Intermediate Acct 3 Final Project

Instructions

Southern New Hampshire University
ACC309 - Intermediate Accounting III
MILESTONE 1 (Due in Module 3)				MILESTONE 2 (Due in Module 5)					FINAL PROJECT (Due in Module 7)
1.					1.					1.
	Prepare adjusting entries for:					Calculate capital lease obligations					Prepare adjusting entries for:
	Unrealized loss										Patent
	tax issues				2						Major repair capitalization
	See rubric for written portion of milestone 1					Calculate pension payouts				2
											Complete adjusted trial balance
					3
										3
						Prepare adjusting entries for:
						Capital leases
						Pension payouts					Prepare revised financial statements
											Prepare a statement of comprehensive income - include on the revised income statement
						See rubric for written portion of milestone 2				4
											Determine the impact of expansion options on earnings per share
											See rubric for written portion of the final project

Adjusting entries

/xl/drawings/drawing1.xml#'Trial%20Balance%202017'!A1

Capital Leases

/xl/drawings/drawing1.xml#ContributionMargin

Adjusting Entries

/xl/drawings/drawing1.xml#'Trial%20Balance%202017'!A1

Instructions Milestone 1

/xl/drawings/drawing1.xml#'Instructions%20-%20Milestone%201'!A1

Instructions Milestone 2

/xl/drawings/drawing1.xml#'Instructions%20-Milestone%202'!A1

Instructions Final Project

/xl/drawings/drawing1.xml#'Instructions%20-%20final'!A1

Pensions

/xl/drawings/drawing1.xml#BreakevenAnalysis

Adjusting entries

/xl/drawings/drawing1.xml#'Trial%20Balance%202017'!A1

Adjusted Trial Balance

/xl/drawings/drawing1.xml#'Trial%20Balance%202017'!A1

Revised Financial Statements

/xl/drawings/drawing1.xml#'IS%202017%20Revised'!A1

Earnings per Share

/xl/drawings/drawing1.xml#EPS!A1

Instructions - Milestone 1

Southern New Hampshire University

ACC309 - Intermediate Accounting III

INSTRUCTIONS FOR MILESTONE 1 (Due Week 3)

IMPORTANT NOTE:

Make sure to completely review the Rubric for Milestone 1

Use the data from this Milestone and begin working on your final presentation due in Week 7

ITEMS TO COMPLETE FOR THIS MILESTONE:

GENERAL

In preparation of the annual audit, prepare appropriate adjusting entries and post to the trial balance workbook (red tab)

ADJUSTING ENTRIES

Prepare adjusting entries for unrealized loss

Prepare adjusting entries for tax issues

MANAGEMENT BRIEF - Prepare in a Word document - see the rubric for milestone 1

A. Identify sources of other comprehensive income not included in net income.

B. Explain rationale for the inclusion as comprehensive income (as opposed to net income) of nondisclosure within notes.

C. Evaluate impacts of company goals and finances for their implications on stockholder equity, using financial information to support claims.

D. Evaluate impacts of company goals and finances for their implications on retained earnings per share, using financial information to support claims.

E. Explain the impact of issuing preferred stock or debt for determining changes to equity structures.

F. Assess the impact of changes to current tax structure for articulating changes relevant to the company.

FINANCIAL INFORMATION FOR THIS MILESTONE

Comprehensive income items

·       Marketable securities on the balance sheet at a cost of $5,500,000 are available-for-sale

·       Market value at the balance sheet date is $5,235,00

·       Prepare the adjusting entry to record the unrealized loss and include in comprehensive income

Tax information and implications

·       $1,500 in meal and entertainment expenses show as a permanent difference for tax. Prepare the necessary adjusting entry.

·       The company uses straight line depreciation for book and MACRS depreciation for the tax return

·       MACRS depreciation was $209,301 higher than book. Prepare the adjusting entry for the deferred tax.

·       There have been recent tax structure changes the could impact the company. Peyton Approved has been a C Corp since the beginning of these changes. Peyton provides for taxes at 25% of pretax income (20% Federal, 5% state).

Stockholder Equity

Peyton Approved prides itself on transparency with shareholders and investors. The company has added two storefront locations and launched a new marketing campaign, which is estimated to bring in 20,000 new customers over the next 6 months.

The company expects this expansion will require an additional $1,000,000 of capital and generate an additional $600,000 of after-tax profit. The options are:

1) Issuing an additional $1,000,000 of 10%, 100-par convertible preferred stock (same class as is currently outstanding)

2) Issue an additional $1,000,000 of 8% convertible bonds (same terms as the existing issue)

3) $500,000 each of preferred stock and bonds

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/xl/drawings/drawing2.xml#Instructions!A1

Trial Balance 2017

				PEYTON APPROVED
				TRIAL BALANCE
				As of December 31, 2017			Adjusting entries
			Dr		Cr		Dr		Cr		Dr		Cr
	Cash		1,488,999.34								1,488,999.34
	Marketable Securities		5,500,000.00					1.	265,000.00		5,235,000.00
	Accounts Receivable		7,092,495.88								7,092,495.88
	Baking Supplies		1,605,098.52								1,605,098.52
	Merchandise Inventory		128,152.63								128,152.63
	Prepaid Rent		71,877.07								71,877.07
	Prepaid Insurance		207,834.14								207,834.14
	Misc. Supplies		17,647.42								17,647.42
	Land		250,000.00								250,000.00
	Building		1,250,000.00								1,250,000.00
	Baking Equipment		2,254,140.00			6.	106,589.54				2,387,729.54
	Packaging Machine					7.	27,000.00
	Accumulated Depreciation				328,282.00								328,282.00
	Patent					8.	50,000.00	8.	2,500.00		47,500.00
	Accounts Payable				1,555,212.85								1,555,212.85
	Wages Payable				250,203.31								250,203.31
	Interest Payable				21,888.22								21,888.22
	Current Portion of Bonds Payable				1,000,000.00								1,000,000.00
	Income Taxes Currently Payable				1,042,118.16	3.	52,325.25	2.	375.00				990,167.91
	Accrued Pension Liability							5.	107,041.70				107,041.70
	Accrued Employees Health Insurance							4.	43,718.91				43,718.91
	Lease Liability							6.	86,589.54				86,589.54
													- 0
	Deferred Tax Liability							3.	52,325.25				52,325.25
	Bonds Payable				4,000,000.00								4,000,000.00
	Preferred Stock				500,000.00								500,000.00
	Common Stock				1,750,000.00								1,750,000.00
	Beginning Retained earnings				2,213,122.59								2,213,122.59
	Dividends - Preferred		50,000.00								50,000.00
	Dividends - Common		5,250,000.00								5,250,000.00
	Bakery Sales				33,881,157.15								33,881,157.15
	Merchandise Sales				124,795.80								124,795.80
	Cost of Goods Sold - Baked		10,954,907.36								10,954,907.36
	Cost of Goods Sold - Merchandise		88,994.79								88,994.79
	Rent Expense		1,576,731.95					6.	20,000.00		1,556,731.95
	Wages Expense		2,604,526.23								2,604,526.23
	Misc. Supplies Expense		263,224.56								263,224.56
	Repairs and Maintenance		47,353.05					7.	27,000.00		20,353.05
	Business License Expense		211,757.65								211,757.65
	Misc. Expense		141,171.08					8.	50,000.00		91,171.08
	Depreciation Expense		634,520.00								634,520.00
	Insurance Expense		112,937.69								112,937.69
	Advertising Expense		160,413.49								160,413.49
	Interest Expense		484,703.27								484,703.27
	Telephone Expense		50,821.34								50,821.34
	Pension Expense					5.	107,041.70				107,041.70
	Retired Employees Health Ins.					4.	43,718.91				43,718.91
	Patent Amortization					8.	2,500.00				2,500.00
	Unrealized Gain/(Loss) on Marketable Securities Held for Sale					1.	265,000.00				265,000.00
	Income Taxes		4,168,472.62			2.	375.00				4,168,847.62
			46,666,780.08		46,666,780.08		654,550.40		654,550.40		46,904,505.23		46,904,505.23
						(1)	To record unrealized loss on marketable securities						milestone 1
		(2)	To record income tax adjustment with correct effective						milestone 1
			rate ($1,500 permanent difference x 25%)
		(3)	To record tax difference of book value with						milestone 1
							straight-line vs MACRS ($209,301 x 25%)
						(4)	To record accrued retired employees health insurance						milestone 2
						(5)	To record accrued pension liability						milestone 2
						(6)	To record 6 year, 5% lease on baking equipment
							with $20,000 charged to rent expense.						milestone 2
							Beginning Balance of Capital Lease Obligation is
							$106,589.54. Balance after initial payment is
							$86,589.54
						(7)	To record repairs to packaging machine						final
						(8)	To record formula patent and to fix incorrect charge						final

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/xl/drawings/drawing3.xml#Instructions!A1

Instructions -Milestone 2

Southern New Hampshire University

ACC309 - Intermediate Accounting III

INSTRUCTIONS FOR MILESTONE 2 (Due Week 5)

IMPORTANT NOTE:

Make sure to completely review the Rubric for Milestone 2

Use the data from this Milestone and begin working on your final presentation due in Week 7

ITEMS TO COMPLETE FOR THIS MILESTONE:

GENERAL

In preparation of the annual audit, make calculations (green tab) and prepare appropriate adjusting entries and post to the trial balance workbook (red tab)

CAPITAL LEASES

Calculate capital lease obligations

Prepare appropriate adjusting entries

PENSION PAYOUTS

Calculate pension liability

Calculate health insurance liability

ADJUSTING ENTRIES

Prepare adjusting entries for capital lease obligations

Prepare adjusting entries for pension payouts

MANAGEMENT BRIEF - Prepare in a Word document - see the rubric for milestone 2

A. Explain the implications of capital lease based on how it relates to the company’s equipment usage.

B. Explain how postretirement plans will impact the company financially in the short and long term, using examples from the accounting workbook to support claims.

FINANCIAL INFORMATION FOR THIS MILESTONE

Postretirement Benefits

Peyton Approved has revised its postretirement plan. It will now provide health insurance to retired employees. Management has requested that you report the short- and long-term financial implications of this.

·       The company is currently employing 60, and actuaries estimate that the company has a pension liability of $107,041.70.

·       The estimated cost of retired employees’ health insurance is $43,718.91.

·       Prepare adjusting entries for the pension liability and the health insurance liability

Leases

·       Six ovens were rented on December 31, with $20,000 charged to rent expense. The lease runs for 6 years with an implicit interest rate of 5%. At the end of the 6 years, Peyton will own them. Make any necessary adjusting entries.

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/xl/drawings/drawing4.xml#Instructions!A1

Milestone 2 calculations

	Capital Leases
	Six ovens were rented on December 31, with $20,000 charged to rent expense. The lease runs for 6 years with an implicit interest rate of 5%.
	At the end of the 6 years, Peyton will own them.
	Present Value = 5.329477				Capital Lease Obligation = $20,000 x 5.329477 = $106, 589.54
	Year	Annual Lease		Interest at 5%		Reduction of	Balance of Capital
		Payment		on Unpaid Obligation		Lease Obligation	Lease Obligation
	1	Before Initial Payment					$106,589.54
	1	$ 20,000.00				$ 20,000.00	$ 86,589.54
	2	$ 20,000.00		$ 4,329.48		$ 15,670.52	$ 70,919.02
	3	$ 20,000.00		$ 3,545.95		$ 16,454.05	$ 54,464.97
	4	$ 20,000.00		$ 2,723.25		$ 17,276.75	$ 37,188.22
	5	$ 20,000.00		$ 1,859.41		$ 18,140.59	$ 19,047.63
	6	$ 20,000.00		$ 952.37		$ 19,047.63	$ - 0
	Date	Account				Debit	Credit
	Dec. 31	Baking Equipment				$ 106,589.54
		Lease Liability					$ 86,589.54
		Rent Expense					$ 20,000.00
	Pension payouts
	1. The company is currently employing 60, and actuaries estimate that the company has a pension liability of $107,041.70.
	2. The estimated cost of retired employees' health insurance is $43,718.91.
	Date	Account				Debit	Credit
	Dec. 31	Pension Expense				$107,041.70
		Accrued Pension Liability					$107,041.70
	Date	Account				Debit	Credit
	Dec. 31	Retired Employees' Health Insurance				$43,718.91
		Accrued Employees' Health Insurance					$43,718.91

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/xl/drawings/drawing5.xml#Instructions!A1

Instructions - final

Southern New Hampshire University

ACC309 - Intermediate Accounting III

INSTRUCTIONS FOR FINAL (Due Week 7)

IMPORTANT NOTE:

Make sure to completely review the Rubric for Final Project

This page contains new information the must be included in the final project but has not been in milestone 1 or milestone 2

ITEMS TO COMPLETE FOR THIS MILESTONE:

GENERAL

In preparation of the annual audit, prepare appropriate adjusting entries and post to the trial balance workbook (red tab). Use the adjusted trial balance and the preliminary 2017 statements (yellow tabs) to prepare revised financial statements that are audit ready. Calculate the impact on earnings per share that the expansion options will cause. (Orange tabs)

ADJUSTING ENTRIES

Prepare appropriate adjusting entries for patent

Prepare appropriate adjusting entries for capitalization of machine repair

ADJUSTED TRIAL BALANCE

Prepare the adjusted trial balance

REVISED FINANCIAL STATEMENTS

Prepare a revised income statement - include comprehensive income

Prepare a revised retained earnings statement

Prepare a revised balance sheet

EARNINGS PER SHARE

Determine the impact on earnings per share caused by each expansion plan option

NOTES TO THE FINANCIAL STATEMENTS - Prepare in a Word document - see the rubric for final project

A. Compose appropriate footnotes within a statement of comprehensive income in accordance with applicable accounting standards, such as GAAP, International Financial Reporting Standards, and SEC, as applicable.

MANAGEMENT BRIEF - Prepare in a Word document - see the rubric for final project

I. Evaluate the company’s current performance based on the outcomes of relevant ratio analysis.

J. Discuss types of accounting changes encountered and when retrospective and prospective approaches should be used.

K. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis.

L. Discuss relevant accounting standards for informing the company’s financial reporting strategies.

M. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process.

FINANCIAL INFORMATION FOR THIS MILESTONE

Stockholder Equity / Earnings per share

Peyton Approved prides itself on transparency with shareholders and investors. The company has added two storefront locations and launched a new marketing campaign, which is estimated to bring in 20,000 new customers over the next 6 months.

The company expects this expansion will require an additional $1,000,000 of capital and generate an additional $600,000 of after-tax profit. The options are:

1) Issuing an additional $1,000,000 of 10%, 100-par convertible preferred stock (same class as is currently outstanding)

2) Issue an additional $1,000,000 of 8% convertible bonds (same terms as the existing issue)

3) $500,000 each of preferred stock and bonds

Other Items

·       On December 31, 20XX, the company repaired a packaging machine at cost of $27,000.00. It is expected that the repair will extend the life of the machine by four years. No depreciation is necessary this year.

·       The company spent $50,000 to obtain and defend a patent for its formula for dog treats. The patent took effect on 1/1/20XX and provides 20 years of protection. The $50,000 amount was incorrectly charged to Misc. Expense

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/xl/drawings/drawing6.xml#Instructions!A1

Prel Balance Sheet 2017

Peyton Approved
Balance Sheet
As of December 31, 20XX
Assets					Liabilities and Owners' Equity
	Current Assets:					Current Liabilities:
	Cash	1,488,999.34				Accounts Payable	1,555,212.85
	Marketable Securities	5,500,000.00				Wages Payable	250,203.31
	Accounts Receivable	7,092,495.88				Interest Payable	21,888.22
	Baking Supplies	1,605,098.52				Current Portion of Bonds Payable	1,000,000.00
	Merchandise Inventory	128,152.63				Income taxes currently payable	1,042,118.16
	Prepaid Rent	71,877.07
	Prepaid Insurance	207,834.14
	Misc. Supplies	17,647.42
	Total Current Assets		16,112,105.00			Total Current Liabilities		3,869,422.54
						Long Term Liabilities:
	Long Term/Fixed Assets:					Bonds Payable 10%, 20 year	4,000,000.00
	Land	250,000.00
	Building	1,250,000.00
	Baking Equipment	2,254,140.00				Total Long Term Liabilities:		4,000,000.00
	Accumulated Depreciation	-328,282.00
	Net Fixed assets		3,425,858.00			Total Liabilities:		7,869,422.54
						Preferred Stock - (10,000 authorized,	500,000.00
						5,000 issued, 10%, $100 par value)
						Common Stock - (2,000,000 shares	1,750,000.00
						authorized, 1,750,000 issued, $1 par)
						Retained Earnings	9,418,540.46
						Total Equity		11,668,540.46
	Total Assets:		19,537,963.00			Total Liabilities & Equity		19,537,963.00

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/xl/drawings/drawing7.xml#Instructions!A1

Prel Income Statement 2017

Peyton Approved
Income Statement
For Year Ended 12/31/20XX
	Bakery Sales		$ 33,881,157.15
	Merchandise Sales		124,795.80
	Total Revenues			34,005,952.95
	Cost of Goods Sold - Baked		10,954,907.36
	Cost of Goods Sold - Merchandise		88,994.79
	Total Cost of Goods Sold			11,043,902.15
	Gross Profit			22,962,050.80
	Operating Expenses:
	Rent Expense		1,576,731.95
	Wages Expense		2,604,526.23
	Misc. Supplies Expense		263,224.56
	Repairs and Maintenance		47,353.05
	Business License Expense		211,757.65
	Misc. Expense		141,171.08
	Depreciation Expense		634,520.00
	Insurance Expense		112,937.69
	Advertising Expense		160,413.49
	Interest Expense		484,703.27
	Telephone Expense		50,821.34
	Total Operating Expenses:			6,288,160.31
	Earnings before Income Tax			16,673,890.49		16,675,390.49
	Income Taxes			4,168,472.62		4,168,847.62
	Net Income			12,505,417.87

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/xl/drawings/drawing8.xml#Instructions!A1

Prel Retained Earnings 2017

Peyton Approved
Statement of Retained Earnings
For Year Ended 12/31/20XX
	Beginning Balance:		$ 2,213,122.59
	plus Net Income		12,505,417.87
	less Dividends: Preferred		50,000.00
	Common		5,250,000.00
	Ending Balance		$ 9,418,540.46
			$ 9,418,540.46

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/xl/drawings/drawing9.xml#Instructions!A1

IS 2017 Revised

Peyton Approved
Income Statement
For Year Ended 12/31/20XX
	Bakery Sales			$ 33,881,157.15
	Merchandise Sales			$ 124,795.80
	Total Revenues				$ 34,005,952.95
	Cost of Goods Sold - Baked			$ 10,954,907.36
	Cost of Goods Sold - Merchandise			$ 88,994.79
	Total Cost of Goods Sold				$ 11,043,902.15
	Gross Profit				$ 22,962,050.80
	Operating Expenses:
	Rent Expense			$ 1,556,731.95
	Wages Expense			$ 2,604,526.23
	Misc. Supplies Expense			$ 263,224.56
	Repairs and Maintenance			$ 20,353.05
	Business License Expense			$ 211,757.65
	Misc. Expense			$ 91,171.08
	Depreciation Expense			$ 634,520.00
	Insurance Expense			$ 112,937.69
	Advertising Expense			$ 160,413.49
	Interest Expense			$ 484,703.27
	Telephone Expense			$ 50,821.34
	Pension Expense			$ 107,041.70
	Retired Employees Health Ins.			$ 43,718.91
	Patent Amortization			$ 2,500.00
	Total Operating Expenses:				$ 6,344,420.92
		Operating Income			$ 16,617,629.88
	Income Taxes			$ 4,168,847.62
	Deferred tax Expense			$ - 0
		Total Tax Expense			$ 4,168,847.62
		Net Income			$ 12,448,782.26
	Unrealized Gain/(Loss) on Marketable
	Secutities Held for Sale			$ 265,000.00
		Comprehensive Income			$ 12,183,782.26

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/xl/drawings/drawing10.xml#Instructions!A1

Retained Earnings 2017 Rev

			Peyton Approved
			Statement of Retained Earnings
			For Year Ended 12/31/20XX
				Beginning Balance:		$ 2,213,122.59
				plus Comprehensive Income		$ 12,183,782.26
				less Dividends: Preferred		$ 50,000.00
				Common		$ 5,250,000.00
				Ending Balance		$ 9,096,904.85

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/xl/drawings/drawing11.xml#Instructions!A1

BS 2017 Revised

Peyton Approved
Balance Sheet
As of December 31, 20XX
Assets					Liabilities and Owners' Equity
	Current Assets:					Current Liabilities:
	Cash	1,488,999.34			Accounts Payable			1,555,212.85
	Marketable Securities	5,235,000.00			Wages Payable			250,203.31
	Accounts Receivable	7,092,495.88			Interest Payable			21,888.22
	Baking Supplies	1,605,098.52			Current Portion of Bonds Payable			1,000,000.00
	Merchandise Inventory	128,152.63			Income taxes currently payable			990,167.91
	Prepaid Rent	71,877.07			Accrued Pension Liability			107,041.70
	Prepaid Insurance	207,834.14			Accrued Employees Health Insurance			43,718.91
	Misc. Supplies	17,647.42			Lease Liability			86,589.54
					Contingent Liability - Lawsuit			0
					Deferred Tax Liability			52,325.25
	Total Current Assets		15,847,105.00			Total Current Liabilities		4,107,147.69
						Long Term Liabilities:
	Long Term/Fixed Assets:				Bonds Payable 10%, 20 year			4,000,000.00
	Land	250,000.00
	Building	1,250,000.00
	Baking Equipment	2,387,729.54				Total Long Term Liabilities:		4,000,000.00
	Accumulated Depreciation	(328,282.00)
	Net Fixed assets		3,559,447.54			Total Liabilities:		8,107,147.69
	Patent Net of Amortization	47,500.00			Preferred Stock - (10,000 authorized,			500,000.00
			47,500.00		5,000 issued, 10%, $100 par value)
					Common Stock - (2,000,000 shares			1,750,000.00
					authorized, 1,750,000 issued, $1 par)
					Retained Earnings			9,096,904.85
						Total Equity		11,346,904.85
	Total Assets:		19,454,052.54			Total Liabilities & Equity		19,454,052.54

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/xl/drawings/drawing12.xml#Instructions!A1

EPS

		Peyton Approved
		Earnings per Share
		For Year Ended 12/31/20XX
		Net Income					12,448,782.26
		Less: Preferred Dividends					50,000.00
		Earnings Available to Common Shareholders					12,398,782.26
		Common Shares Outstanding					1,750,000.00
			Basic EPS				7.09
		If all preferred shares are converted:
		Net Income					12,448,782.26
		Additional Common Shares					50,000.00
		Common Shares Outstanding after conversion					1,800,000.00
		EPS if preferred shares converted					6.92
			Preferred shares are antidilutive
		If all bonds are converted:
		Net Income					12,448,782.26
		Less: Preferred Dividends					50,000.00
		Add back interest on bonds, net of income tax					240,000.00
		Earnings Available to Common Shareholders					12,638,782.26
		Additional Common Shares					20,000.00
		Common Shares Outstanding after conversion					1,770,000.00
		Fully diluted EPS					7.14
	Peyton plans to raise $1,000,000 million of additional capital for the coming year. They anticipate
	that it will enable them to earn an additional $600,000 after tax. What would be the impact on
	earnings per share if the raise the $1,000,000 by:
		a) issuing 10,000 share of 10% $100 par value convertible preferred stock, where shares
		can be coverted into 10 shares of Peyton common stock?
		b) issuing $1,000,000 of 8% convertible bond, each $1,000 bond can be converted into?
		5 shares of Peyton common stock?
		c) $500,000 of each of the above?
		Net Income					12,448,782.26
		Less: Preferred Dividends					(50,000.00)
		Earnings Available to Common Shareholders					12,398,782.26
		Common Shares Outstanding					1,750,000.00
			Basic EPS				7.09
	a	If all preferred shares are converted:
		Net Income					13,048,782.26
		Additional Common Shares					100,000.00
		Common Shares Outstanding after conversion					1,850,000.00
		EPS if preferred shares converted					7.05
			Preferred shares are antidilutive
	b	If all bonds are converted:
		Net Income					13,048,782.26
		Less: Preferred Dividends					(50,000.00)
		Add back interest on bonds, net of income tax					300,000.00
		Earnings Available to Common Shareholders					13,298,782.26
		Additional Common Shares					25,000.00
		Common Shares Outstanding after conversion					1,775,000.00
							7.49
	c	If converted $500,000 of each of the above
		Net Income					13,048,782.26
		Less: Preferred Dividends					(25,000.00)
		Add back interest on bonds, net of income tax					28,000.00
		Earnings Available to Common Shareholders					12,995,782.26
		Additional Common Shares					52,500.00
		Common Shares Outstanding after conversion					1,802,500.00
							7.21

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/xl/drawings/drawing13.xml#Instructions!A1