmpaymentmthatmismnotmattributablemtomspecificmidentifiablemassetsmandmliabil
itiesmofmtheminvestee.mBecausemgoodwillmismanmindefinite-
livedmasset,mitmismnotmamortized.
V. Deferralmofmintra-entitymgrossmprofitminminventory
A. Theminvestor’smsharemofmintra-
entitymprofitsminmendingminventorymaremnotmrecognizedmuntilmthemtransferredmgoodsmarem
eithermconsumedmormuntilmtheymaremresoldmtomunrelatedmparties.
B. Downstreammsalesmofminventory
1. “Downstream”mrefersmtomtransfersmmadembymtheminvestormtomtheminvestee.
2. Intra-
entitymgrossmprofitsmfrommsalesmareminitiallymdeferredmundermthemequitymmethodman
dmthenmrecognizedmasmincomematmthemtimemofmtheminventory’smeventualmdisposal.
3. Themamountmofmgrossmprofitmtombemdeferredmismtheminvestor’smownershipmpercent
agemmultipliedmbymthemmarkupmonmthemmerchandisemremainingmatmthemendmofmthem
year.
C. Upstreammsalesmofminventory
1. “Upstream”mrefersmtomtransfersmmadembymtheminvesteemtomtheminvestor.
2. Undermthemequitymmethod,mthemdeferralmprocessmformintra-
entitymgrossmprofitsmismidenticalmformupstreammandmdownstreammtransfers.mThempro
ceduresmaremseparatelymidentifiedminmChaptermOnembecausemthemhandlingmdoesmv
arymwithinmthemconsolidationmprocess.
AnswersmtomDiscussionmQuestions
Themtextbookmincludesmdiscussionmquestionsmtomstimulatemstudentmthoughtmandmdiscussion.mThes
emquestionsmaremalsomdesignedmtomallowmstudentsmtomconsidermrelevantmissuesmthatmmightmotherwi
sembemoverlooked.mSomemofmthesemquestionsmmaymbemaddressedmbymtheminstructorminmclassmtommo
tivatemstudentmdiscussion.mStudentsmshouldmbemencouragedmtombeginmbymdefiningmthemissue(s)minm
eachmcase.mNext,mauthoritativemaccountingmliteraturem(FASBmASC)mormothermrelevantmliteraturemca
nmbemconsultedmasmampreliminarymstepminmarrivingmatmlogicalmactions.mFrequently,mthemFASBmAccou
ntingmStandardsmCodificationmwillmprovidemthemnecessarymsupport.
Unfortunately,minmaccounting,mdefinitivemresolutionsmtomfinancialmreportingmquestionsmaremnotmalwa
ysmavailable.mStudentsmoftenmseemmtombelievemthatmallmaccountingmissuesmhavembeenmresolvedminmt
hempastmsomthatmaccountingmeducationmismonlymammattermofmlearningmtomapplymhistoricallymprescribe
dmprocedures.mHowever,minmactualmpractice,mthemonlymrealmanswermismoftenmthemonemthatmprovidesm
themfairestmrepresentationmofmthemfirm’smtransactions.mIfmanmauthoritativemsolutionmismnotmavailable,m
studentsmshouldmbemdirectedmtomlistmallmofmthemissuesminvolvedmandmthemconsequencesmofmpossible
malternativemactions.mThemvariousmfactorsmpresentedmcanmbemweighedmtomproducemamviablemsolutio
n.
Themdiscussionmquestionsmaremdesignedmtomhelpmstudentsmdevelopmresearchmandmcriticalmthink
ingmskillsminmaddressingmissuesmthatmgombeyondmthempurelymmechanicalmelementsmofmaccountin
g.
DidmthemCostmMethodmInvitemManipulation?
Themcostmmethodmofmaccountingmforminvestmentsmoftenmcausedmamlackmofmobjectivityminmreportedmi
ncomemfigures.mWithmamlargemblockmofmtheminvestee’smvotingmshares,manminvestormcouldminfluencem
themamountmandmtimingmofmtheminvestee’smdividendmdeclarations.mThus,mwhenmenjoyingmamgoodmea
rningsmyear,manminvestormmightminfluencemtheminvesteemtomwithholdmdeclaringmamdividendmuntilmnee
dedminmamsubsequentmyear.mAlternatively,mifmtheminvestormjudgedmthatmitsmcurrentmyearmearningsm“n
1-3
©mMcGrawmHillmLLC.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw
mHillmLLC.
mynursytest.store
