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Foundationsof Accounting I

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Accounting Project

Randiddle Co. is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows:

110
Cash

$ 74,370

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112
Accounts Receivable

6,178

113
Allowance for Doubtful Accounts

650

115
Merchandise Inventory

2,346

116
Prepaid Insurance

5,750

117
Store Supplies

2,850

123
Store Equipment

100,800

124
Accumulated Depreciation-Store Equipment
31,060

210
Accounts Payable

3,286

211
Salaries Payable

0

218
Interest Payable

0

220
Note Payable (Due 2017)

30,000

($6,000 to be paid in 2013)

310
Randiddle, Capital (January 1, 2012)
46,288

311
Randiddle, Withdrawals

60,000

312
Income Summary

0

410
Sales

296,130

411
Sales Returns and Allowances

10,020

412
Sales Discounts

7,200

510
Cost of Goods Sold

30,250

520
Sales Salaries Expense

34,400

521
Advertising Expense

18,000

522
Depreciation Expense

0

523
Store Supplies Expense

0

529
Miscellaneous Selling Expense

2,800

530
Office Salaries Expense

25,500

531
Rent Expense

24,200

532
Insurance Expense

0

533
Bad Debt Expense

0

539
Miscellaneous Administrative Expense
1,650

550
Interest Expense

1,100

Randiddle Co. uses the perpetual inventory system and the Last-in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, First-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt.

The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).

Randiddle Co. sells three types of microwave ovens.

The sale prices of each are:

900 watt microwave: $199

1000 watt microwave: $299

1200 watt microwave: $499

During December, the last month of the accounting year, the following transactions were completed:

Dec.
1. Issued check number 2632 for the December rent, $2,200.

2. Sold two 1200 watt microwaves for cash.

4. Purchased four 1000 watt microwaves on account from Matt Co., terms 2/10,

n/30, FOB shipping point, $596.

5. Issued check number 2633 to pay the transportation charges on purchase of

December 4, $89. (NOTE: Debit Merchandise Inventory. Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)

6. Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point.

8. Issued check number 2634 for refund of cash on sales made for cash, $150.

(Customer was going to return goods until an allowance was arranged.)

10. Purchased store supplies on account from Prince Co., terms n/30, $310.

10. Issued check to Matt Co. number 2635 for the full amount due, less discount

allowed. (Round discount to nearest dollar.)

11. Paid Prince Co. full amount due, check number 2636.

12. Issued credit memo for one 1000 watt microwave returned on sale of

December 6. (NOTE: Assume the returned microwave was from the 11/30 inventory)

13. Issued check number 2637 for advertising expense for last half of December, $3,000.

14. Received cash from Briana Co. for the full amount due (less return of December 12 and discount; round to nearest dollar).

19. Issued check number 2638 to buy five 900 watt microwaves, $495.

19. Issued check number 2639 for $596 to Joseph Co. on account.

20. Sold seven 900 watt microwaves on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point.

20. To expedite sale on Dec. 20, issued check number 2640 for shipping charges on sale to Cameron on December 20, $120 (NOTE: Cameron Co. will be reimbursing us for this shipping cost).

21. Received $1,396 cash from McKenzie Co. on account, no discount.

21. Purchased three 1200 watt microwaves on account from Elisha Co., terms 1/10, n/30, FOB shipping point, $747, shipping $78 (NOTE: Debit Merchandise Inventory $825, but only put $747 in the Inventory Control Sheet).

24. Received notification that Marie Co. has been granted bankruptcy with no

amount of recovery. We are to write-off her amount due. (Note: See page

365 for entry required.)

26. Issued a debit memo for return of $249 because of damage to one 1200 watt

microwave purchased on December 21, receiving credit from the seller.

27. Issued check number 2641 for sales salaries of $2,050 and office

salaries of $1,400.

28. Purchased store equipment on account from Joseph Co., terms n/30, FOB

destination, $1,200.

29. Issued check number 2642 for store supplies, $70.

29. Purchased seven 1000 watt microwave from Prince Co, terms 1/10, n/30,

FOB shipping point, for $1,113 on account, shipping $107.

30. Sold eight 1000 watt microwaves on account to Briana Co., invoice number

893, terms 2/10, n/30, FOB shipping point.

30. Received cash from sale of December 20, less discount, plus transportation

paid on December 20. (Round calculations to the nearest dollar.)

31. Issued check number 2643 for purchase of December 21, less return

of December 25 and discount. (Round discount to the nearest dollar.)

31. Issued a debit memo for $200 of the purchase returned from

December 28.

Instructions:

1. Enter the balances of each of the accounts in the appropriate balance column of the General Ledger (B-S and I-S Ledger). Write Balance in the item section, and place a (x) in the Post Reference column.

2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed.

3. Total each column on the special journals and prove the journals.

4. Post the totals of the account named columns and individually post the “Other Accounts” columns as well to the General Ledger.

5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account).

6. Prepare the unadjusted trial balance on the worksheet.

7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:

a. Merchandise inventory on December 31

$1,090

b. Insurance expired during the year

2,250

c. Store supplies on hand on December 31

850

d. Depreciation for the current year needs to be calculated. The business uses

the Straight-line method, the store equipment has a useful life of 10 years

with no salvage value. (NOTE: the purchase and return will not be included

as the dates of the transactions were after the 15th of the month).

e. Accrued salaries on December 31:

Sales salaries

$1,075

Office salaries

540
$1,615

f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month.

g. Calculate the Bad Debt adjustment amount; net realizable value of Accounts Receivable is determined to be $6,313.

8. Prepare a multiple-step income statement, a statement of owner’s equity, and a

classified balance sheet in good form. (Recommend review of “Current Liabilities” on page 149.)

9. Journalize and post the adjusting entries.

10. Journalize and post the closing entries. Indicate closed accounts by inserting a zero

in both balance columns opposite the closing entry.

11. Prepare a post-closing trial balance.

2

>SJ

JOURNAL

ED

CR.

1

2 2

3

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5

6 6
SALES Page No.

6
INVOICE POST ACCTS. REC.

DR. COST OF SALE DR.
DATE NO. ACCOUNT

DEBIT REF SALES

CR. INVENTORY
1
3
4
5

CRJ

RECEIPTS JOURNAL

POST

SALES CASH

DATE

ED

REF

INVENTORY CR.

DR.

1 1
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7

8

9

CASH
Page No. 4
OTHER ACCOUNTS COST/SOLD DR.
ACCOUNT

CREDIT ACCTS – CR. SALES – CR REC. – CR. DISC. – DR.
7
8
9

PJ

POST OTHER ACCOUNTS

DATE ACCOUNT CREDITED REF

CR. DR. DR.

1 1
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8 8
PURCHASES JOURNAL Page No.

11
STORE MERCH.
(SUNDRY) PAYABLE SUPPLIES INVENORY
ACCTS – DR.

CPJ

8

POST OTHER ACCOUNTS MERCH.

DATE NO. ACCOUNT DEBITED REF (SUNDRY) PAYABLE INVENTORY CASH
ACCTS – DR. DR. CR. CR.
1 1
2 2
3 3
4 4
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CASH PAYMENTS JOURNAL Page No.
CK.
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Journal

POST
DATE

REF DEBIT CREDIT

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JOURNAL

POST
DATE DESCRIPTION REF DEBIT CREDIT

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JOURNAL Page No. 53
DESCRIPTION
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Page No. 54

Inventory

(

)

INVENTORY

Units

Amount Units cost per unit Amount

4

Purchases Cost of Goods Sold (Sales) INVENTORY
Date Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount

11/30/12 3

Purchases Cost of Goods Sold (Sales) INVENTORY
Date Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount

11/30/12 7

Inventory Control Sheet
900 watt microwave:
Purchases Cost of Goods Sold Sales
Date Units cost per unit Amount cost per unit
11/30/12 $79 $316
1000 watt microwave:
$119 $357
1200 watt microwave:
$239 $1,673
Ending Inventory Value:

AR-SUB

POST

DATE

REF

3,388

POST

DATE TRANSACTION REF DEBIT CREDIT

11/20/12 SJ 5

598

POST RUNNING

DATE TRANSACTION REF

BALANCE

SJ 5

796

POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE

SJ 5

1,396

POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
(CUSTOMERS)
Customer Name: Albert Co.
RUNNING
TRANSACTION DEBIT CREDIT BALANCE
11/20/12 SJ 5 3,388
Customer Name: Marie Co.
RUNNING
BALANCE
598
Customer Name: Cameron Co.
DEBIT CREDIT
11/15/12 796
Customer Name: McKenzie Co.
11/27/12 1,396
Customer Name: Briana Co.

AP-SUB

Prince Co.

POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE

398

POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE

P 10

596

POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE

P 10

795

POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE

P 10

1,497

Vendor Name:

POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE

ACCOUNTS PAYABLE SUBSIDIARY LEDGER
(VENDERS)
Vendor Name:
11/26/12 P 10 398
Vendor Name: Joseph Co.
11/16/12 596
Vendor Name: Elisha Co.
11/29/12 795
Vendor Name: Matt Co.
11/28/12 1,497

SCH-SUB

Schedule of

Accounts Receivable
Total Accounts Receivable
Schedule of

Accounts Payable
Total Accounts Payable

B-S Ledger

Accounts

POST

DATE

REF DEBIT CREDIT DEBIT CREDIT

Accounts Receivable ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

Accounts Payable ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

Summary

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

GENERAL LEDGER
Balance Sheet
Cash ACCOUNT NO. 110
BALANCE
ITEM
112
Allowance for Doubtful Accounts 113
Merchandise Inventory 115
Prepaid Insurance 116
Store Supplies 117
Store Equipment 123
Accumulated Depreciation-Store Equipment 124
210
Salaries Payable 211
Interest Payable 218
Note Payable 220
Randiddle, Capital 310
Randiddle, Withdrawals 311
Income 312

I-S Ledger

GENERAL LEDGER

Accounts

Sales ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

Cost of Goods Sold ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

ACCOUNT NO.

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

Income

Statement
410
Sales Returns and Allowances 411
Sales Discounts 412
510
Sales Salaries Expense 520
Advertising Expense 521
Depreciation Expense 522
Store Supplies Expense 523
Miscellaneous Selling Expense 529
Office Salaries Expense 530
Rent Expense 531
Insurance Expense 532
Bad Debt Expense 533
Miscellaneous Administrative Expense 539
Interest Expense 550

WkSheet

Income

Trial Balance Statement

Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.

1 Cash 1
2 Accounts Receivable 2
3

3

4 Merchandise Inventory 4
5 Prepaid Insurance 5
6 Store Supplies 6
7 Store Equipment 7
8

8

9 Accounts Payable 9
10 Salaries Payable 10
11 Interest Payable 11
12

12

13 Randiddle, Capital 13
14 Randiddle, Withdrawals 14
15 Sales 15
16

16

17 Sales Discounts 17
18 Cost of Goods Sold 18
19

19

20

20

21

21

22

22

23

23

24

24

25

25

27

27

26

26

28

28

29 Interest Expense 29
30 30
27 27
28 28
29 29
Worksheet
Unadjusted Adjusted Equity Statement
Account Title Trial Balance Adjustments and Balance Sheet
Dr. Cr.
Allow for Doubtful Accts
Accm. Deprec-Store Eq.
Note Payable (Due 2017)
Sales Returns & Allow.
Sales Salaries Exp.
Advertising Exp.
Depreciation Exp.
Store Supplies Exp.
Misc. Selling Exp.
Office Salaries Exp.
Rent Exp.
Insurance Exp.
Bad Debt Exp.
Misc. Administrative Exp.

Income Stmt

Income Statement

Stmt Equity

Statement of Owner’s Equity

Bal Sheet

Balance Sheet

Post Trial

DEBIT CREDIT

Post-Closing Trial Balance
ACCOUNT TITLE

Listed below are nine technical accounting terms:

 

 Unrecorded revenue

  

Adjusting entries

  Accrued expenses

  Book value

  Matching principle

  Accumulated depreciation

  Unearned revenue

  Materiality

  Prepaid expenses

Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not correctly describe any of the terms.

 

 

  

  

  

  

  

  

  

 

 a.

The net amount at which an asset is carried in the accounting records as distinguished from its market value.

  

 b.

An accounting concept that may justify departure from other accounting principles for purposes of convenience and economy.

 c.

The offsetting of revenue with expenses incurred in generating that revenue.

 d.

Revenue earned during the current accounting period but not yet recorded or billed, which requires an adjusting entry at the end of the period.

 e.

Entries made at the end of the period to achieve the goals of accrual accounting by recording revenue when it is earned and by recording expenses when the related goods and services are used.

 f.

A type of account credited when customers pay in advance for services to be rendered in the future.

 g.

A balance sheet category used for reporting advance payments of such items as insurance, rent, and office supplies.

 h.

An expense representing the systematic allocation of an asset’s cost over its useful life.

 3.

value:
15.00 points

 

Carnival Corporation is the world’s largest cruise line company. Its printing costs for brochures are initially recorded as Prepaid Advertising and are later charged to Advertising Expense when they are mailed. Passenger deposits for upcoming cruises are considered unearned revenue and are recorded as Customer Deposits as cash is received. Deposited amounts are later converted to Cruise Revenue as voyages are completed.

b.

Prepare the adjusting entry necessary when brochures costing $18 million are mailed. (Enter your answers in dollars not in millions. Omit the “$” sign in your response.)

General Journal

Debit

Credit

   

 

   

 

    

    

 

   

c.

In its most recent annual report, Carnival Corporation reported Customer Deposits in excess of $2.8 billion. Prepare the adjusting entry necessary in the following year as $90 million of this amount is earned. (Enter your answers in dollars not in millions. Omit the “$” sign in your response.)

General Journal

Debit

Credit

   

 

    

       

The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, 2011, are the following:

1.

The company has outstanding a $50,000, 9 percent, two-year note payable issued on July 1, 2010. Payment of the $50,000 note, plus all accrued interest for the two-year loan period, is due in full on June 30, 2012.

2.

The firm is providing consulting services to Texas Oil Company at an agreed-upon rate of $1,000 per day. At December 31, 10 days of unbilled consulting services have been provided.

a.

Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned. (Do not round intermediate calculations. Round your answers to the nearest whole dollar. Omit the “$” sign in your response.)

 

General Journal

Debit

Credit

    

   

 

 

        

 

   

 

 

 

 

  

   

 

 

       

 

   

 1.

 2.

b.

Assume that the $50,000 note payable plus all accrued interest are paid in full on June 30, 2012. What portion of the total interest expense associated with this note will be reported in the firm’s 2012 income statement? (Omit the “$” sign in your response.)

  Total interest

  

c.

Assume that on January 30, 2012, Gilbert, Marsh, & Kester receive $25,000 from Texas Oil Company in full payment of the consulting services provided in December and January. What portion of this amount constitutes revenue earned in January? (Omit the “$” sign in your response.)

  Revenue earned

Which of the following is not a purpose of adjusting entries?

To prepare the revenue and expense accounts for recording transactions of the following period.

To apportion the proper amounts of revenue and expense to the current accounting period.

To establish the proper amounts of assets and liabilities in the balance sheet.

To accomplish the objective of offsetting the revenue of the period with all the expenses incurred in generating that revenue.

7.

value:
20.00 points

 

Coyne Corporation recently hired Elaine Herrold as its new bookkeeper. Herrold was not very experienced and made six recording errors during the last accounting period. The nature of each error is described in the following table.

  

Instructions

Indicate the effect of the following errors on each of the financial statement elements described in the column headings in the table. Use the following symbols: O = overstated, U = understated, and NE = no effect.

    

 

a.

  

  

  

  

  

  

b.

  

  

  

  

  

  

c.

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Error

Total
Revenue

Total
Expenses

Net
Income

Total
Assets

Total
Liabilities

Owners’
Equity

  Recorded a dividend as an expense reported in the income statement.

  Recorded the payment of an account payable as a debit to accounts payable and a   credit to an expense account.

  Failed to record depreciation expense.

d.

  Recorded the sale of capital stock as a debit to cash and a credit to retained   earnings.

e.

  Recorded the receipt of a customer deposit as a debit to cash and a credit to fees   earned.

f.

  Failed to record expired portion of an insurance policy.

g.

  Failed to record accrued interest earned on an outstanding note receivable.

eBook Links (

Q6

After preparing the financial statements for the current year, the accountant for Barbara’s Jewel Co closed the dividends account at year-end by debiting Retained Earnings and crediting the dividends account. What is the effect of this entry on current-year net income and the balance in the owners’ equity account(s) at year-end?

Net income is overstated; balance in the retained earnings account is correct.

Net income is correct; balance in the capital stock account is correct.

Net income is understated; balance in the capital stock account is correct.

Net income is understated; balance in the retained earnings account is understated.

Ventura Company adjusts its accounts monthly and closes its accounts on December 31. On October 31, 2011, Ventura Company signed a note payable and borrowed $120,000 from a bank for a period of six months at an annual interest rate of 9 percent.

a.

How much is the total interest expense over the life of the note? How much is the monthly interest expense? (Assume equal amounts of interest expense each month.) (Do not round your intermediate calculations and round your final answer to nearest dollar amount. Omit the “$” sign in your response.)

 

 

$   

$   

  Total interest expense

  Monthly interest expense

b.

In the company’s annual balance sheet at December 31, 2011, what is the amount of the liability to the bank? (Omit the “$” sign in your response.)

$   

  Bank liability

c.

Prepare the journal entry to record issuance of the note payable on October 31, 2011. (Omit the “$” sign in your response.)

 

General Journal

Debit

Credit

   

   

 

 

       

 

   

Oct. 31

d.

Prepare the adjusting entry to accrue interest on the note at December 31, 2011. (Do not round your intermediate calculations and round your final answer to nearest dollar amount. Omit the “$” sign in your response.)

 

General Journal

Debit

Credit

   

   

 

 

       

 

   

Dec. 31

 

e.

Assume the company prepared a balance sheet at March 31, 2012. State the amount of the liability to the bank at this date. (Omit the “$” sign in your response.)

  Bank liability

  $ 

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