Complete Solution manual for Intermediate Accounting 11th Edition by David spiceland, Mark Nelson, Wayne Thomas Jennifer. ALL CHAPTERS COVERED WITH THEIR ANSWERS

01234565814961 9416525 6519 6 661 
<
=>?@AB>CDEFC@F?D
BCAGHEGIBFAGDFJJ>@CABCKDLLAMDGIBAB>CD
D
NODIFPBIDQRBJG?FCIDF??DJMFRAGHQDLSTLD
D
D
D
D
D
D
D
D
D




D D
D
D
D
D
<,"



!"#$
$
%"&'$(
)*"+ +:;
#-.*$/"0

"11&2"3

"*4'
!"*)!)*5)62"7"*)(*6
-
"*"6!
*8

"/
'

"
')"(**"/*

)"-!)
"9"#-.*$/"0

"11&2

,0123455662789 4278128171 4
789
6
:;<=><?=@7;@7<
ABCDEFG<HI<7JB<KFLB<FM<8CCFNGDEGO<PQ<PG<RGMFSTPDEFG<AUQDBT6
VWXYZ[\6]^6_`ab\c`d[`Z6X`e6fW[c\[ZbgXh6iZ\jgZj\[6ck6lb̀X`gbXh6mggcj`Zb̀n6
VWXYZ[\6o^6p[ab[q6ck6ZW[6mggcj`Zb̀n6r\cg[ss6
VWXYZ[\6t^6fW[6uXhX`g[6iW[[Z6X`e6lb̀X`gbXh6vbsghcsj\[s6
VWXYZ[\6w^6fW[6x`gcd[6iZXZ[d[`Zy6VcdY\[W[`sba[6x`gcd[y6X`e6ZW[6iZXZ[d[`Z6ck6VXsW6lhcqs6
VWXYZ[\6z^6fbd[6{Xhj[6ck6|c`[}6Vc`g[YZs6
VWXYZ[\6~^6p[a[`j[6p[gcn`bZbc`6
6
ABCDEFG<I<8QQBDQ6
VWXYZ[\6€^6VXsW6X`e6p[g[baXh[s6
VWXYZ[\6‚^6x`a[`Zc\b[s^6|[Xsj\[d[`Z6
VWXYZ[\6ƒ^6x`a[`Zc\b[s^6meebZbc`Xh6xssj[s6
VWXYZ[\6]„^6r\cY[\Z}y6rhX`Zy6X`e6_ jbYd[`Z6X`e6x`ZX`nbh[6mss[Zs^6mgjbsbZbc`6
VWXYZ[\6]]^6r\cY[\Z}y6rhX`Zy6X`e6_ jbYd[`Z6X`e6x`ZX`nbh[6mss[Zs^6†Zbhb‡XZbc`6X`e6vbsYcsbZbc`6
VWXYZ[\6]o^6x`a[sZd[`Zs6
6
ˆ‰Š‹ŒŽ‘’Œ“”Œ•Œ‹Œ‰–“Ž—ˆ˜“™‰˜•—‰™–š›œŒ‹ž6
VWXYZ[\6]t^6Vj\\[`Z6ŸbXbhbZb[s6X`e6Vc`Zb̀n[`gb[s6
VWXYZ[\6]w^6uc`es6X`e6Ÿc`nf[\d6¡cZ[s6
VWXYZ[\6]z^6Ÿ[Xs[s6
VWXYZ[\6]~^6mggcj`Zb̀n6kc\6x`gcd[6fX¢[s6
VWXYZ[\6]€^6r[`sbc`s6X`e6£ZW[\6rcsZ\[Zb\[d[`Z6u[`[kbZs6
¤¥¦§¨©ª«¬­®«¯¥¦ª©¥°±²©ª³´«µ¶·¸¨¹6
6
ABCDEFG<ºI<8»»EDEFGPL<>EGPGCEPL<KB¼FSDEGO<RQQNBQ6
VWXYZ[\6]ƒ^6iWX\[uXs[e6VcdY[`sXZbc`6X`e6_X\`b̀ns6Y[\6iWX\[6
VWXYZ[\6o„^6mggcj`Zb̀n6VWX`n[s6X`e6_\\c\6Vc\\[gZbc`s6
VWXYZ[\6o]^6fW[6iZXZ[d[`Z6ck6VXsW6lhcqs6p[absbZ[e6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
<
<
 5 



!"
##$
%
&
'(
)**
++,-

**
!./
/0-
1
2


/3
(.
.
2
(

/
4
&
'(
)**
++,-

, 01234565814961 9416525 6519 6 661 
<
=
=
>?@ABCD=E=FGTHIIGDJ@GGNKC GB=@GL=M?CJDCBIN@O=PBDQNBQDC=JRS
I@O=UNNJQGBIGVS
==
WQCXBIJG=EYES
S




Z[\]\^[]_S]^^`a\b[\cS[dS^`\^ef\egSh[biSjf`k[g[\cSfe_ek]\bSl[\]\^[]_S[\l`fm]b[`\S
]n`abSk]f[`adSo[\gdS̀lS̀fc]\[p]b[`\dSb`Sg[llefe\bSbqjedS̀lSerbef\]_SadefdsStieSjf[m]fqS
l`^adS`lSl[\]\^[]_S]^^`a\b[\cS[dS`\SbieSl[\]\^[]_S[\l`fm]b[`\Sjf`k[gegSnqSjf`l[buS
`f[e\begS^`mj]\[edSb`Sbie[fSjfede\bS]\gSj`be\b[]_S[\kedb`fdS]\gS^feg[b`fdsS
WQCXBIJG=EYvS
wed`af^edS]feSell[^[e\b_qS]__`^]begS[lSbieqS]feSc[ke\Sb`Se\befjf[dedSbi]bSh[__SadeS
biemSb`Sjf`k[geSc``gdS]\gSdefk[^edSged[fegSnqSd`^[ebqS]\gS\`bSb`Se\befjf[dedSbi]bSh[__S
h]dbeSbiemsStieS^]j[b]_Sm]foebdS]feSbieSme^i]\[dmSbi]bSl`dbefdSbi[dSell[^[e\bS
]__`^]b[`\S̀lSfed`af^edsS
WQCXBIJG=EYxS
th`Serbfeme_qS[mj`fb]\bSk]f[]n_edSbi]bSmadbSneS^`\d[gefegS[\S]\qS[\kedbme\bS
ge^[d[`\S]feSbieSerje^begSf]beS̀lSfebaf\S]\gSbieSa\^efb][\bqS̀fSf[doS`lSbi]bSerje^begS
febaf\sS
WQCzX\BSIbJiGeS=_E`Y\ycSSfa\{S]S^`mj]\qSh[__SneS]n_eSb`Sjf`k[geS[\kedb`fdS]\gS^feg[b`fdSh[biS]S
f]beS`lSfebaf\S`\_qS[lS[bS^]\Sce\ef]beS]Sjf`l[bsSti]bS[d{S[bSmadbSneS]n_eSb`SadeSbieS
fed`af^edSjf`k[gegSb`S[bSb`Sce\ef]beS^]diSfe^e[jbdSlf`mSde__[\cS]Sjf`ga^bS̀fSdefk[^eSbi]bS
er^eegSbieS^]diSg[dnafdeme\bdS\e^edd]fqSb`Sjf`k[geSbi]bSjf`ga^bS̀fSdefk[^esS
WQCtXBiIeJSGj=fE[Ym]
|SfqS`n}e^b[keS`lSl[\]\^[]_S]^^`a\b[\cS[dSb`Sjf`k[geS[\kedb`fdS]\gS
^feg[b`fdSh[biS[\l`fm]b[`\Sbi]bSh[__Sie_jSbiemSm]oeS[\kedbme\bS]\gS^feg[bSge^[d[`\dsS
WQCXBIJG=EY~S
ebS`jef]b[\cS^]diSl_`hdSS]feSbieSg[llefe\^eSnebhee\S^]diSfe^e[jbdS]\gS^]diS
g[dnafdeme\bdSgaf[\cS]Sjef[`gS`lSb[meSlf`mSbf]\d]^b[`\dSfe_]begSb`Sjf`k[g[\cSc``gdS
]\gSdefk[^edSb`S^adb`mefdsSebS`jef]b[\cS^]diSl_`hdSm]qS\`bSneS]Sc``gS[\g[^]b`fS`lS
<,"



!"#$
$
%"&'$(
)*"+ +:;
#-.*$/"0

"11&2"3

"*4'
!"*)!)*5)62"7"*)(*6
-
"*"6!
*8

"/
'

"
')"(**"/*

)"-!)
"9"#-.*$/"0

"11&2

,01234562798@789;8<>9:=;=<=B4>JK
2?7@<8A7GA?1B@2C?
<D8;1=7
>81?;E4
<DF<GHIB:GIH<8I=BJKA;9;L<9:>I?>=9GBI?E<9@;F<J>F<IB9<J>9=@<
J;I9?<>IL<?>=:G7G=;?<B7<9@;<K;:GBLM<




 6 


!"#
$$%
&
'(
)
*++
,,-.

++
"/0
01.
2
3!

04!
)/!
/
3
)
0
5
'(
)
*++
,,-.

,<
01234565814961 9416525 6519 6 661 

=
=
>?@ABCDEFGHI=
JKKL=MNOPOQRSST=RUUOVWOX=RUUYZPW[PN=VQ[PU[VSO\]=RQO=R=XTPR^[U=\OW=Y_=`YWa=
`QYRX=RPX=\VOU[_[U=NZ[XOS[PO\=WaRW=R=UY^VRPT=\aYZSX=_YSSYb=[P=^OR\ZQ[PN=RPX=
QOVYQW[PN=WaO=[P_YQ^RW[YP=[P=WaO[Q=_[PRPU[RS=\WRWO^OPW\=RPX=QOSRWOX=PYWO\c=dW=[\=
[^VYQWRPW=WaRW=RSS=UY^VRP[O\=_YSSYb=JKKL=\Y=WaRW=[PeO\WYQ\=URP=UY^VRQO=_[PRPU[RS=
[P_YQ^RW[YP=RUQY\\=UY^VRP[O\=WY=^RfO=WaO[Q=QO\YZQUO=RSSYURW[YP=XOU[\[YP\c=
>?@ABCDEFGHg=
dP=hijkl=mYPNQO\\=UQORWOX=WaO=nom=RPX=NReO=[W=WaO=pY`=Y_=\OWW[PN=RUUYZPW[PN=RPX=
QOVYQW[PN=\WRPXRQX\=_YQ=UY^VRP[O\=baY\O=\OUZQ[W[O\=RQO=VZ`S[UST=WQRXOXc=qaO=nom=aR\=
QOWR[POX=WaO=VYbOQl=`ZW=aR\=QOS[OX=YP=VQ[eRWO=\OUWYQ=`YX[O\=WY=UQORWO=WaO=\WRPXRQX\c=qaO=
UZQQOPW=VQ[eRWO=\OUWYQ=`YXT=QO\VYP\[`SO=_YQ=\OWW[PN=RUUYZPW[PN=\WRPXRQX\=[\=WaO=rKnsc=
>?@ABCDEFGHt=
KZX[WYQ\=RQO=[PXOVOPXOPWl=VQY_O\\[YPRS=RUUYZPWRPW\=baY=OuR^[PO=_[PRPU[RS=
\WRWO^OPW\=WY=OuVQO\\=RP=YV[P[YPc=qaO=YV[P[YP=QO_SOUW\=WaO=vwxyz{|}~=R\\O\\^OPW=Y_=WaO=
\WRWO^OPW\=_R[QPO\\l=ba[Ua=[\=XOWOQ^[POX=`T=WaO=OuWOPW=WY=ba[Ua=WaOT=RQO=VQOVRQOX=[P=
UY^VS[RPUO=b[Wa=JKKLc=qaO=RZX[WYQ=RXX\=UQOX[`[S[WT=WY=WaO=_[PRPU[RS=\WRWO^OPW\l=
ba[Ua=[PUQOR\O\=WaO=UYP_[XOPUO=Y_=URV[WRS=^RQfOW=VRQW[U[VRPW\=QOST[PN=YP=WaRW=
[P_YQ^RW[YPc=




< 


!"#$
$
%"&'$(
)*"+ +:;
,"#-.*$/"0

"11&2"3

"*4'
!"*)!)*5)62"7"*)(*6
-
"*"6!
*8

"/
'

"
')"(**"/*

)"-!)
"9"#-.*$/"0

"11&2

,0123456772789 4278128171 4
89:;<=:>?@>AB<:?C@9:>DE@9?C9B<FG7
>AB<:?C@9>HIHJ7
KLM7NOPQRSRPTS7RTUVWXLX7RT7YZL7YL[Y7\OL]7
^_`OL\YRPT7Pa7YZL7bWcVRU7̀PdN\TM7eUUPWTYRTf7gQLOSRfZY7hP\OX7
^_iLfWV\YL7YMNLS7Pa7TPTj\WXRY7\WXRY7SLOQRULS7
^_iLkWROL7VL\X7\WXRY7N\OYTLO7OPY\YRPT7LQLOM7l7ML\O7
^_`PONPO\YL7L[LUWYRQL7\UUPWTY\cRVRYM7
^_eXXOLSSLS7UPTaVRUYS7Pa7RTYLOLSY7aPO7SLUWORYM7\T\VMSYS7
^_mTYLOT\V7UPTYOPV7OLNPOYRTf7\TX7\WXRYPO7PNRTRPT7\cPWY7UPTYOPVS7
AB<:?C@9>HIHH7
nLo7\UUPWTYRTf7SY\TX\OXSp7PO7UZ\TfLS7RT7SY\TX\OXSp7U\T7Z\QL7SRfTRaRU\TY7
XRaaLOLTYR\V7LaaLUYS7PT7UPdN\TRLSp7RTQLSYPOS7\TX7UOLXRYPOSp7\TX7PYZLO7RTYLOLSY7fOPWNS7cM7
U\WSRTf7OLXRSYORcWYRPT7Pa7oL\VYZq7rZLOL7\VSP7RS7YZL7NPSSRcRVRYM7YZ\Y7SY\TX\OXS7UPWVX7
Z\Od7YZL7LUPTPdM7\S7\7oZPVL7cM7U\WSRTf7UPdN\TRLS7YP7UZ\TfL7YZLRO7cLZ\QRPOq7
AB<:?C@9>HIHs7
rZL7teuh7WTXLOY\vLS7\7SLORLS7Pa7LV\cPO\YL7RTaPOd\YRPT7f\YZLORTf7SYLNS7cLaPOL7
RSSWRTf7\T7\UUPWTYRTf7SY\TX\OX7YP7XLYLOdRTL7UPTSLTSWS7\S7YP7YZL7NOLaLOOLX7dLYZPX7Pa7
\UUPWTYRTfp7\S7oLVV7\S7YP7\TYRURN\YL7\XQLOSL7LUPTPdRU7UPTSLkWLTULSq7
AB<:?C@9>HIHw7
rZL7NWONPSL7Pa7YZL7UPTULNYW\V7aO\dLoPOv7RS7YP7fWRXL7YZL7hP\OX7RT7XLQLVPNRTf7
\UUPWTYRTf7SY\TX\OXS7cM7NOPQRXRTf7\T7WTXLOVMRTf7aPWTX\YRPT7\TX7c\SRU7OL\SPTRTf7PT7
oZRUZ7YP7UPTSRXLO7dLORYS7Pa7\VYLOT\YRQLSq7rZL7aO\dLoPOv7XPLS7TPY7NOLSUORcL7xeebq7




 6 


!"#
$$%
&
'(
)
*++
,,-.

++
"/0
01.
2
3!

04!
)/!
/
3
)
0
5
'(
)
*++
,,-.

, #$%&'()(*+$',)-$.*/0.,0'*1$2*3.)(2%(4-0)(*566$,.)-.78*99):*;4-)-$.
<
=
=
>?@ABCDEFGHGI=
JKLKMNOPK=NOQ=RNSTURVL=WKXWKYKOTNTSZO=NWK=TUK=XWS[NW\=]VNLSTNTSMK=PUNWNPTKWSYTSPY=
TUNT=[N^K=SORZW[NTSZO=QKPSYSZO_VYKRVL̀=JKLKMNOT=SORZW[NTSZO=aSLL=XZYYKYY=XWKQSPTSMK=
NOQbZW=PZORSW[NTZW\=MNLVK`=cNSTURVL=WKXWKYKOTNTSZO=SY=TUK=KdTKOT=TZ=aUSPU=TUKWK=SY=
NeWKK[KOT=fKTaKKO=N=[KNYVWK=ZW=QKYPWSXTSZO=NOQ=TUK=XUKOZ[KOZO=ST==XVWXZWTY=TZ=
WKXWKYKOT`=
>?@ABCDEFGHGg=
hUK=PZ[XZOKOTY=ZR=WKLKMNOT=SORZW[NTSZO=NWK=XWKQSPTSMK=MNLVKi=PZORSW[NTZW\=MNLVK=
NOQ=[NTKWSNLST\`=hUK=PZ[XZOKOTY=ZR=RNSTURVL=WKXWKYKOTNTSZO=NWK=PZ[XLKTKOKYYi=
OKVTWNLST\i=NOQ=RWKKQZ[=RWZ[=KWWZW`=
>?@ABCDEFGHGj=
hUK=fKOKRST=RWZ[=XWZMSQSOe=NPPZVOTSOe=SORZW[NTSZO=SY=SOPWKNYKQ=QKPSYSZO=
VYKRVLOKYY`=kR=TUK=SORZW[NTSZO=SY=WKLKMNOT=NOQ=XZYYKYYKY=RNSTURVL=WKXWKYKOTNTSZOi=ST=aSLL=
S[XWZMK=TUK=QKPSYSZOY=[NQK=f\=SOMKYTZWY=NOQ=PWKQSTZWY`=lZaKMKWi=TUKWK=NWK=PZYTY=TZ=
XWZMSQSOe=SORZW[NTSZO=TUNT==SOPLVQK=PZYTY=TZ==eNTUKWi=XWZPKYYi=NOQ=QSYYK[SONTK=TUNT=
SORZW[NTSZO`=hUKWK=NLYZ=NWK=PZYTY=TZ=VYKWY=SO=SOTKWXWKTSOe=TUK=SORZW[NTSZO=NY=aKLL=NY=
XZYYSfLK=NQMKWYK=KPZOZ[SP=PZOYK]VKOPKY=TUNT=PZVLQ=WKYVLT=RWZ[=QSYPLZYSOe=
SORZW[NTSZO`=kORZW[NTSZO=YUZVLQ=OZT=fK=XWZMSQKQ=VOLKYY=TUK=fKOKRSTY=KdPKKQ=TUK=PZYTY`=
>?@ABCDEFGHGm=
kORZW[NTSZO=SY=[NTKWSNL=SR=ST=SY=QKK[KQ=TZ=UNMK=NO=KRRKPT=ZO=N=QKPSYSZO=[NQK=f\=N=
VYKW`=hUK=TUWKYUZLQ=RZW=[NTKWSNLST\=aSLL=QKXKOQ=XWSOPSXNLL\=ZO=TUK=WKLNTSMK=QZLLNW=
N[ZVOT=ZR=TUK=TWNOYNPTSZO=fKSOe=PZOYSQKWKQ`=nOK=PZOYK]VKOPK=ZR=[NTKWSNLST\=SY=TUNT=
oppq=OKKQ=OZT=fK=RZLLZaKQ=SO=[KNYVWSOe=NOQ=WKXZWTSOe=N=TWNOYNPTSZO=SR=TUNT=
TWNOYNPTSZO=SY=OZT=[NTKWSNL̀=hUK=TUWKYUZLQ=RZW=[NTKWSNLST\=UNY=fKKO=LKRT=TZ=YVfrKPTSMK=
rVQe[KOT`=




< 0123451679 632 4 !"
9522 225477


11
345161
5745345165413445154461676419522 

, 6
7
&'()*+(89
,-.,:/0
;<*=(:-1>?.@'>(AB
,23<.:'?-C1@'90:*>4DE5@9?C9B<FG7
AB<:?C@9>HIHJ7
KLM NOOPQO7RSP7TSUVRVWP7XYQYSP7PZU[U\]Z7VP[PX]QO7UVQR][P^7US7ZU[QSUWWP^7V_7R7
TRSQ]ZYWRS7P[Q]Q_7RO7R7SPOYWQ7UX7TROQ7QSR[ORZQ]U[O7US7P`P[QOa7
bLM c]RV]W]Q]PO7RSP7TSUVRVWP7XYQYSP7ORZS]X]ZPO7UX7PZU[U\]Z7VP[PX]QO7RS]O][d7XSU\7
TSPOP[Q7UVW]dRQ]U[O7UX7R7TRSQ]ZYWRS7P[Q]Q_7QU7QSR[OXPS7ROOPQO7US7TSU`]^P7OPS`]ZPO7QU7
UQePS7P[Q]Q]PO7][7QeP7XYQYSP7RO7R7SPOYWQ7UX7TROQ7QSR[ORZQ]U[Oa7
fLM ghY]Q_7]O77QeP7SPO]^YRW7][QPSPOQ7][7QeP7ROOPQO7UX7R[_7P[Q]Q_7QeRQ7SP\R][O77RXQPS7
^P^YZQ][d7]QO7W]RV]W]Q]POa7
iLM j[`POQ\P[QO7V_7Uk[PSO7RSP7][ZSPROPO7][7PhY]Q_7SPOYWQ][d7XSU\7QSR[OXPSO7UX7
SPOUYSZPOl7YOYRWW_7ZROel7QU7R7ZU\TR[_7][7PmZeR[dP7XUS7Uk[PSOe]T7][QPSPOQa7
nLM o]OQS]VYQ]U[O7QU7Uk[PSO7RSP7^PZSPROPO7][7PhY]Q_7SPOYWQ][d7XSU\7QSR[OXPSO7QU7Uk[PSOa7
pLM qP`P[YPO7RSP7][XWUkO7UX7ROOPQO7US7OPQQWP\P[QO7UX7W]RV]W]Q]PO7XSU\7^PW]`PS][d7US7
TSU^YZ][d7dUU^Ol7SP[^PS][d7OPS`]ZPOl7US7UQePS7RZQ]`]Q]PO7QeRQ7ZU[OQ]QYQP7QeP7rstutvwx7
U[dU][d7\RyUS7US7ZP[QSRW7UTPSRQ]U[Oa7
zLM gmTP[OPO7RSP7UYQXWUkO7US7UQePS7YO][d7YT7UX7ROOPQO7US7][ZYSSP[ZPO7UX7W]RV]W]Q]PO7
^YS][d7R7TPS]U^7XSU\7^PW]`PS][d7US7TSU^YZ][d7dUU^Ol7SP[^PS][d7OPS`]ZPOl7US7UQePS7
RZQ]`]Q]PO7QeRQ7ZU[OQ]QYQP7QeP7rstutvwx7U[dU][d7\RyUS7US7ZP[QSRW7UTPSRQ]U[Oa7
{LM |R][O7RSP7^PX][P^7RO7][ZSPROPO7][7PhY]Q_7XSU\7TPS]TePSRW7US7][Z]^P[QRW7QSR[ORZQ]U[O7
UX7R[7P[Q]Q_a7
}LM cUOOPO7SPTSPOP[Q7^PZSPROPO7][7PhY]Q_7RS]O][d7XSU\7TPS]TePSRW7US7][Z]^P[QRW7
QSR[ORZQ]U[O7UX7R[7P[Q]Q_a7
K~LMU\TSPeP[O]`P7][ZU\P7]O7^PX][P^7RO7QeP7ZeR[dP7][7PhY]Q_7UX7R[7P[Q]Q_7^YS][d7R7
TPS]U^7XSU\7[U[Uk[PS7QSR[ORZQ]U[Oa7
AB<:?C@9>HIH€7
eP7XUYS7VRO]Z7ROOY\TQ]U[O7Y[^PSW_][d7|NN‚7RSP7ƒ„7QeP7PZU[U\]Z7P[Q]Q_7
ROOY\TQ]U[l7ƒ†7QeP7dU][d7ZU[ZPS[7ROOY\TQ]U[l7ƒ‡7QeP7TPS]U^]Z]Q_7ROOY\TQ]U[l7R[^7ƒˆ7
QeP7\U[PQRS_7Y[]Q7ROOY\TQ]U[a7
AB<:?C@9>HI‰Š7
eP7dU][d7ZU[ZPS[7ROOY\TQ]U[7\PR[O7QeRQl7][7QeP7RVOP[ZP7UX7][XUS\RQ]U[7QU7QeP7
ZU[QSRS_l7]Q7]O7R[Q]Z]TRQP^7QeRQ7R7VYO][POO7P[Q]Q_7k]WW7ZU[Q][YP7QU7UTPSRQP7][^PX][]QPW_a7
e]O7ROOY\TQ]U[7]O7]\TUSQR[Q7QU7\R[_7VSUR^7R[^7OTPZ]X]Z7RZZUY[Q][d7TS][Z]TWPO7OYZe7
RO7QeP7e]OQUS]ZRW7ZUOQ7TS][Z]TWPa7


012 6 4567897 675657
8



868778!7
"87#8658 68$656667#88866755756%8





, #$%&'()(*+$',)-$.*/0.,0'*1$2*3.)(2%(4-0)(*566$,.)-.78*99):*;4-)-$.
<

=>?J@AKBLCIDMLEFNGOPHQFORIOSTIUVVWXMSOPYINLZUSLVISPIYLLQVIP[IL\SLNYUZIWVLNVISPINLRLO]LISOXLZTI
[OYUYROUZIOY[PNXUSOPY^IJKOVIUVVWXMSOPYINL_WONLVISKUSISKLILRPYPXORIZO[LIP[IUIRPXMUYTI
`LIQO]OQLQIOYSPIUNSO[OROUZIMLNOPQVI[PNI[OYUYROUZINLMPNSOYa^IbPXMUYOLVIWVWUZZTINLMPNSISPI
L\SLNYUZIWVLNVIUSIZLUVSIPYRLIUITLUN^I
I
=>?@ABCDEFGHHI
cPWNIURRPWYSOYaIMNURSORLVdIP[SLYINL[LNNLQISPIUVIMNOYROMZLVdISKUSIaWOQLIURRPWYSOYaI
MNURSORLIUNLIefgINL]LYWLINLRPaYOSOPYdIehgIL\MLYVLINLRPaYOSOPYdIeigIXO\LQjUSSNÒWSLI
XLUVWNLXLYSIeOYRZWQOYaIKOVSPNORUZIRPVSgdIUYQIekgI[WZZIQOVRZPVWNL^I
I
=>?JmP
@ABCIDUEQFG]UHYlSIUaLVISPI`UVOYaI]UZWUSOPYIPYIKOVSPNORUZIRPVSIUNLIefgIKOVSPNORUZIRPVSI
MNP]OQLVIOXMPNSUYSIRUVKI[ZPmIOY[PNXUSOPYIVOYRLIOSINLMNLVLYSVISKLIRUVKIPNIRUVKI
L_WO]UZLYSIMUOQI[PNIUYIUVVLSIPNINLRLO]LQIOYIL\RKUYaLI[PNISKLIUVVWXMSOPYIP[IUIZOU`OZOSTdI
UYQIehgIKOVSPNORUZIRPVSI]UZWUSOPYIOVISKLINLVWZSIP[IUYIL\RKUYaLISNUYVURSOPYÌLSmLLYISmPI
OYQLMLYQLYSIMUNSOLVIUYQISKLIUaNLLQIWMPYIL\RKUYaLI]UZWLIOVdISKLNL[PNLdIP`nLRSO]LIUYQI
MPVVLVVLVIUIKOaKIQLaNLLIP[I]LNO[OU`OZOST^I
I
=>?@ABCDEFGHoI
bPXMUYOLVINLRPaYOpLINL]LYWLImKLYIaPPQVIPNIVLN]ORLVIUNLISNUYV[LNNLQISPI
RWVSPXLNV^IqPmL]LNdIYPINL]LYWLIOVINLRPaYOpLQIO[IOSIrstuvIMNP`U`ZLISKUSISKLIVLZZLNImOZZI
RPZZLRSISKLIUXPWYSVIrvusILYSOSZLQISPINLRLO]L^IJKLIUXPWYSIP[INL]LYWLINLRPaYOpLQIOVISKLI
UXPWYSISKLIRPXMUYTIL\MLRSVISPÌLILYSOSZLQISPINLRLO]LIOYIL\RKUYaLI[PNISKPVLIaPPQVIPNI
VLN]ORLV^IwL]LYWLIOVINLRPaYOpLQIUSIUIMPOYSIOYISOXLIPNIP]LNIUIMLNOPQIP[ISOXLdIQLMLYQOYaI
PYImKLYIaPPQVIPNIVLN]ORLVIUNLISNUYV[LNNLQISPIRWVSPXLNV^IxPdINL]LYWLI[PNISKLIVUZLIP[I
XPVSIaPPQVIOVINLRPaYOpLQIWMPYIQLZO]LNTdI`WSINL]LYWLI[PNIVLN]ORLVIZOyLINLYSOYaI
UMUNSXLYSVIPNIZLYQOYaIXPYLTIOVINLRPaYOpLQIP]LNISOXLIUVISKPVLIVLN]ORLVIUNLIMNP]OQLQ^I




< 0123451679 632 4 !"
9522 225477


11
345161
5745345165413445154461676419522 

, 6
7
7
&'()*+(89
,-.,:/0
;<*=(:-1>?.@'>(AB
,23<.:'?-C1@'90:*>4DE5@9?C9B<FG7
AB<:?C@9>HIJK7
LMN7OPQR7STOONRNUV7WXXRPWYMNZ7VP7T[X\N[NUVTU]7N^XNUZN7RNYP]UTVTPU7WRN_7
`abcNYP]UTdTU]7WU7N^XNUZN7eWZNS7PU7WU7N^WYV7YWQZNfWUSfNOONYV7RN\WVTPUZMTX7
eNVgNNU7W7RNhNUQN7WUS7N^XNUZN7NhNUVi7jPZV7PO7]PPSZ7ZP\S7TZ7WU7N^W[X\N7PO7WU7
N^XNUZN7RNYP]UTdNS7ek7VMTZ7WXXRPWYMi7
labcNYP]UTdTU]7WU7N^XNUZN7ek7TSNUVTOkTU]7VMN7N^XNUZN7gTVM7VMN7RNhNUQNZ7
RNYP]UTdNS7TU7W7ZXNYTOTY7VT[N7XNRTPSi7mOOTYN7ZW\WRTNZ7WRN7WU7N^W[X\N7PO7WU7
N^XNUZN7RNYP]UTdNS7ek7VMTZ7WXXRPWYMi7
nabcNYP]UTdTU]7WU7N^XNUZN7ek7W7ZkZVN[WVTY7WUS7RWVTPUW\7W\\PYWVTPU7VP7ZXNYTOTY7
VT[N7XNRTPSZi7oNXRNYTWVTPU7TZ7WU7N^W[X\N7PO7WU7N^XNUZN7RNYP]UTdNS7ek7VMTZ7
WXXRPWYMi7
pabcNYP]UTdTU]7N^XNUZNZ7TU7VMN7XNRTPS7TUYQRRNSq7gTVMPQV7RN]WRS7VP7RN\WVNS7
RNhNUQNZi7rShNRVTZTU]7TZ7WU7N^W[X\N7PO7WU7N^XNUZN7RNYP]UTdNS7ek7VMTZ7
WXXRPWYMi7
7
AB<t:U?7CW@S9S>THVITPJUs77VP7VMN7OTUWUYTW\7ZVWVN[NUV7N\N[NUVZ7WRRWkNS7TU7VMN7eWZTY7OTUWUYTW\7
ZVWVN[NUVZq7TUOPR[WVTPU7TZ7STZY\PZNS7ek7[NWUZ7PO7XWRNUVMNVTYW\7PR7[PSTOkTU]7
YP[[NUVZq7UPVNZq7WUS7ZQXX\N[NUVW\7ZYMNSQ\NZ7WUS7VWe\NZi7
7
AB<:?C@9>HIJu7
vrrw7XRTPRTVTdNZ7VMN7TUXQVZ7YP[XWUTNZ7ZMPQ\S7QZN7gMNU7SNVNR[TUTU]7OWTR7hW\QNi7
LMN7MT]MNZV7WUS7[PZV7SNZTRWe\N7TUXQVZq7xNhN\7yq7WRN7zQPVNS7[WR{NV7XRTYNZ7TU7WYVThN7
[WR{NVZ7OPR7TSNUVTYW\7WZZNVZ7PR7\TWeT\TVTNZi7xNhN\7|7TUXQVZ7WRN7PVMNR7VMWU7zQPVNS7XRTYNZ7
VMWV7WRN7PeZNRhWe\Nq7TUY\QSTU]7zQPVNS7XRTYNZ7OPR7ZT[T\WR7WZZNVZ7PR7\TWeT\TVTNZ7TU7WYVThN7PR7
TUWYVThN7[WR{NVZ7WUS7TUXQVZ7VMWV7WRN7SNRThNS7XRTUYTXW\\k7ORP[7PeZNRhWe\N77RN\WVNS7
[WR{NV7SWVWi7xNhN\7}7TUXQVZq7VMN7\NWZV7SNZTRWe\Nq7WRN7TUXQVZ7VMWV7RNO\NYV7VMN7~€€‚ƒ„7PgU7
WZZQ[XVTPUZ7WePQV7VMN7WZZQ[XVTPUZ7[WR{NV7XWRVTYTXWUVZ7gPQ\S7QZN7TU7XRTYTU]7VMN7WZZNV7
PR7\TWeT\TVk7eWZNS7PU7VMN7eNZV7TUOPR[WVTPU7WhWT\We\N7TU7VMN7YTRYQ[ZVWUYNZi7
AB<:?C@9>HIJ7
jP[[PU7[NWZQRN[NUV7WVVRTeQVNZ7WRN7MTZVPRTYW\7YPZVq7UNV7RNW\TdWe\N7hW\QNq7YQRRNUV7
YPZVq7XRNZNUV7hW\QNq7WUS7OWTR7hW\QNi7

0123 6 56789 8 78676228
9



979889!8
"98#9769 79$767778#99977866867%9