Prepared by Coby Harmon University of California, Santa Barbara Westmont College 15-1 Equity CHAPTER 15 LEARNING OBJECTIVES After studying this chapter, you should be able to: 15-2 1. Describe the corporate form and the issuance of shares. 2. Explain the accounting and reporting for treasury shares. 3. Explain the accounting and reporting issues related to dividends. 4. Indicate how to present and analyze equity. PREVIEW OF CHAPTER 15 15-3 Intermediate Accounting IFRS 3rd Edition Kieso ● Weygandt ● Warfield Corporate Capital LEARNING OBJECTIVE 1 Describe the corporate form and the issuance of shares. Tiga jenis utama organisasi bisnis : Proprietorship Partnership Corporation Karakteristik khusus dari bentuk perseroan: 1. Pengaruh hukum perseroan. 2. Penggunaan sistem saham. 3. Pengembangan berbagai kepentingan kepemilikan. 15-4 LO 1 Corporate Form Corporate Law Korporasi harus menyerahkan artikel pendirian ke badan pemerintah yang sesuai untuk negara di mana pendirian tersebut diinginkan. Instansi pemerintah menerbitkan piagam korporasi. Keuntungan untuk digabungkan di mana undangundang mendukung bentuk organisasi bisnis. 15-5 LO 1 Corporate Form Sistem Saham Ekuitas dalam satu perusahaan umumnya terdiri dari sejumlah unit atau lembar saham. Jika tidak ada ketentuan yang membatasi, maka setiap saham memiliki hak-hak berikut : 15-6 1. Untuk membagi laba dan rugi secara proporsional. 2. Untuk ikut serta dalam manajemen (hak untuk memilih direktur secara proporsional. 3. Untuk membagi aktiva perusahaan bila terjadi likuidasi secara proporsional. 4. Untuk ikut serta secara proporsional dalam penerbitan saham baru disebut preemptive right LO 1 Corporate Form Berbagai Kepentingan Kepemilikan Saham biasa mewakili hak kepemilikan dasar. Menanggung risiko terbatas bila terjadi kerugian. Menerima manfaat bila terjadi keuntungan. Tidak dijamin akan menerima dividen atau pembagian aktiva bila perusahaan dilikuidasi. Saham preferen dihasilkan oleh kontrak, pemegang saham akan menerima hak berupa dividen saham preferen. 15-7 LO 1 Components of Equity Ekuitas adalah kepentingan residu aktiva perusahaan setelah dikurangi semua kewajiban. Istilah lain ekuitas adalah shareholder’ equity, stockholders’equity atau corporate capital. Ekuitas merupakan subklasifikasi dari statement of financial position yang dibagi menjadi kategori di bawah ini : 1. Share capital. 2. Share premium. 3. Retained earnings. 4. Accumulated other comprehensive income. 5. Treasury shares. 6. Non-controlling interest (minority interest). 15-8 LO 1 Components of Equity Ordinary Shares Contributed Capital Account Share Premium Preference Shares Account Account Two Primary Sources of Equity Retained Earnings Account Less: Treasury Shares Assets – Liabilities = Equity Account 15-9 LO 1 Corporate Capital Penerbitan Saham Accounting problems involved in the issuance of shares: 1. Par value shares. 2. No-par shares. 3. Shares issued in combination with other securities. 4. Shares issued in non-cash transactions. 5. Costs of issuing shares. 15-10 LO 1 Issuance of Shares Saham dengan Nilai Pari Nilai pari saham tidak memiliki hubungan dengan nilai wajarnya. Nilai pari yang rendah menolong perusahaan menghindari kewajiban kontinjen. Corporations maintain accounts for: Preference Shares or Ordinary Shares. Share Premium. 15-11 LO 1 Issuance of Shares Saham Tanpa Nilai Pari Alasan untuk penerbitan saham : Menghindari kewajiban kontinjen. Menghindari kerancuan dalam hubungan antara nilai pari dan nilai pasar wajar. A major disadvantage of no-par shares is that some countries levy a high tax on these issues. In addition, in some countries the total issue price for no-par shares may be considered legal capital, which could reduce the flexibility in paying dividends. 15-12 LO 1 Issuance of Shares Illustration: Video Electronics AG is organized with 10,000 ordinary shares authorized without par value. If Video Electronics issues 500 shares for cash at €10 per share, it makes the following entry. Cash 5,000 Share Capital—Ordinary 5,000 Video Electronics issues another 500 shares for €11 per share. Cash Share Capital—Ordinary 15-13 5,500 5,500 LO 1 Issuance of Shares Illustration: Some countries require that no-par shares have a stated value. If a company issued 1,000 of the shares with a €5 stated value at €15 per share for cash, it makes the following entry. Cash Share Capital—Ordinary Share Premium—Ordinary 15-14 15,000 5,000 10,000 LO 1 Issuance of Shares Saham Diterbitkan dengan Sekuritas Lain Alasan untuk penerbitan saham : Menghindari kewajiban kontinjen. Menghindari kerancuan dalam hubungan antara nilai pari dan nilai pasar wajar. 15-15 LO 1 Shares Issued with Other Securities BE15-4: Ravonette Corporation issued 300 shares of $10 par value ordinary shares and 100 shares of $50 par value preference shares for a lump sum of $13,500. The ordinary shares have a market value of $20 per share, and the preference shares have a market value of $90 per share. Ordinary shares Preference shares Allocation: Issue price Allocation % Total 15-16 Number 300 100 Ordinary $ 13,500 40% $ 5,400 Amount Total x $ 20.00 = $ 6,000 x 90.00 9,000 Fair Market Value $ 15,000 Preference $ 13,500 60% $ 8,100 Percent 40% 60% 100% Proportional Method LO 1 Shares Issued with Other Securities BE15-4: Ravonette Corporation issued 300 shares of $10 par value ordinary shares and 100 shares of $50 par value preference shares for a lump sum of $13,500. The ordinary shares have a market value of $20 per share, and the preference shares have a market value of $90 per share. Journal entry (Proportional): Cash 15-17 13,500 Share Capital—Preference (100 X $50) 5,000 Share Premium—Preference 3,100 Share Capital—Ordinary (300 X $10) 3,000 Share Premium—Ordinary 2,400 LO 1 Shares Issued with Other Securities BE15-4 (Variation): Ravonette Corporation issued 300 shares of $10 par value ordinary shares and 100 shares of $50 par value preference shares for a lump sum of $13,500. The ordinary shares have a market value of $20 per share, and the value of preference shares are unknown. Number 300 100 Ordinary shares Preference shares Allocation: Issue price Ordinary Total 15-18 Ordinary $ 6,000 Amount Total x $ 20.00 = $ 6,000 x Fair Market Value $ 6,000 Preference $ 13,500 (6,000) $ 7,500 Incremental Method LO 1 Shares Issued with Other Securities BE15-4 (Variation): Ravonette Corporation issued 300 shares of $10 par value ordinary shares and 100 shares of $50 par value preference shares for a lump sum of $13,500. The ordinary shares have a market value of $20 per share, and the value of preference shares are unknown. Journal entry (Incremental): Cash 15-19 13,500 Share Capital—Preference (100 X $50) 5,000 Share Premium—Preference 2,500 Share Capital—Ordinary (300 X $10) 3,000 Share Premium—Ordinary 3,000 LO 1 Issuance of Shares Shares Issued in Noncash Transactions Aturan umumnya: Saham yang diterbitkan untuk jasa atau properti selain kas harus dicatat baik pada: Nilai pasar wajar saham yang diterbitkan maupun pada Nilai pasar wajar pertimbangan nonkas ynag diterima, tergantung mana yang dapat ditentukan lebih jelas. 15-20 LO 1 Shares Issued in Noncash Transactions Illustration: The following series of transactions illustrates the procedure for recording the issuance of 10,000 shares of €10 par value ordinary shares for a patent for Marlowe Company, in various circumstances. 1. Marlowe cannot readily determine the fair value of the patent, but it knows the fair value of the shares is €140,000. Patent Share Capital—Ordinary Share Premium—Ordinary 15-21 140,000 100,000 40,000 LO 1 Shares Issued in Noncash Transactions 2. Marlowe cannot readily determine the fair value of the shares, but it determines the fair value of the patent is €150,000. Patent Share Capital—Ordinary Share Premium—Ordinary 15-22 150,000 100,000 50,000 LO 1 Shares Issued in Noncash Transactions 3. Marlowe cannot readily determine the fair value of the shares nor the fair value of the patent. An independent consultant values the patent at €125,000 based on discounted expected cash flows. Patent Share Capital—Ordinary Share Premium—Ordinary 15-23 125,000 100,000 25,000 LO 1 Issuance of Shares Biaya Penerbitan Saham Biaya langsung yang terjadi ketika menjual saham seperti : Biaya penjaminan Biaya akuntansi dan hukum, Biaya percetakan, dan Pajak, Harus dilaporkan sebagai pengurang hasil yang diterima dari penjualan saham. 15-24 LO 1 Preference Shares Karakteristik yang berkaitan dengan penerbitan saham preferen : 1. Preferensi atas dividen. 2. Preferensi atas aktiva pada saat likuidasi. 3. Dapat dikonversi menjadi saham biasa. 4. Dapat ditebus pada opsi perseroan. 5. Tidak mempunyai hak suara. 15-25 LO 1 Preference Shares Features of Preference Shares Cumulative Participating Convertible Callable Redeemable A corporation may attach whatever preferences or restrictions, as long as it does not violate its country’s incorporation law. The accounting for preference shares at issuance is similar to that for ordinary shares. 15-26 LO 1 Preference Shares Illustration: Bishop plc issues 10,000 shares of £10 par value preference shares for £12 cash per share. Bishop records the issuance as follows: Cash Share Capital—Preference Share Premium—Preference 15-27 120,000 100,000 20,000 LO 1 Reacquisition of Shares LEARNING OBJECTIVE 2 Explain the accounting and reporting for treasury shares. Alasan perusahaan membeli kembali sahamnya: Untuk memenuhi distribusi pajak yang efisien dari kelebihan kas kepada pemegang saham. Untuk meningkatkan laba per saham dan pengembalian atas ekuitas (return on equity). Untuk memenuhi saham dalam kontrak kompensasi saham karyawan atau memenuhi kebutuhan merger. Untuk menghindari upaya pengambilalihan. Membentuk pasar bagi saham. 15-28 LO 2 Reacquisition of Shares Pembelian Saham Treasuri Two acceptable methods: Cost method (more widely used). Par (stated) value method. Saham treasuri mengurangi ekuitas. 15-29 LO 2 Purchase of Treasury Shares Illustration: Pacific Company issued 100,000 shares of $1 par value ordinary shares at a price of $10 per share. In addition, it has retained earnings of $300,000. ILLUSTRATION 15.4 Equity with No Treasury Shares 15-30 LO 2 Purchase of Treasury Shares Illustration: Pacific Company issued 100,000 shares of $1 par value ordinary shares at a price of $10 per share. In addition, it has retained earnings of $300,000. On January 20, 2019, Pacific acquires 10,000 of its shares at $11 per share. Pacific records the reacquisition as follows. Treasury Shares Cash 15-31 110,000 110,000 LO 2 Purchase of Treasury Shares Illustration: The equity section for Pacific after purchase of the treasury shares. ILLUSTRATION 15.5 Equity with Treasury Shares 15-32 LO 2 Reacquisition of Shares Penjualan Saham Treasuri Di atas Harga beli (Cost) Di bawah Cost Kedua-duanya meningkatkan total assets and equity. 15-33 LO 2 Sale of Treasury Shares Sale of Treasury Shares above Cost. Pacific acquired 10,000 treasury shares at $11 per share. It now sells 1,000 shares at $15 per share on March 10. Pacific records the entry as follows. Cash Treasury Shares Share Premium—Treasury 15-34 15,000 11,000 4,000 LO 2 Sale of Treasury Shares Sale of Treasury Shares below Cost. Pacific sells an additional 1,000 treasury shares on March 21 at $8 per share, it records the sale as follows. Cash 8,000 Share Premium—Treasury 3,000 Treasury Shares 15-35 11,000 LO 2 Sale of Treasury Shares ILLUSTRATION 15.6 Treasury Share Transactions in Share Premium—Treasury Account Illustration: Assume that Pacific sells an additional 1,000 shares at $8 per share on April 10. Cash 8,000 Share Premium—Treasury 1,000 Retained Earnings 2,000 Treasury Shares 15-36 11,000 LO 2 Reacquisition of Shares Retiring Treasury Shares Keputusan menghasilkan • • pembatalan saham treasuri dan pengurangan jumlah saham dari saham yang diterbitkan. Saham treasuri yang pensiun memiliki status saham yang sah dan tidak diterbitkan. 15-37 LO 2 Dividend Policy LEARNING OBJECTIVE 3 Explain the accounting and reporting issues related to dividends. Beberapa perusahaan membayar dividen dalam jumlah yang sama dengan laba ditahan yang tersedia secara hukum. Mengapa? 1. Menjaga perjanjian dengan kreditor. 2. Memenuhi persyaratan perusahaan. 3. Untuk membiayai pertumbuhan atau ekspansi. 4. Untuk memperlancar pembayaran dividen. 5. Untuk membangun dasar terhadap kemungkinan kerugian. 15-38 LO 3 Dividend Policy Financial Condition and Dividend Distributions 15-39 Sebelum mengumumkan dividen, manajemen harus mempertimbangkan ketersediaan dana untuk membayar dividen. Seharusnya tidak membayar dividen kecuali posisi keuangan saat ini dan masa depan menjamin distribusi. LO 3 Dividend Policy Types of Dividends 1. Cash dividends. 3. Liquidating dividends. 2. Property dividends. 4. Share dividends. All dividends, except for share dividends, reduce the total equity in the corporation. 15-40 LO 3 Dividend Policy Cash Dividends Board of directors vote on the declaration of cash dividends. 15-41 A declared cash dividend is a liability. Companies do not declare or pay cash dividends on treasury shares. Three dates: a. Date of declaration b. Date of record c. Date of payment LO 3 Dividend Policy Illustration: Roadway Freight Corp. on June 10 declared a cash dividend of 50 cents a share on 1.8 million shares payable July 16 to all shareholders of record June 24. 15-42 At date of declaration (June 10) Retained Earnings Dividends Payable 900,000 At date of record (June 24) No entry At date of payment (July 16) Dividends Payable Cash 900,000 900,000 900,000 LO 3 Dividend Policy Property Dividends 15-43 Dividends payable in assets other than cash. Restate at fair value the property it will distribute, recognizing any gain or loss. LO 3 Dividend Policy Illustration: Tsen, Ltd. transferred to shareholders some of its investments (held-for-trading) in securities costing HK$1,250,000 by declaring a property dividend on December 28, 2018, to be distributed on January 30, 2019, to shareholders of record on January 15, 2019. At the date of declaration the securities have a fair value of HK$2,000,000. Tsen makes the following entries. At date of declaration (December 28, 2018) Equity Investments Unrealized Holding Gain or Loss—Income Retained Earnings Property Dividends Payable 15-44 750,000 750,000 2,000,000 2,000,000 LO 3 Dividend Policy Illustration: Tsen, Ltd. transferred to shareholders some of its investments (held-for-trading) in securities costing HK$1,250,000 by declaring a property dividend on December 28, 2018, to be distributed on January 30, 2019, to shareholders of record on January 15, 2019. At the date of declaration the securities have a fair value of HK$2,000,000. Tsen makes the following entries. At date of distribution (January 30, 2019) Property Dividends Payable Equity Investments 15-45 2,000,000 2,000,000 LO 3 Dividend Policy Liquidating Dividends Any dividend not based on earnings reduces amounts paid-in by shareholders. 15-46 LO 3 Dividend Policy Illustration: McChesney Mines Inc. issued a “dividend” to its ordinary shareholders of £1,200,000. The cash dividend announcement noted that shareholders should consider £900,000 as income and the remainder a return of capital. McChesney Mines records the dividend as follows. Date of declaration Retained Earnings 900,000 Share Premium—Ordinary 300,000 Dividends Payable 15-47 1,200,000 LO 3 Dividend Policy Illustration: McChesney Mines Inc. issued a “dividend” to its ordinary shareholders of £1,200,000. The cash dividend announcement noted that shareholders should consider £900,000 as income and the remainder a return of capital. McChesney Mines records the dividend as follows. Date of payment Dividends Payable Cash 15-48 1,200,000 1,200,000 LO 3 Share Dividends and Share Splits Share Dividends 15-49 Issuance by a corporation of its own shares to shareholders on a pro rata basis, without receiving any consideration. Par value, not the fair value, is used to record the share dividend. Share dividend does not affect any asset or liability. Journal entry reflects a reclassification of equity. Ordinary share dividend distributable reported in the equity section as an addition to share capital—ordinary. LO 3 Share Dividends Illustration: Vine plc has outstanding 100,000 shares of £1 par value ordinary shares and retained earnings of £50,000. If Vine declares a 10 percent share dividend, it issues 10,000 additional shares to current shareholders. If the fair value of the shares at the time of the share dividend is £8 per share, the entry is: Date of declaration Retained Earnings Ordinary Share Dividend Distributable 15-50 10,000 10,000 LO 3 Share Dividends Illustration: Vine plc has outstanding 1,000 shares of £1 par value ordinary shares and retained earnings of £50,000. If Vine declares a 10 percent share dividend, it issues 100 additional shares to current shareholders. If the fair value of the shares at the time of the share dividend is £8 per share, the entry is: Date of distribution Ordinary Share Dividend Distributable Share Capital—Ordinary 15-51 10,000 10,000 LO 3 Share Dividends and Share Splits Share Splits To reduce the market value of shares. No entry recorded for a share split. Decrease par value and increased number of shares. ILLUSTRATION 15.13 Effects of a Share Split 15-52 LO 3 Share Dividends and Share Splits Share Split and Share Dividend Differentiated A share split differs from a share dividend. How? A share split increases the number of shares outstanding and decreases the par or stated value per share. 15-53 A share dividend, ► increases the number of shares outstanding. ► does not decrease the par value. ► increases the total par value of outstanding shares. LO 3 Presentation and Analysis of Equity Presentation of Equity 15-54 LEARNING OBJECTIVE 4 Indicate how to present and analyze equity. ILLUSTRATION 15.15 Comprehensive Equity Presentation LO 4 Presentation and Analysis of Equity Disclosure of Restrictions on Retained Earnings Such restrictions are best disclosed by note. Restrictions imposed by bond indentures and loan agreements commonly require an extended explanation. The note disclosure should reveal ► the source of the restriction, ► pertinent provisions, and ► the amount of retained earnings subject to restriction or the amount not restricted. 15-55 LO 4 Presentation and Analysis of Equity Presentation of Statement of Changes in Equity ILLUSTRATION 15.17 Statement of Changes in Equity 15-56 LO 4 Presentation and Analysis of Equity Analysis Illustration: Gerber’s Inc. had net income of $360,000, declared and paid preference dividends of $54,000, and average ordinary shareholders’ equity of $2,550,000. ILLUSTRATION 15.18 Ratio shows how many dollars of net income the company 15-57 earned for each dollar invested by the owners. LO 4 Analysis Illustration: Troy SA has cash dividends of €100,000 and net income of €500,000, and no preference shares outstanding. Illustration 15-15 ILLUSTRATION 15.19 15-58 LO 4 Analysis Illustration: Chen Ltd’s ordinary shareholders’ equity is HK$1,000,000 and it has 100,000 ordinary shares outstanding. ILLUSTRATION 15.20 Amount each share would receive if the company were liquidated on the basis of amounts reported on the statement of financial position. 15-59 LO 4 APPENDIX 15A Dividend Preferences and Book Value Per Share Dividend Preferences LEARNING OBJECTIVE 5 Discuss the different types of preference share dividends and their effect on book value per share. Illustration: In 2019, Mason Company is to distribute €50,000 as cash dividends, its outstanding ordinary shares have a par value of €400,000, and its 6 percent preference shares have a par value of €100,000. 1. If the preference shares are noncumulative and nonparticipating: 15-60 ILLUSTRATION 15A.1 Dividend Distribution, Non-Cumulative and Non-Participating Preference LO 5 Dividend Preferences Illustration: In 2019, Mason Company is to distribute €50,000 as cash dividends, its outstanding ordinary shares have a par value of €400,000, and its 6 percent preference shares have a par value of €100,000. 2. If the preference shares are cumulative and non-participating, and Mason Company did not pay dividends on the preference shares in the preceding two years: 15-61 ILLUSTRATION 15A.2 LO 5 Dividend Preferences 3. If the preference shares is noncumulative and is fully participating: ILLUSTRATION 15A.3 15-62 LO 5 Dividend Preferences Illustration: In 2019, Mason Company is to distribute €50,000 as cash dividends, its outstanding ordinary shares have a par value of €400,000, and its 6 percent preference shares have a par value of €100,000. 4. If the preference shares are cumulative and fully participating, and Mason Company did not pay dividends on the preference shares in the preceding two years: 15-63 ILLUSTRATION 15A.4 LO 5 Book Value per Share Book value per share is computed as net assets divided by outstanding shares at the end of the year. The computation becomes more complicated if a company has preference shares. ILLUSTRATION 15A.5 Computation of Book Value per Share—No Dividends in Arrears 15-64 LO 5 Book Value per Share Assume that the same facts exist except that the 5 percent preference share are cumulative, participating up to 8 percent, and that dividends for three years before the current year are in arrears. 15-65 ILLUSTRATION 15A.6 Computation of Book Value per Share—with Dividends in Arrears, Participating LO 5 GLOBAL ACCOUNTING INSIGHTS LEARNING OBJECTIVE 6 Compare accounting procedures for equity under IFRS and U.S. GAAP. EQUITY The accounting for transactions related to equity, such as issuance of shares, purchase of treasury shares, and declaration and payment of dividends, are similar under both IFRS and U.S. GAAP. Major differences relate to terminology used and presentation of equity information. 15-66 LO 6 GLOBAL ACCOUNTING INSIGHTS Relevant Facts Following are the key similarities and differences between U.S. GAAP and IFRS related to equity. Similarities • The accounting for the issuance of shares and purchase of treasury shares are similar under both U.S. GAAP and IFRS. • The accounting for declaration and payment of dividends and the accounting for share splits are similar under both U.S. GAAP and IFRS. 15-67 LO 6 GLOBAL ACCOUNTING INSIGHTS Relevant Facts Differences • U.S. GAAP requires that small share dividends (referred to as stock dividends) should be recorded by transferring an amount equal to the fair value of the shares issued from retained earnings to share capital accounts. IFRS is silent on the accounting for share dividends. • Major differences relate to terminology used, introduction of concepts such as revaluation surplus, and presentation of equity information. • In the United States and the United Kingdom, many companies rely on substantial investments from private investors. Other countries have different investor groups. For example, in Germany, financial institutions such as banks are not only the major creditors but often are the largest shareholders as well. 15-68 LO 6 GLOBAL ACCOUNTING INSIGHTS Relevant Facts Differences • The accounting for treasury share retirements differs between U.S. GAAP and IFRS. Under U.S. GAAP, a company has three options: (1) charge the excess of the cost of treasury shares over par value to retained earnings, (2) allocate the difference between paid-in capital and retained earnings, or (3) charge the entire amount to paid-in capital. Under IFRS, the excess may have to be charged to paid-in capital, depending on the original transaction related to the issuance of the shares. • The statement of changes in equity is usually referred to as the statement of stockholders’ equity (or shareholders’ equity) under U.S. GAAP. 15-69 LO 6 GLOBAL ACCOUNTING INSIGHTS Relevant Facts Differences • Both U.S. GAAP and IFRS use the term retained earnings. However, U.S. GAAP uses the account Accumulated Other Comprehensive Income (Loss). Use of this account is gaining prominence within the IFRS literature, which traditionally has relied on the term “reserve” as a dumping ground for other types of equity transactions, such as other comprehensive income items as well as various types of unusual transactions related to convertible debt and share option contracts. • The term surplus is generally not used in U.S. GAAP, as the standards do not allow revaluation accounting. Under IFRS, it is common to report “revaluation surplus” related to increases or decreases in items such as property, plant, and equipment; mineral resources; and intangible assets. 15-70 LO 6 GLOBAL ACCOUNTING INSIGHTS On the Horizon As indicated in earlier discussions, the IASB and the FASB have completed some work on a project related to financial statement presentation. An important part of this study is to determine whether certain line items, subtotals, and totals should be clearly defined and required to be displayed in the financial statements. For example, it is likely that the statement of changes in equity and its presentation will be examined closely. In addition, the options of how to present other comprehensive income under U.S. GAAP will change in any converged standard. 15-71 LO 6 Copyright Copyright © 2018 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein. 15-72