,ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquity mMethod mof mAccounting mf ormInvestments m–
mHoyle, mSchaef er, mDoupnik, mAdvancedmAccounting, m15e
CHAPTER 1 T m m
HE EQUITY METHOD OF ACCOUNTING FOR INVESTMENTS
m m m m m m
ChaptermOutline
I. Fourmmethodsmaremprincipally musedmtomaccountmformanminvestmentminmequity msecuritiesmalo
ngmwithmamfairmvaluemoption.
A. Fairmvaluemmethod:mappliedmby manminvestormwhenmonly mamsmallmpercentagemo
f mamcompany’smvotingmstock mismheld.
1. Theminvestormrecognizesmincomemwhenmtheminvesteemdeclaresmamdividend.
2. Portfoliosmaremreportedmatmfairmvalue.mIf mfairmvaluesmaremunavailable,minvestment
mismreportedmatmcost.
B. CostmMethod:mappliedmtominvestmentsmwithoutmamreadily mdeterminablemfairmvalue.mWh
enmthemfairmvaluemof manminvestmentminmequity msecuritiesmismnotmreadily mdeterminable,ma
ndmtheminvestmentmprovidesmneithermsignificantminfluencemnormcontrol,mtheminvestment
mmay mbemmeasuredmatmcost.mTheminvestmentmremainsmatmcostmunless
1. Amdemonstrablemimpairmentmoccursmformtheminvestment,mor
2. Anmobservablempricemchangemoccursmformidenticalmormsimilarminvestmentsmof mthemsa
memissuer.
Theminvestormtypically mrecognizesmitsmsharemof minvesteemdividendsmdeclaredmasmdividendmin
come.
C. Consolidation:mwhenmonemfirm mcontrolsmanotherm(e.g.,mwhenmamparentmhasmammajorit
y minterestminmthemvotingmstock mof mamsubsidiary mormcontrolmthroughmvariableminterests,
mtheirmfinancialmstatementsmaremconsolidatedmandmreportedmformthemcombinedmentity.
D. Equity mmethod:mappliedmwhenmtheminvestormhasmthemability mtomexercisemsignific
antminfluencemovermoperatingmandmfinancialmpoliciesmof mtheminvestee.
1. Ability mtomsignificantly minfluenceminvesteemismindicatedmbymseveralmfactorsmincludi
ngmrepresentationmonmthemboardmof mdirectors,mparticipationminmpolicy-
making,metc.
2. GAAPmguidelinesmpresumemthemequity mmethodmismapplicablemif m20mtom50mpercentmofm
themoutstandingmvotingmstock mof mtheminvesteemismheldmby mtheminvestor.
Currentmfinancialmreportingmstandardsmallowmfirmsmtomelectmtomusemfairmvaluemformany mnewmi
nvestmentminmequity msharesmincludingmthosemwheremthemequity mmethodmwouldmotherwisema
pply.mHowever,mthemoption,moncemtaken,mismirrevocable.mTheminvestormrecognizesmbothminv
esteemdividendsmandmchangesminmfairmvaluemovermtimemasmincome.
1-1
©mMcGrawmHill mLLC.mAll mrightsmreserved.mNomreproductionmormdistributionmwithoutmthemprior mwrittenmconsentmofmMcGrawm
Hill mLLC.
mynursytest.store
,ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquity mMethod mof mAccounting mf ormInvestments m–
mHoyle, mSchaef er, mDoupnik, mAdvancedmAccounting, m15e
II. Accountingmformanminvestment:mthemequity mmethod
A. Theminvestormadjustsmtheminvestmentmaccountmtomreflectmallmchangesminmthemequity mofm
theminvesteemcompany.
B. Theminvestormaccruesminvesteemincomemwhenmitmismreportedminmtheminvestee’smfinanc
ialmstatements.
C. Dividendsmdeclaredmby mtheminvesteemcreatemamreductionminmthemcarryingmamountmofmth
emInvestmentmaccount.mThismbook massumesmallminvesteemdividendsmaremdeclaredmandm
paidminmthemsamemreportingmperiod.
III. Specialmaccountingmproceduresmusedminmthemapplicationmof mthemequity mmethod
A. Reportingmamchangemtomthemequity mmethodmwhenmthemability mtomsignificantly minfluence
manminvesteemismachievedmthroughmamseriesmof macquisitions.
1. Initialmpurchase(s)mwillmbemaccountedmformby mmeansmofmthemfairmvaluemmethodm(o
rmatmcost)muntilmthemability mtomsignificantly minfluencemismattained.
2. Whenmthemability mtomexercisemsignificantminfluencemoccursmfollowingmamseriesmofmsto
ck mpurchases,mtheminvestormappliesmthemequity mmethodmprospectively.mThemtotalmfa
irmvaluematmthemdatemsignificantminfluencemismattainedmismcomparedmtomtheminvestee’
smbook mvaluemtomdeterminemfuturemexcessmfairmvaluemamortizations.
B. Investeemincomemfrom mothermthanmcontinuingmoperations
1. Theminvestormrecognizesmitsmsharemof minvesteemreportedmothermcomprehensi
vemincomem(OCI)mthroughmtheminvestmentmaccountmandmtheminvestor’smownm
OCI.
2. Incomemitemsmsuchmasmdiscontinuedmoperationsmthatmaremreportedmseparately mby mt
heminvesteemshouldmbemshownminmthemsamemmannermby mtheminvestor.mThemmateria
lity mof mthesemotherminvesteemincomemelementsm(asmitmaffectsmtheminvestor)mcontinue
smtombemamcriterionmformseparatemdisclosure.
C. Investeemlosses
1. Lossesmreportedmby mtheminvesteemcreatemcorrespondingmlossesmformtheminvestor.
2. Ampermanentmdeclineminmthemfairmvaluemofmanminvestee’smstock mshouldmbemrecogniz
edmimmediately mby mtheminvestormasmanmimpairmentmloss.
3. Investeemlossesmcanmpossibly mreducemthemcarryingmvaluemof mtheminvestmentmaccou
ntmtomamzerombalance.mAtmthatmpoint,mthemequity mmethodmceasesmtombemapplicablema
ndmthemfair-valuemmethodmismsubsequently mused.
D. Reportingmthemsalemof manmequity minvestment
1. Theminvestormappliesmthemequity mmethodmuntilmthemdisposalmdatemtomestablishmampro
permbook mvalue.
2. Followingmthemsale,mthemequity mmethodmcontinuesmtombemappropriatemif menoughmshar
esmaremstillmheldmtommaintainmtheminvestor’smability mtomsignificantly minfluencemtheminv
estee.mIf mthatmability mhasmbeenmlost,mthemfair-valuemmethodmismsubsequently mused.
IV. Excessminvestmentmcostmovermbook mvaluemacquired
A. Thempricemanminvestormpaysmformequity msecuritiesmoftenmdiffersmsignificantly mfrom mt
heminvestee’smunderlyingmbook mvaluemprimarily mbecausemthemhistoricalmcostmbase
dmaccountingmmodelmdoesmnotmkeepmtrack mof mchangesminmamfirm’smfairmvalue.
B. Paymentsmmademinmexcessmof munderlyingmbook mvaluemcanmsometimesmbemidentifiedmw
ithmspecific minvesteemaccountsmsuchmasminventory mormequipment.
C. Anmextramacquisitionmpricemcanmalsombemassignedmtomanticipatedmbenefitsmthatmaremex
pectedmtombemderivedmfrom mtheminvestment.mInmaccounting,mthesemamountsmarempresu
medmtomreflectmanmintangiblemassetmreferredmtomasmgoodwill.mGoodwillmismcalculated
1-2
©mMcGrawmHill mLLC.mAll mrightsmreserved.mNomreproductionmormdistributionmwithoutmthemprior mwrittenmconsentmofmMcGrawm
Hill mLLC.
mynursytest.store
, ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquity mMethod mof mAccounting mf ormInvestments m–
mHoyle, mSchaef er, mDoupnik, mAdvancedmAccounting, m15e
asmany mexcessmpaymentmthatmismnotmattributablemtomspecific midentifiablemassetsmandmlia
bilitiesmof mtheminvestee.mBecausemgoodwillmismanmindefinite-
livedmasset,mitmismnotmamortized.
V. Deferralmof mintra-entity mgrossmprofitminminventory
A. Theminvestor’smsharemof mintra-
entity mprofitsminmendingminventory maremnotmrecognizedmuntilmthemtransferredmgoodsmarem
eithermconsumedmormuntilmthey maremresoldmtomunrelatedmparties.
B. Downstream msalesmof minventory
1. “Downstream”mrefersmtomtransfersmmademby mtheminvestormtomtheminvestee.
2. Intra-
entity mgrossmprofitsmfrom msalesmareminitially mdeferredmundermthemequity mmethodma
ndmthenmrecognizedmasmincomematmthemtimemof mtheminventory’smeventualmdisposal
.
3. Themamountmof mgrossmprofitmtombemdeferredmismtheminvestor’smownershipmpercenta
gemmultipliedmby mthemmarkupmonmthemmerchandisemremainingmatmthemendmof mthem
year.
C. Upstream msalesmof minventory
1. “Upstream”mrefersmtomtransfersmmademby mtheminvesteemtomtheminvestor.
2. Undermthemequity mmethod,mthemdeferralmprocessmformintra-
entity mgrossmprofitsmismidenticalmformupstream mandmdownstream mtransfers.mThempro
ceduresmaremseparately midentifiedminmChaptermOnembecausemthemhandlingmdoesmva
ry mwithinmthemconsolidationmprocess.
AnswersmtomDiscussionmQuestions
Themtextbook mincludesmdiscussionmquestionsmtomstimulatemstudentmthoughtmandmdiscussion.mThes
emquestionsmaremalsomdesignedmtomallowmstudentsmtomconsidermrelevantmissuesmthatmmightmotherwi
sembemoverlooked.mSomemof mthesemquestionsmmay mbemaddressedmby mtheminstructorminmclassmtomm
otivatemstudentmdiscussion.mStudentsmshouldmbemencouragedmtombeginmby mdefiningmthemissue(s)min
meachmcase.mNext,mauthoritativemaccountingmliteraturem(FASBmASC)mormothermrelevantmliteraturemca
nmbemconsultedmasmampreliminary mstepminmarrivingmatmlogicalmactions.mFrequently,mthemFASBmAccou
ntingmStandardsmCodificationmwillmprovidemthemnecessary msupport.
Unfortunately,minmaccounting,mdefinitivemresolutionsmtomfinancialmreportingmquestionsmaremnotmalway
smavailable.mStudentsmoftenmseem mtombelievemthatmallmaccountingmissuesmhavembeenmresolvedminmth
empastmsomthatmaccountingmeducationmismonly mammattermof mlearningmtomapply mhistorically mprescribed
mprocedures.mHowever,minmactualmpractice,mthemonly mrealmanswermismoftenmthemonemthatmprovidesmt
hemfairestmrepresentationmof mthemfirm’smtransactions.mIf manmauthoritativemsolutionmismnotmavailable,m
studentsmshouldmbemdirectedmtomlistmallmof mthemissuesminvolvedmandmthemconsequencesmof mpossible
malternativemactions.mThemvariousmfactorsmpresentedmcanmbemweighedmtomproducemamviablemsolutio
n.
Themdiscussionmquestionsmaremdesignedmtomhelpmstudentsmdevelopmresearchmandmcriticalmthinkingm
skillsminmaddressingmissuesmthatmgombeyondmthempurely mmechanicalmelementsmof maccounting.
DidmthemCostmMethodmInvitemManipulation?
Themcostmmethodmof maccountingmforminvestmentsmoftenmcausedmamlack mofmobjectivityminmreportedmin
comemfigures.mWithmamlargemblockmof mtheminvestee’smvotingmshares,manminvestormcouldminfluencemth
emamountmandmtimingmof mtheminvestee’smdividendmdeclarations.mThus,mwhenmenjoyingmamgoodmearn
ingsmyear,manminvestormmightminfluencemtheminvesteemtomwithholdmdeclaringmamdividendmuntilmneede
dminmamsubsequentmyear.mAlternatively,mif mtheminvestormjudgedmthatmitsmcurrentmyearmearningsm“nee
1-3
©mMcGrawmHill mLLC.mAll mrightsmreserved.mNomreproductionmormdistributionmwithoutmthemprior mwrittenmconsentmofmMcGrawm
Hill mLLC.
mynursytest.store
m m m m m m m m
Chapterm01m-mThemEquity mMethod mof mAccounting mf ormInvestments m–
mHoyle, mSchaef er, mDoupnik, mAdvancedmAccounting, m15e
CHAPTER 1 T m m
HE EQUITY METHOD OF ACCOUNTING FOR INVESTMENTS
m m m m m m
ChaptermOutline
I. Fourmmethodsmaremprincipally musedmtomaccountmformanminvestmentminmequity msecuritiesmalo
ngmwithmamfairmvaluemoption.
A. Fairmvaluemmethod:mappliedmby manminvestormwhenmonly mamsmallmpercentagemo
f mamcompany’smvotingmstock mismheld.
1. Theminvestormrecognizesmincomemwhenmtheminvesteemdeclaresmamdividend.
2. Portfoliosmaremreportedmatmfairmvalue.mIf mfairmvaluesmaremunavailable,minvestment
mismreportedmatmcost.
B. CostmMethod:mappliedmtominvestmentsmwithoutmamreadily mdeterminablemfairmvalue.mWh
enmthemfairmvaluemof manminvestmentminmequity msecuritiesmismnotmreadily mdeterminable,ma
ndmtheminvestmentmprovidesmneithermsignificantminfluencemnormcontrol,mtheminvestment
mmay mbemmeasuredmatmcost.mTheminvestmentmremainsmatmcostmunless
1. Amdemonstrablemimpairmentmoccursmformtheminvestment,mor
2. Anmobservablempricemchangemoccursmformidenticalmormsimilarminvestmentsmof mthemsa
memissuer.
Theminvestormtypically mrecognizesmitsmsharemof minvesteemdividendsmdeclaredmasmdividendmin
come.
C. Consolidation:mwhenmonemfirm mcontrolsmanotherm(e.g.,mwhenmamparentmhasmammajorit
y minterestminmthemvotingmstock mof mamsubsidiary mormcontrolmthroughmvariableminterests,
mtheirmfinancialmstatementsmaremconsolidatedmandmreportedmformthemcombinedmentity.
D. Equity mmethod:mappliedmwhenmtheminvestormhasmthemability mtomexercisemsignific
antminfluencemovermoperatingmandmfinancialmpoliciesmof mtheminvestee.
1. Ability mtomsignificantly minfluenceminvesteemismindicatedmbymseveralmfactorsmincludi
ngmrepresentationmonmthemboardmof mdirectors,mparticipationminmpolicy-
making,metc.
2. GAAPmguidelinesmpresumemthemequity mmethodmismapplicablemif m20mtom50mpercentmofm
themoutstandingmvotingmstock mof mtheminvesteemismheldmby mtheminvestor.
Currentmfinancialmreportingmstandardsmallowmfirmsmtomelectmtomusemfairmvaluemformany mnewmi
nvestmentminmequity msharesmincludingmthosemwheremthemequity mmethodmwouldmotherwisema
pply.mHowever,mthemoption,moncemtaken,mismirrevocable.mTheminvestormrecognizesmbothminv
esteemdividendsmandmchangesminmfairmvaluemovermtimemasmincome.
1-1
©mMcGrawmHill mLLC.mAll mrightsmreserved.mNomreproductionmormdistributionmwithoutmthemprior mwrittenmconsentmofmMcGrawm
Hill mLLC.
mynursytest.store
,ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquity mMethod mof mAccounting mf ormInvestments m–
mHoyle, mSchaef er, mDoupnik, mAdvancedmAccounting, m15e
II. Accountingmformanminvestment:mthemequity mmethod
A. Theminvestormadjustsmtheminvestmentmaccountmtomreflectmallmchangesminmthemequity mofm
theminvesteemcompany.
B. Theminvestormaccruesminvesteemincomemwhenmitmismreportedminmtheminvestee’smfinanc
ialmstatements.
C. Dividendsmdeclaredmby mtheminvesteemcreatemamreductionminmthemcarryingmamountmofmth
emInvestmentmaccount.mThismbook massumesmallminvesteemdividendsmaremdeclaredmandm
paidminmthemsamemreportingmperiod.
III. Specialmaccountingmproceduresmusedminmthemapplicationmof mthemequity mmethod
A. Reportingmamchangemtomthemequity mmethodmwhenmthemability mtomsignificantly minfluence
manminvesteemismachievedmthroughmamseriesmof macquisitions.
1. Initialmpurchase(s)mwillmbemaccountedmformby mmeansmofmthemfairmvaluemmethodm(o
rmatmcost)muntilmthemability mtomsignificantly minfluencemismattained.
2. Whenmthemability mtomexercisemsignificantminfluencemoccursmfollowingmamseriesmofmsto
ck mpurchases,mtheminvestormappliesmthemequity mmethodmprospectively.mThemtotalmfa
irmvaluematmthemdatemsignificantminfluencemismattainedmismcomparedmtomtheminvestee’
smbook mvaluemtomdeterminemfuturemexcessmfairmvaluemamortizations.
B. Investeemincomemfrom mothermthanmcontinuingmoperations
1. Theminvestormrecognizesmitsmsharemof minvesteemreportedmothermcomprehensi
vemincomem(OCI)mthroughmtheminvestmentmaccountmandmtheminvestor’smownm
OCI.
2. Incomemitemsmsuchmasmdiscontinuedmoperationsmthatmaremreportedmseparately mby mt
heminvesteemshouldmbemshownminmthemsamemmannermby mtheminvestor.mThemmateria
lity mof mthesemotherminvesteemincomemelementsm(asmitmaffectsmtheminvestor)mcontinue
smtombemamcriterionmformseparatemdisclosure.
C. Investeemlosses
1. Lossesmreportedmby mtheminvesteemcreatemcorrespondingmlossesmformtheminvestor.
2. Ampermanentmdeclineminmthemfairmvaluemofmanminvestee’smstock mshouldmbemrecogniz
edmimmediately mby mtheminvestormasmanmimpairmentmloss.
3. Investeemlossesmcanmpossibly mreducemthemcarryingmvaluemof mtheminvestmentmaccou
ntmtomamzerombalance.mAtmthatmpoint,mthemequity mmethodmceasesmtombemapplicablema
ndmthemfair-valuemmethodmismsubsequently mused.
D. Reportingmthemsalemof manmequity minvestment
1. Theminvestormappliesmthemequity mmethodmuntilmthemdisposalmdatemtomestablishmampro
permbook mvalue.
2. Followingmthemsale,mthemequity mmethodmcontinuesmtombemappropriatemif menoughmshar
esmaremstillmheldmtommaintainmtheminvestor’smability mtomsignificantly minfluencemtheminv
estee.mIf mthatmability mhasmbeenmlost,mthemfair-valuemmethodmismsubsequently mused.
IV. Excessminvestmentmcostmovermbook mvaluemacquired
A. Thempricemanminvestormpaysmformequity msecuritiesmoftenmdiffersmsignificantly mfrom mt
heminvestee’smunderlyingmbook mvaluemprimarily mbecausemthemhistoricalmcostmbase
dmaccountingmmodelmdoesmnotmkeepmtrack mof mchangesminmamfirm’smfairmvalue.
B. Paymentsmmademinmexcessmof munderlyingmbook mvaluemcanmsometimesmbemidentifiedmw
ithmspecific minvesteemaccountsmsuchmasminventory mormequipment.
C. Anmextramacquisitionmpricemcanmalsombemassignedmtomanticipatedmbenefitsmthatmaremex
pectedmtombemderivedmfrom mtheminvestment.mInmaccounting,mthesemamountsmarempresu
medmtomreflectmanmintangiblemassetmreferredmtomasmgoodwill.mGoodwillmismcalculated
1-2
©mMcGrawmHill mLLC.mAll mrightsmreserved.mNomreproductionmormdistributionmwithoutmthemprior mwrittenmconsentmofmMcGrawm
Hill mLLC.
mynursytest.store
, ACCESS Test Bank for Advanced Accounting 15th Edition Hoyle
m m m m m m m m
Chapterm01m-mThemEquity mMethod mof mAccounting mf ormInvestments m–
mHoyle, mSchaef er, mDoupnik, mAdvancedmAccounting, m15e
asmany mexcessmpaymentmthatmismnotmattributablemtomspecific midentifiablemassetsmandmlia
bilitiesmof mtheminvestee.mBecausemgoodwillmismanmindefinite-
livedmasset,mitmismnotmamortized.
V. Deferralmof mintra-entity mgrossmprofitminminventory
A. Theminvestor’smsharemof mintra-
entity mprofitsminmendingminventory maremnotmrecognizedmuntilmthemtransferredmgoodsmarem
eithermconsumedmormuntilmthey maremresoldmtomunrelatedmparties.
B. Downstream msalesmof minventory
1. “Downstream”mrefersmtomtransfersmmademby mtheminvestormtomtheminvestee.
2. Intra-
entity mgrossmprofitsmfrom msalesmareminitially mdeferredmundermthemequity mmethodma
ndmthenmrecognizedmasmincomematmthemtimemof mtheminventory’smeventualmdisposal
.
3. Themamountmof mgrossmprofitmtombemdeferredmismtheminvestor’smownershipmpercenta
gemmultipliedmby mthemmarkupmonmthemmerchandisemremainingmatmthemendmof mthem
year.
C. Upstream msalesmof minventory
1. “Upstream”mrefersmtomtransfersmmademby mtheminvesteemtomtheminvestor.
2. Undermthemequity mmethod,mthemdeferralmprocessmformintra-
entity mgrossmprofitsmismidenticalmformupstream mandmdownstream mtransfers.mThempro
ceduresmaremseparately midentifiedminmChaptermOnembecausemthemhandlingmdoesmva
ry mwithinmthemconsolidationmprocess.
AnswersmtomDiscussionmQuestions
Themtextbook mincludesmdiscussionmquestionsmtomstimulatemstudentmthoughtmandmdiscussion.mThes
emquestionsmaremalsomdesignedmtomallowmstudentsmtomconsidermrelevantmissuesmthatmmightmotherwi
sembemoverlooked.mSomemof mthesemquestionsmmay mbemaddressedmby mtheminstructorminmclassmtomm
otivatemstudentmdiscussion.mStudentsmshouldmbemencouragedmtombeginmby mdefiningmthemissue(s)min
meachmcase.mNext,mauthoritativemaccountingmliteraturem(FASBmASC)mormothermrelevantmliteraturemca
nmbemconsultedmasmampreliminary mstepminmarrivingmatmlogicalmactions.mFrequently,mthemFASBmAccou
ntingmStandardsmCodificationmwillmprovidemthemnecessary msupport.
Unfortunately,minmaccounting,mdefinitivemresolutionsmtomfinancialmreportingmquestionsmaremnotmalway
smavailable.mStudentsmoftenmseem mtombelievemthatmallmaccountingmissuesmhavembeenmresolvedminmth
empastmsomthatmaccountingmeducationmismonly mammattermof mlearningmtomapply mhistorically mprescribed
mprocedures.mHowever,minmactualmpractice,mthemonly mrealmanswermismoftenmthemonemthatmprovidesmt
hemfairestmrepresentationmof mthemfirm’smtransactions.mIf manmauthoritativemsolutionmismnotmavailable,m
studentsmshouldmbemdirectedmtomlistmallmof mthemissuesminvolvedmandmthemconsequencesmof mpossible
malternativemactions.mThemvariousmfactorsmpresentedmcanmbemweighedmtomproducemamviablemsolutio
n.
Themdiscussionmquestionsmaremdesignedmtomhelpmstudentsmdevelopmresearchmandmcriticalmthinkingm
skillsminmaddressingmissuesmthatmgombeyondmthempurely mmechanicalmelementsmof maccounting.
DidmthemCostmMethodmInvitemManipulation?
Themcostmmethodmof maccountingmforminvestmentsmoftenmcausedmamlack mofmobjectivityminmreportedmin
comemfigures.mWithmamlargemblockmof mtheminvestee’smvotingmshares,manminvestormcouldminfluencemth
emamountmandmtimingmof mtheminvestee’smdividendmdeclarations.mThus,mwhenmenjoyingmamgoodmearn
ingsmyear,manminvestormmightminfluencemtheminvesteemtomwithholdmdeclaringmamdividendmuntilmneede
dminmamsubsequentmyear.mAlternatively,mif mtheminvestormjudgedmthatmitsmcurrentmyearmearningsm“nee
1-3
©mMcGrawmHill mLLC.mAll mrightsmreserved.mNomreproductionmormdistributionmwithoutmthemprior mwrittenmconsentmofmMcGrawm
Hill mLLC.
mynursytest.store
