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4.8. Research ProblemChoose five companies from different

Customer Question

4.8. Research Problem Due Wensday 4, 2009 Post the table in a Microsoft, Excel or word document.


Choose three companies from different industries and locate their statements of cash flows for the most recent year.
(a) Create a table to compare the dollars provided or used by operating, investing, and
financing activities, as well as the overall increase or decrease in cash.

Understanding Financial Statements, Eighth Edition, by Lyn M Fraser and Aileen Ormiston. Published by Prentice Hall. Chapter 4 Statement of Cash Flows

Submitted: 5 years ago.
Category: Finance
Expert:  Mohammad Ali replied 5 years ago.

ITEM

WALMART

$(In millions)

ROSS STORES

$(In millions)

MICROSOFT

$(In millions)

Reporting period

31-Dec-08

02-Feb-08

30-Jun-08

Net income

13400

261.05

17681

Depreciation/depletion

6739

120.7

2056

Amortization

0

 

0

Deferred taxation

0

-10.7

935

Non -cash items

-146

26.56

787

Changes in working capital:

 

 

 

Accounts receivable

-101

 

-1569

Other assets

0

-15.04

55

Inventory

-220

26.43

0

Accounts payable

-410

-63.2

0

Accrued expenses

2036

0

0

Other assets and liabilities, net

1849

-18.72

1667

Other operating cash flow

0

26.47

0

Cash from operating activities

23147

353.56

21612

Capital expenditures:

 

 

 

Purchase of fixed assets

-11499

-236.12

-3182

Sale of fixed assets

714

0.36

0

Acquisition of business

0

0

-8053

Sales/ maturity of investments

838

137.1

27729

Purchase of investments

0

-146.08

-20954

Other investing cash flows

-795

0

-127

Cash from investing activities

-10742

-244.74

-4587

Financing cash flow items:

 

 

 

Other financing cash flow items

-85

5.14

120

Total cash dividends paid

-3746

-40.64

-4015

Issuance/(retirement) of stock, net

-3521

-183.33

-9039

Issuance/(retirement) of debt, net

-2566

0

0

Cash from financing activities

-9918

-218.62

-12934

Foreign exchange effects

-781

 

137

Net change in cash

1706

-109.81

4228

Net cash, beginning balance

5569

367.39

6111

Net cash, closing balance

7275

257.58

10339

Source: MSN Money central

Mohammad Ali, Accounts & Financial Advisor
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Customer: replied 5 years ago.

Hi Mohammad,

 

Thank you so much for your help, is it possible if you can help me with my other question know one has replied to it yet.

Customer: replied 5 years ago.

Assignment: Candela Corporation Case Due Saturday February 7, 2009
? Resources: Ch. 4 of Understanding Financial Statements
? Due Date: Day 7 [Individual forum]
? Compose a 500- to 750-word paper in APA format responding to questions 1 and 2 of the Candela Corporation Case on p. 146 (Ch. 4).
? Post your paper as a Microsoft® Word attachment.

146 CHAPTER 4 Statement of Cash Flows

Excerpts from the Candela Corporation's

Form 10-K are on pages 146-147.

Required

1. Using the Consolidated Statements

of Cash Flows, prepare a summary

analysis for the years ended July 3,

2004, June 28, 2003, and June 29,

2002. Analyze the cash flows for

Candela Corporation, Inc. for all

three years.

2. Explain what information you gain

from the statement of cash flows that

cannot be found directly from the

balance sheet or income statement.

Item 1. Business.

Candela Corporation is a pioneer in the

development and commercialization of

advanced aesthetic laser systems that allow

physicians and personal care practitioners

to treat a wide variety of cosmetic and medical

conditions including:

  • Vascular lesion treatment of rosacea,

facial spider veins, leg veins, scars,

stretch marks, warts, port wine stains

and hemangiomas

  • Hair removal
  • Removal of benign pigmented lesions

such as age spots, freckles and tattoos

  • Skin rejuvenation and wrinkles
  • Acne and acne scars
  • Psoriasis
  • Other skin treatments

Since our founding 34 years ago, we have

continuously developed and enhanced applications

of laser technology. In the mid-1980s

we began developing laser technology for

medical applications, and since that time

have shipped approximately 7,000 lasers to

over 60 countries. Since the early 1990s we

have focused our organizational resources on

developing laser technology for use solely in

the aesthetic and cosmetic laser industry. Our

introduction of new dermatology/plastic

surgery laser systems during the mid-1990s

allowed us to expand rapidly in this area.

Candela's current product line offers comprehensive

and technologically sophisticated

aesthetic and medical laser systems used by

dermatologists, plastic surgeons and various

other medical and personal care practitioners.

The discretionary income of aging baby

boomers continues to rise which creates new

opportunities for Candela. This market segment

places a premium on good health and

personal appearance, and has demonstrated a

willingness to pay for health and cosmetic

products and services.The growing popularity

of laser treatments among the general population

is also spurring demand for Candela's

products. Last year, Americans spent an estimated

$8.3 billion on cosmetic procedures.

Increasingly, lasers are proving an attractive

alternative for eliminating unwanted hair.

The laser hair removal market has experienced

significant growth over the last several

years.

The Company is dedicated to developing

safe and effective products. Our aesthetic

laser systems are further distinguished by

being among the fastest, smallest and most

affordable in their respective markets. We

believe that we have increasingly captured

significant market share because of these

product attributes and we are committed to

continual innovation to meet the needs of

our markets.

Case 4.2 Candela Corporation

CANDELA CORPORATION AND SUSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended July 3, 2004, June 28, 2003 and June 29, 2002

(in thousands)

2004 2003 2002

(Restated) (Restated)

Cash flows from operating activities:

Net income (loss) . . . . . . . . . . . . . . . . . . . . . $ 8,119 $ 6,814 $ (2,154)

Adjustments to reconcile net income (loss) to net cash

provided by (used for) operating activities:

Provision for the disposal of discontinued operations . . . . 2,095 - -

Loss from discontinued operations . . . . . . . . . . . . . . . . . . 298 1,013 743

Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 668 582 355

Accretion of imputted interest on stock warrants . . . . . . . - 475 102

Provision for bad debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520 (13) 116

Provision for deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . 955 (682) (115)

Tax benefit from exercised stock options . . . . . . . . . . . . . (1,223) (505) (6)

Effect of exchange rate changes on foreign currency

denominated assets and liabilities . . . . . . . . . . . . . . . . . . . 26 36 (305)

Changes in assets and liabilities:

Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (200) (57) -

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . (7,663) (2,417) (3,525)

Notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 179 (54)

Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,134) 1,761 (1,661)

Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . (2,550) 225 175

Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (236) 157 305

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . (91) (1,409) (3,069)

Accrued payroll and related expenses . . . . . . . . . . . 707 1,622 1,139

Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .548 574 24

Accrued warranty costs . . . . . . . . . . . . . . . . . . . . . . 1,776 (921) 830

Income tax payable . . . . . . . . . . . . . . . . . . . . . . . .(1,312) 4,168 (784)

Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . 767 53 813

Net cash provided by (used in) operating activities . .1,132 11,655 (7,071)

Cash flows from investing activities:

Purchase of property, plant and equipment . . . . . . (685) (1,227) (1,058)

Net cash used in investing activities . . . . . . . . . . (685) (1,227) (1,058)

Cash flows from financing activities:

Proceeds from issuance of common stock . . . . . . 4,707 4,620 394

Repurchases of treasury stock . . . . . . . . . . . . . .. . - - (5,215)

Principal payments of long-term debt . . . . . . . . . .. - (3,330) (370)

Net borrowings (repayments) on line of credit . . . . - (1,114) 50

Net cash provided by (used in) financing activities . . .,707 176 (5,141)

Effect of exchange rate changes on cash and

cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172 1,552 890

Net increase (decrease) on cash and cash equivalents . . . 5,326 12,156 (12,380)

Cash and cash equivalents, beginning of year . . . . . . . . . 31,813 19,657 32,037

Cash and cash equivalents, end of year . . . . . . . . . $ 37,139 $ 31,813 $ 19,657

Cash paid during the year for:

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15 $ 235 $ 347

Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,265 $751 $ (68)

 

Edit Post
Customer: replied 5 years ago.
Hi Mohammad I was wondering if you can help me with this assignment know one has

Due Thursday, March 12, 2009 Compose a 200 to 300 word response to question 3 of the Nortel Networks Case on page 182. Refer to the checklist, Exhibit 1, on page 153 for assistance with identifying quality issues.

Question 3. Discuss the quality of the disclosures for guarantees and commitments. Could these disclosures be improved?

EXHIBIT 5.1 A Checklist for Earnings Quality

I. Sales

1. Premature revenue recognition

2. Gross vs. net basis

3.Vendor financing

4. Allowance for doubtful accounts

5. Price vs. volume changes

6. Real vs. nominal growth

II. Cost of Goods Sold

7. Cost-flow assumption for inventory

8. Base LIFO layer liquidations

9. Fulfillment costs

10. Loss recognitions on write-downs of inventories (also see item 13)

III. Operating Expenses

11. Discretionary expenses

12. Depreciation

13. Asset impairment

14. "Big bath" or restructuring charges

15. Reserves

16. In-process research and development

17. Pension accounting-interest rate assumptions

IV. Nonoperating Revenue and Expense

18. Gains (losses) from sales of assets

19. Interest income

20. Equity income

21. Income taxes

22. Unusual items

23. Discontinued operations

24. Accounting changes

25. Extraordinary items

V. Other Issues

26. Material changes in number of shares outstanding

27. Operating earnings, a.k.a. core earnings, pro forma earnings, or EBITDA

 

Case 5.1 Nortel Networks Corporation

Case 12. Guarantees

Nortel has entered into agreements that contain

features which meet the definition of a

guarantee under FIN 45. FIN 45 defines a

guarantee as a contract that contingently

requires Nortel to make payments (either in

cash, financial instruments, other assets, common

shares of Nortel Networks Corporation

or through the provision of services) to a

third party based on changes in an underlying

economic characteristic (such as interest

rates or market value) that is related to an

asset, a liability or an equity security of the

guaranteed party or a third party's failure to

perform under a specified agreement. A

description of the major types of Nortel's

outstanding guarantees as of December 31,

2004 is provided below:

(a) Business sale and business

combination agreements

In connection with agreements for the sale of

portions of its business, including certain

discontinued operations, Nortel has typically

retained the liabilities of a business which

relate to events occurring prior to its sale,

such as tax, environmental, litigation and

employment matters. Nortel generally indemnifies

the purchaser of a Nortel business in

the event that a third party asserts a claim

against the purchaser that relates to a liability

retained by Nortel. Some of these types of

guarantees have indefinite terms while others

have specific terms extending to June 2008.

Nortel also entered into guarantees

related to the escrow of shares in business

combinations in prior periods. These types of

agreements generally include indemnities that

require Nortel to indemnify counterparties

C A S E S

ISBN: 0-536-48044-3

Understanding Financial Statements,Eighth Edition, by Lyn M. Fraser and Aileen Ormiston. Published by Prentice Hall. Copyright © 2007 by Pearson Education, Inc.

CHAPTER 5 A Guide to Earnings and Financial Reporting Quality 183

for loss incurred from litigation that may be

suffered by counterparties arising under such

agreements.These types of indemnities apply

over a specified period of time from the date

of the business combinations and do not

provide for any limit on the maximum potential

amount.

Nortel is unable to estimate the

maximum potential liability for these types

of indemnification guarantees as the

business sale agreements generally do

not specify a maximum amount and

the amounts are dependent upon the outcome

of future contingent events, the

nature and likelihood of which cannot be

determined.

Historically, Nortel has not made any

significant indemnification payments under

such agreements and no significant liability

has been accrued in the consolidated financial

statements with respect to the obligations

associated with these guarantees.

In conjunction with the sale of a subsidiary

to a third party, Nortel guaranteed to

the purchaser that specified annual volume

levels would be achieved by the business

sold over a ten year period ending

December 31, 2007. The maximum amount

that Nortel may be required to pay under

the volume guarantee as of December 31,

2004 is $9. A liability of $9 has been accrued

in the consolidated financial statements

Excerpts From Nortel Networks Corporation

Consolidated Balance Sheets as of December 31

(Millions of U.S. Dollars, Except for Share Amounts) 2004 2003

Liabilities and Shareholders' Equity

Current liabilities

Trade and other accounts payable $ 996 $ 878

Payroll and benefit-related liabilities 515 764

Contractual liabilities 569 530

Restructuring liabilities 254 206

Other accrued liabilities 2,823 2,505

Long-term debt due within one year 15 119

Total current liabilities 5,172 5,002

Long-term debt 3,862 3,891

Deferred income taxes - net 144 191

Other liabilities 3,189 2,945

Total liabilities 12,367 12,029

Minority interests in subsidiary companies 630 617

Guarantees, commitments and contingencies (notes 12, 13, and 21)

Shareholders' Equity

Common shares without par value-Authorized shares unlimited;

Issued and outstanding shares: 4,272,671,213 for 2004 and

4,166.714,475 for 2003 33,840 33,674

Additional paid in capital 3,282 3,341

Accumulated deficit (32,583) (32,532)

Accumulated other comprehensive loss (552) (538)

Total shareholders' equity 3,987 3,945

Total liabilities and shareholders' equity $16,984 $16,591

The accompanying notes are an integral part of these consolidated financial statements.

ISBN: 0-536-48044-3

Understanding Financial Statements,Eighth Edition, by Lyn M. Fraser and Aileen Ormiston. Published by Prentice Hall. Copyright © 2007 by Pearson Education, Inc.

184 CHAPTER 5 A Guide to Earnings and Financial Reporting Quality

with respect to the obligation associated

with this guarantee as of December 31,

2004.

(b) Intellectual property indemnification

obligations

Nortel has periodically entered into agreements

with customers and suppliers that

include limited intellectual property indemnification

obligations that are customary in

the industry. These types of guarantees typically

have indefinite terms and generally

require Nortel to compensate the other

party for certain damages and costs incurred

as a result of third party intellectual property

claims arising from these transactions.

The nature of the intellectual property

indemnification obligations generally prevents

Nortel from making a reasonable

estimate of the maximum potential amount

it could be required to pay to its customers

and suppliers. Historically, Nortel has not

made any significant indemnification payments

under such agreements. A liability of

$6 has been accrued in the consolidated

financial statements with respect to the

obligations associated with these guarantees

as of December 31, 2004.

(c) Lease agreements

Nortel has entered into agreements with certain

of its lessors that guarantee the lease

payments of certain assignees of its facilities

to lessors. Generally, these lease agreements

relate to facilities Nortel vacated prior to the

end of the term of its lease. These lease

agreements require Nortel to make lease

payments throughout the lease term if the

assignee fails to make scheduled payments.

Most of these lease agreements also require

Nortel to pay for facility restoration costs at

the end of the lease term if the assignee fails

to do so. These lease agreements have expiration

dates through June 2015. The maximum

amount that Nortel may be required to

pay under these types of agreements is $48

as of December 31, 2004. Nortel generally

has the ability to attempt to recover such

lease payments from the defaulting party

through rights of subrogation.

Historically, Nortel has not made any

significant payments under these types of

guarantees and no significant liability has

been accrued in the consolidated financial

statements with respect to the obligations

associated with these guarantees.

(d) Third party debt agreements

Nortel has guaranteed the debt of certain

customers. These third party debt agreements

require Nortel to make debt payments

throughout the term of the related

debt instrument if the customer fails to

make scheduled debt payments. These third

party debt agreements have expiration

dates extending to May 2012. The maximum

amount that Nortel may be required to

pay under these types of debt agreements

is $7 as of December 31, 2004. Under most

such arrangements, the Nortel guarantee is

secured, usually by the assets being purchased

or financed. No liability has been

accrued in the consolidated financial statements

with respect to the obligations associated

with these financial guarantees as of

December 31, 2004.

(e) Indemnification of banks and agents

under credit facilities, EDC Support

Facility and security agreements

As of December 31, 2004, Nortel had agreed

to indemnify the banks and agents under its

credit facilities against costs or losses resulting

from changes in laws and regulations which

would increase the banks' costs or reduce

their return and from any legal action brought

against the banks or agents related to the use

of loan proceeds. Nortel has also agreed to

indemnify EDC under the EDC Support

Facility against any legal action brought

against EDC that relates to the provision of

support under the EDC Support Facility.

Nortel has also agreed to indemnify the collateral

agent under the security agreements

ISBN: 0-536-48044-3

Understanding Financial Statements,Eighth Edition, by Lyn M. Fraser and Aileen Ormiston. Published by Prentice Hall. Copyright © 2007 by Pearson Education, Inc.

CHAPTER 5 A Guide to Earnings and Financial Reporting Quality 185

against any legal action brought against the

collateral agent in connection with the collateral

pledged under the security agreements.

These indemnifications generally apply to

issues that arise during the term of the credit

and support facilities, or for as long as the

security agreements remain in effect (see

notes 10 and 22).

Nortel is unable to estimate the maximum

potential liability for these types of

indemnification guarantees as the agreements

typically do not specify a maximum

amount and the amounts are dependent upon

the outcome of future contingent events, the

nature and likelihood of which cannot be

determined at this time.

Historically, Nortel has not made any

significant indemnification payments under

such agreements and no significant liability

has been accrued in the consolidated financial

statements with respect to the obligations

associated with these indemnification

guarantees.

Nortel has agreed to indemnify certain of

its counterparties in certain receivables securitization

transactions. The indemnifications

provided to counterparties in these types of

transactions may require Nortel to compensate

counterparties for costs incurred as a

result of changes in laws and regulations

(including tax legislation) or in the interpretations

of such laws and regulations, or as a

result of regulatory penalties that may be suffered

by the counterparty as a consequence of

the transaction. Certain receivables securitization

transactions include indemnifications

requiring the repurchase of the receivables if

the particular transaction becomes invalid.As

of December 31, 2004, Nortel had approximately

$266 of securitized receivables which

were subject to repurchase under this provision,

in which case Nortel would assume all

rights to collect such receivables. The indemnification

provisions generally expire upon

expiration of the securitization agreements,

which extend through 2005, or collection of

the receivable amounts by the counterparty.

Nortel is generally unable to estimate

the maximum potential liability for all of

these types of indemnification guarantees as

certain agreements do not specify a maximum

amount and the amounts are dependent

upon the outcome of future contingent

events, the nature and likelihood of which

cannot be determined at this time.

Historically, Nortel has not made any

significant indemnification payments or

receivable repurchases under such agreements

and no significant liability has been

accrued in the consolidated financial statements

with respect to the obligations associated

with these guarantees.

(f) Other indemnification agreements

Nortel has also entered into other agreements

that provide indemnifications to counterparties

in certain transactions including

investment banking agreements, guarantees

related to the administration of capital trust

accounts, guarantees related to the administration

of employee benefit plans, indentures

for its outstanding public debt and asset sale

agreements (other than the business sale

agreements noted above). These indemnification

agreements generally require Nortel

to indemnify the counterparties for costs

incurred as a result of changes in laws and

regulations (including tax legislation) or in

the interpretations of such laws and regulations

and/or as a result of losses from

litigation that may be suffered by the counterparties

arising from the transactions.

These types of indemnification agreements

normally extend over an unspecified period

of time from the date of the transaction and

do not typically provide for any limit on the

maximum potential payment amount.

The nature of such agreements prevents

Nortel from making a reasonable estimate

of the maximum potential amount it could

be required to pay to its counterparties. The

difficulties in assessing the amount of liability

result primarily from the unpredictability

of future changes in laws, the inability to

ISBN: 0-536-48044-3

Understanding Financial Statements,Eighth Edition, by Lyn M. Fraser and Aileen Ormiston. Published by Prentice Hall. Copyright © 2007 by Pearson Education, Inc.

186 CHAPTER 5 A Guide to Earnings and Financial Reporting Quality

determine how laws apply to counterparties

and the lack of limitations on the potential

liability.

Historically, Nortel has not made any

significant indemnification payments under

such agreements and no significant liability

has been accrued in the consolidated financial

statements with respect to the obligations

associated with these guarantees.

Product warranties

The following summarizes the accrual for

product warranties that was recorded as

part of other accrued liabilities in the consolidated

balance sheets as of December 31:

2004 2003

Balance at the beginning

of the year $387 $408

Payments (349) (347)

Warranties issued 229 337

Revisions 8 (11)

Balance at the end

of the year $275 $387

13. Commitments

Bid, performance related and other bonds

Nortel has entered into bid, performance

related and other bonds associated with

various contracts. Bid bonds generally have

a term of less than twelve months, depending

on the length of the bid period for the

applicable contract. Other bonds primarily

relate to warranty, rental, real estate and

customs contracts. Performance related

and other bonds generally have a term of

twelve months and are typically renewed, as

required, over the term of the applicable

contract. The various contracts to which

these bonds apply generally have terms

ranging from two to five years. Any potential

payments which might become due

under these bonds would be related to

Nortel's nonperformance under the applicable

contract. Historically, Nortel has not

had to make material payments under these

types of bonds and does not anticipate that

any material payments will be required in

the future. The following table sets forth

the maximum potential amount of future

payments under bid, performance related

and other bonds, net of the corresponding

restricted cash and cash equivalents, as of

December 31:

2004 2003

Bid and performance

related bonds(a) $362 $427

Other bonds(b) 68 53

Total bid performance related

and other bonds $430 $480

(a)Net of restricted cash and cash equivalent amounts

of $36 and $14 as of December 31, 2004 and 2003,

respectively.

(b)Net of restricted cash and cash equivalent

amounts of $28 and $31 as of December 31, 2004

and 2003, respectively.

Venture capital financing

Nortel has entered into agreements with

selected venture capital firms where the venture

capital firms make and manage investments

in start-ups and emerging enterprises.

The agreements require Nortel to fund

requests for additional capital up to its commitments

when and if requests for additional

capital are solicited by the venture capital

firm. Nortel had remaining commitments, if

requested, of $16 as of December 31, 2004.

These commitments expire at various dates

through to 2012.

Purchase commitments

Nortel has entered into purchase commitments

with certain suppliers under which it

commits to buy a minimum amount or percentage

of designated products in exchange

for price guarantees or similar concessions.

In certain of these agreements, Nortel may

be required to acquire and pay for such

products up to the prescribed minimum or

forecasted purchases. As of December 31,

2004, Nortel had aggregate purchase commitments

of $1,254.

ISBN: 0-536-48044-3

Understanding Financial Statements,Eighth Edition, by Lyn M. Fraser and Aileen Ormiston. Published by Prentice Hall. Copyright © 2007 by Pearson Education, Inc.

CHAPTER 5 A Guide to Earnings and Financial Reporting Quality 187

Operating leases and other commitments

As of December 31, 2004, the future minimum

payments under operating leases, outsourcing

contracts, special charges related to

lease commitments accrued for as part of

restructuring contract settlement and lease

costs and related sublease recoveries under

contractual agreements consisted of:

Operating Outsourcing Special Sublease

leases contracts charges income

2005 $ 96 $ 96 $118 $ (28)

2006 108 94 63 (26)

2007 95 92 53 (19)

2008 74 91 45 (17)

2009 59 90 35 (15)

Thereafter 389 - 185 (48)

Total future minimum payments $821 $463 $499 $(153)

Rental expense on operating leases for the

years ended December 31, 2004, 2003 and

2002, net of applicable sublease income,

amounted to $179, $260, and $469, respectively.

Understanding Financial Statements, Chapter 5, Eighth Edition, by Lyn M. Fraser and Aileen Ormiston..Published by Prentice Hall. Copyright 2007 by Pearson Education, Inc

 

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