Professional Documents
Culture Documents
CH 09
CH 09
9-1
Chapter
Plant Assets,
Natural Resources, and
Intangible Assets
Financial Accounting, IFRS Edition
Weygandt Kimmel Kieso
Slide
9-2
Study
Study Objectives
Objectives
Slide
9-3
1.
2.
3.
4.
5.
6.
7.
8.
9.
Plant
Plant Assets,
Assets, Natural
Natural Resources,
Resources, and
and Intangible
Intangible
Assets
Assets
Plant Assets
Determining the
cost of plant
assets
Depreciation
Revaluation of
plant assets
Expenditures
during useful life
Plant asset
disposals
Slide
9-4
Natural
Resources
Accounting for
extractable
natural resources
Financial
statement
presentation
Intangible
Assets
Accounting for
intangibles
Types of
intangibles
Research and
development
costs
Statement
Presentation and
Analysis
Presentation
Analysis
Section
Section 11 Plant
Plant Assets
Assets
Plant assets include land, land improvements, buildings,
and equipment (machinery, furniture, tools).
Major characteristics include:
Used in operations and not for resale.
Long-term in nature and usually depreciated.
Possess physical substance.
Referred to as property, plant, and equipment; plant and
equipment; and fixed assets.
Slide
9-5
Section
Section 11 Plant
Plant Assets
Assets
Illustration 9-1
Percentages of plant assets
in relation to total assets
Slide
9-6
Determining
Determining the
the Cost
Cost of
of Plant
Plant Assets
Assets
Land
Includes all costs to acquire land and ready it for use.
Costs typically include:
(1) purchase price;
(2) closing costs, such as title and attorneys fees;
(3) real estate brokers commissions;
(4) costs of grading, filling, draining, and clearing;
(5) assumption of any liens, mortgages, or encumbrances on
the property.
Slide
9-7
Determining
Determining the
the Cost
Cost of
of Plant
Plant Assets
Assets
Illustration: Assume that Hayes Manufacturing Company
acquires real estate at a cash cost of $100,000. The property
contains an old warehouse that is razed at a net cost of $6,000
($7,500 in costs less $1,500 proceeds from salvaged materials).
Additional expenditures are the attorneys fee, $1,000, and the
real estate brokers commission, $8,000. The cost of the land is
$115,000, computed as follows.
Required: Determine amount to be reported as the cost of the
land.
Slide
9-8
Determining
Determining the
the Cost
Cost of
of Plant
Plant Assets
Assets
Required: Determine amount to be reported as the cost of the
land.
Land
Cash price of property of $100,000
$100,000
6,000
1,000
8,000
Cost of Land
$115,000
Journal Entry
Land
Cash
Slide
9-9
115,000
115,000
SO 1 Describe how the cost principle applies to plant assets.
Determining
Determining the
the Cost
Cost of
of Plant
Plant Assets
Assets
Land Improvements
All expenditures necessary to make the improvements
ready for their intended use.
Driveways, parking lots, fences, landscaping, and
underground sprinklers.
Limited useful lives.
Expense (depreciate) the cost of land improvements
over their useful lives.
Slide
9-10
Determining
Determining the
the Cost
Cost of
of Plant
Plant Assets
Assets
Buildings
All costs related directly to purchase or construction.
Purchase costs:
Purchase price, closing costs and real estate brokers
commission.
Remodeling and replacing or repairing the roof, floors,
electrical wiring, and plumbing.
Construction costs:
Contract price plus payments for architects fees, building
permits, and excavation costs.
Slide
9-11
Determining
Determining the
the Cost
Cost of
of Plant
Plant Assets
Assets
Equipment
All costs incurred in acquiring the equipment and
preparing it for use.
Costs typically include:
purchase price,
sales taxes,
freight and handling charges,
insurance on the equipment while in transit,
assembling and installation costs, and
costs of conducting trial runs.
Slide
9-12
Determining
Determining the
the Cost
Cost of
of Plant
Plant Assets
Assets
Illustration: Assume Merten Company purchases factory
machinery at a cash price of $50,000. Related expenditures are
for sales taxes $3,000, insurance during shipping $500, and
installation and testing $1,000. Determine amount to be
reported as the cost of the machinery.
Machinery
$50,000
Cash price
3,000
Sales taxes
Insurance during shipping
Installation and testing
Cost of Machinery
Slide
9-13
500
1,000
$54,500
Determining
Determining the
the Cost
Cost of
of Plant
Plant Assets
Assets
Q. Bliesmer Company incurred the following costs.
1.Sales tax on factory machinery purchased
$ 5,000
2.Painting of and lettering on truck immediately upon purchase
700
3.Installation and testing of factory machinery
2,000
4.Real estate brokers commission on land purchased
3,500
5.Insurance premium paid for first years insurance on new truck
1,100
6.Cost of landscaping on property purchased
7,200
7.Cost of paving parking lot for new building constructed
17,900
8.Cost of clearing, draining, and filling land
12,600
9.Architects fees on self-constructed building
10,000
Instructions
Indicate to which account Bliesmer would debit each of the costs.
Slide
9-14
Slide
9-15
Depreciation
Depreciation
Depreciation is the process of allocating the cost of
tangible assets to expense in a systematic and rational
manner to those periods expected to benefit from the use
of the asset.
Process of cost allocation, not asset valuation.
Applies to land improvements, buildings, and
equipment, not land.
Depreciable, because the revenue-producing ability of
asset will decline over the assets useful life.
Slide
9-16
Depreciation
Depreciation
Factors in Computing Depreciation
Illustration 9-6
Cost
Slide
9-17
Useful Life
Residual Value
Depreciation
Depreciation
Depreciation Methods
Objective is to select the method that best measures an
assets contribution to revenue over its useful life.
Examples include:
(1) Straight-line method.
(2) Units-of-Activity method.
(3) Declining-balance method.
Slide
9-18
Depreciation
Depreciation
Illustration: Barbs Florists purchased a small delivery truck on
January 1, 2011.
Illustration 9-7
Slide
9-19
(b) Units-of-Activity
Depreciation
Depreciation
Straight-Line
Expense is same amount for each year.
Depreciable cost - cost of the asset less its residual
value.
Illustration 9-8
Slide
9-20
Depreciation
Depreciation
Illustration: (Straight-Line Method)
Illustration 9-9
2011
$ 12,000
2012
12,000
2013
$ 2,400
$ 2,400
$ 10,600
20
2,400
4,800
8,200
12,000
20
2,400
7,200
5,800
2014
12,000
20
2,400
9,600
3,400
2015
12,000
20
2,400
12,000
1,000
2011
Journal
Entry
Slide
9-21
20%
Depreciation expense
Accumulated depreciation
2,400
2,400
Depreciation
Depreciation
Units-of-Activity
Companies estimate total units of activity to calculate
depreciation cost per unit.
Expense varies based on units of activity.
Depreciable cost is
cost less residual
value.
Slide
9-22
Illustration 9-10
Depreciation
Depreciation
Illustration: (Units-of-Activity Method)
Illustration 9-11
2011
15,000
$ 0.12
$ 1,800
$ 1,800
$ 11,200
2012
30,000
0.12
3,600
5,400
7,600
2013
20,000
0.12
2,400
7,800
5,200
2014
25,000
0.12
3,000
10,800
2,200
2015
10,000
0.12
1,200
12,000
1,000
2011
Journal
Entry
Slide
9-23
Depreciation expense
Accumulated depreciation
1,800
1,800
Depreciation
Depreciation
Declining-Balance
Decreasing annual depreciation expense over the assets
useful life.
Declining-balance rate is double the straight-line rate.
Rate applied to book value.
Illustration 9-12
Slide
9-24
Depreciation
Depreciation
Illustration: (Declining-Balance Method)
Illustration 9-13
2011
13,000
40%
$ 5,200
$ 5,200
$ 7,800
2012
7,800
40
3,120
8,320
4,680
2013
4,680
40
1,872
10,192
2,808
2014
2,808
40
1,123
11,315
1,685
2015
1,685
40
12,000
1,000
2011
Journal
Entry
Slide
9-25
685*
Depreciation expense
5,200
Accumulated depreciation
5,200
Depreciation
Depreciation
Comparison of Methods
Illustration 9-14
Illustration 9-15
Slide
9-26
Depreciation
Depreciation
Review Question
Depreciation is a process of:
a. valuation.
b. cost allocation.
c. cash accumulation.
d. appraisal.
Slide
9-27
Depreciation
Depreciation
Q. Copacabana Bus Lines uses the units-of-activity method in
depreciating its buses. One bus was purchased on January 1, 2014, at a
cost of R$145,000. Over its 4-year useful life, the bus is expected to
be driven 100,000 miles. Residual value is expected to be R$15,000.
Instructions
(a)Compute the depreciable cost per unit.
(b)Prepare a depreciation schedule assuming actual mileage was: 2014,
26,000; 2015, 32,000; 2016, 25,000; and 2017, 17,000.
Slide
9-28
Depreciation
Depreciation for
for Partial
Partial Year
Year
The following four slides are included to illustrate the
calculation of partial-year depreciation expense.
The amounts are consistent with the previous slides
illustrating the calculation of depreciation expense.
Slide
9-29
Depreciation
Depreciation for
for Partial
Partial Year
Year
Illustration: Barbs Florists purchased a small delivery truck on
October 1, 2011.
Illustration 9-7
Slide
9-30
(b) Units-of-Activity
Depreciation
Depreciation for
for Partial
Partial Year
Year
Illustration: (Straight-line Method)
Slide
9-31
Depreciation
Depreciation for
for Partial
Partial Year
Year
Illustration: (Units-of-Activity Method)
2011
15,000
$ 0.12
$ 1,800
$ 1,800
$ 11,200
2012
30,000
0.12
3,600
5,400
7,600
2013
20,000
0.12
2,400
7,800
5,200
2014
25,000
0.12
3,000
10,800
2,200
2015
10,000
0.12
1,200
12,000
1,000
2011
Journal
Entry
Slide
9-32
Illustration 9-12
Depreciation expense
Accumulated depreciation
1,800
1,800
Depreciation
Depreciation for
for Partial
Partial Year
Year
Illustration: (Declining-Balance Method)
Slide
9-33
Depreciation
Depreciation for
for Partial
Partial Year
Year
Q. Xanadu Company purchased a new machine on October 1, 2014, at a
cost of $96,000. The company estimated that the machine will have a
residual value of $12,000. The machine is expected to be used for
10,000 working hours during its 5-year life.
Instructions
Compute the depreciation expense under the following methods for
the year indicated.
(a)Straight-line for 2014
(b)Units-of-activity for 2014, assuming machine usage was 1,700
hours.
(c)Declining-balance using double the straight-line rate for 2014 and
2015.
Slide
9-34
Depreciation
Depreciation
Depreciation and Income Taxes
Tax laws often do not require the taxpayer to use the
same depreciation method on the tax return that is used
in preparing financial statements.
Many corporations use straight-line in their financial
statements to maximize net income. At the same time,
they use an accelerated-depreciation method on their
tax returns to minimize their income taxes.
Slide
9-35
Depreciation
Depreciation
Revising Periodic Depreciation
Accounted for in the period of change and future
periods (Change in Estimate).
Not handled retrospectively.
Not considered error.
Slide
9-36
Depreciation
Depreciation
Illustration: Assume that Barbs Florists decides on January 1,
2014, to extend the useful life of the truck one year because of
its excellent condition. The company has used the straight-line
method to depreciate the asset to date, and book value is
$5,800 ($13,000 - $7,200).
Questions:
Slide
9-37
1.
2.
No Entry
Required
Depreciation
Depreciation
Book value, 1/1/14
Residual value
Depreciable cost
Useful life (revised)
Annual depreciation
First,
First,
establish
establish
Book
BookValue
Valueat
at
the
thedate
dateof
of
change
changein
in
estimate.
estimate.
$5,800
- 1,000
/
4,800
3 years
$ 1,600
Illustration 9-17
Slide
9-38
1,600
1,600
Depreciation
Depreciation
Review Question
When there is a change in estimated depreciation:
a. previous depreciation should be corrected.
b. current and future years depreciation should be
revised.
c. only future years depreciation should be revised.
d. None of the above.
Slide
9-39
Revaluation
Revaluation of
of Plant
Plant Assets
Assets
IFRS allows revaluation of plant assets to fair value
If revaluation is used, it must be applied to all assets in
a class of assets.
Assets that are experiencing rapid price changes must
be revalued on an annual basis, otherwise less
frequent revaluation is acceptable.
Slide
9-40
Revaluation
Revaluation of
of Plant
Plant Assets
Assets
Illustration: Pernice Company applies revaluation to plant
assets with a carrying value of $1,000,000, a useful life of 5
years, and no residual value. Pernice makes the following
journal entries in year 1, assuming straight-line depreciation.
Depreciation expense
Accumulated depreciation
200,000
200,000
Slide
9-41
Revaluation
Revaluation of
of Plant
Plant Assets
Assets
Illustration: At the end of year 1, independent appraisers
determine that the asset has a fair value of $850,000. To report
the plant assets at fair value, Pernice makes the following entry.
Accumulated depreciation
Plant assets
Revaluation surplus
200,000
150,000
50,000
Slide
9-42
Revaluation
Revaluation of
of Plant
Plant Assets
Assets
Pernice now reports the following information in its statement of
financial position at the end of year 1.
Illustration 9-18
Revaluation
Revaluation of
of Plant
Plant Assets
Assets
Q. Barton Enterprises purchased equipment on January 1, 2014, at a
cost of $350,000. Barton uses the straight-line depreciation method,
a 5-year estimated useful life, and no residual value. At the end of
2014, independent appraisers determined that the assets have a fair
value of $320,000.
Instructions
(a)Prepare the journal entry to record 2014 depreciation using the
straight-line method.
(b)Prepare the journal entry to record the revaluation of the
equipment.
(c)Prepare the journal entry to record 2015 depreciation, assuming no
additional revaluation.
Slide
9-44
Expenditures
Expenditures During
During Useful
Useful Life
Life
Ordinary Repairs - expenditures to maintain the operating
efficiency and productive life of the unit.
Debit - Repair (or Maintenance) Expense.
Referred to as revenue expenditures.
Plant
Plant Asset
Asset Disposals
Disposals
Companies dispose of plant assets in three ways
Retirement, Sale, or Exchange (appendix).
Illustration 9-19
Plant
Plant Asset
Asset Disposals
Disposals -- Retirement
Retirement
Retirement of Plant Assets
Illustration: Assume that Hobart Enterprises retires
its computer printers, which cost $32,000. The accumulated
depreciation on these printers is $32,000. The journal entry to
record this retirement is:
Accumulated depreciation
Printing equipment
32,000
32,000
Plant
Plant Asset
Asset Disposals
Disposals -- Retirement
Retirement
Illustration: Assume that Sunset Company discards delivery
equipment that cost $18,000 and has accumulated
depreciation of $14,000. The journal entry is:
Accumulated depreciation
Loss on disposal
Delivery equipment
14,000
4,000
18,000
Slide
9-48
Plant
Plant Asset
Asset Disposals
Disposals
Sale of Plant Assets
Compare the book value of the asset with the proceeds
received from the sale.
If proceeds exceed the book value, a gain on disposal
occurs.
If proceeds are less than the book value, a loss on
disposal occurs.
Slide
9-49
Plant
Plant Asset
Asset Disposals
Disposals -- Sale
Sale
Gain on Disposal
Illustration: Assume that on July 1, 2011, Wright Company sells
office furniture for $16,000 cash. The office furniture originally
cost $60,000. As of January 1, 2011, it had accumulated
depreciation of $41,000. Depreciation for the first six months of
2011 is $8,000. Prepare the journal entry to record depreciation
expense up to the date of sale.
Depreciation expense
Accumulated depreciation
Slide
9-50
8,000
8,000
Plant
Plant Asset
Asset Disposals
Disposals -- Sale
Sale
Illustration 9-20
Computation of gain on
disposal
Slide
9-51
Cash
16,000
Accumulated depreciation
49,000
Office equipment
60,000
Gain on disposal
5,000
Plant
Plant Asset
Asset Disposals
Disposals -- Sale
Sale
Loss on Disposal
Illustration 9-21
Computation of loss on disposal
Illustration: Assume
that instead of selling
the office furniture for
$16,000, Wright sells it
for $9,000.
July 1
Cash
9,000
Accumulated depreciation
49,000
Office equipment
Loss on disposal
Slide
9-52
60,000
5,000
Section
Section 22 Natural
Natural Resources
Resources
Natural resources consist of standing timber and
resources extracted from the ground, such as oil, gas,
and minerals.
Standing timber is considered a biological asset under
IFRS.
In the years before they are harvested, the recorded
value of biological assets is adjusted to fair value each
period.
Slide
9-53
Section
Section 22 Natural
Natural Resources
Resources
IFRS defines extractive industries as those businesses
involved in finding and removing natural resources located in
or near the earths crust.
Cost - price needed to acquire the resource and prepare it for
its intended use.
Depletion - allocation of the cost to expense in a rational and
systematic manner over the resources useful life.
Depletion is to natural resources as depreciation is to plant
assets.
Companies generally use units-of-activity method.
Depletion generally is a function of the units extracted.
Slide
9-54
Section
Section 22 Natural
Natural Resources
Resources
Illustration: Assume that Lane Coal Company invests $5 million
in a mine estimated to have 10 million tons of coal and no
salvage value. In the first year, Lane extracts and sells 800,000
tons of coal. Lane computes the depletion expense as follows:
$5,000,000 10,000,000 = $.50 depletion cost per ton
$.50 x 800,000 = $400,000 depletion expense
Journal entry:
Depletion expense
Accumulated depletion
Slide
9-55
400,000
400,000
Financial
Financial Statement
Statement Presentation
Presentation
Illustration 9-23
Statement presentation of accumulated depletion
Slide
9-56
Section
Section 33 Intangible
Intangible Assets
Assets
Intangible assets are rights, privileges, and competitive
advantages that do not possess physical substance.
Intangible assets are categorized as having either a
limited life or an indefinite life.
Common types of intangibles:
Patents
Copyrights
Franchises or licenses
Goodwill
IFRS permits revaluation of intangible assets to fair value, except for goodwill.
Slide
9-57
Types
Types of
of Intangible
Intangible Assets
Assets
Patents
Exclusive right to manufacture, sell, or otherwise control
an invention for a specified number of years from the
date of the grant.
Legal life in many countries is 20 years.
Capitalize costs of purchasing a patent and amortize
over its legal life or its useful life, whichever is shorter.
Legal fees incurred successfully defending a patent are
capitalized to Patent account.
Slide
9-58
Accounting
Accounting for
for Intangible
Intangible Assets
Assets
Intangible assets are typically amortized on a straight-line
basis.
Illustration: Assume that National Labs purchases a patent at
a cost of $60,000. National estimates the useful life of the
patent to be eight years. National records the annual
amortization as follows.
Amortization expense
Patent
Slide
9-59
7,500
7,500
Accounting
Accounting for
for Intangible
Intangible Assets
Assets
Copyrights
Give the owner the exclusive right to reproduce and sell
an artistic or published work.
plays, literary works, musical works, pictures,
Accounting
Accounting for
for Intangible
Intangible Assets
Assets
Trademarks and Trade Names
Word, phrase, jingle, or symbol that identifies a particular
enterprise or product.
Wheaties, Game Boy, Frappuccino, Kleenex, Windows,
Accounting
Accounting for
for Intangible
Intangible Assets
Assets
Franchises and Licenses
Contractual arrangement between a franchisor and a
franchisee.
BP (GBR), Taco Bell (USA), or Rent-A-Wreck (USA)
are franchises.
Franchise (or license) with a limited life should be
amortized to expense over the life of the franchise.
Franchise with an indefinite life should be carried at cost
and not amortized.
Slide
9-62
Accounting
Accounting for
for Intangible
Intangible Assets
Assets
Goodwill
Includes exceptional management, desirable location, good
customer relations, skilled employees, high-quality products,
etc.
Only recorded when an entire business is purchased.
Goodwill is recorded as the excess of ...
purchase price over the fair value of the identifiable net
assets acquired.
Internally created goodwill should not be capitalized.
Slide
9-63
Slide
9-64
Research
Research and
and Development
Development Costs
Costs
Frequently results in something that a company patents
or copyrights such as:
new product,
formula,
process,
composition, or
idea,
literary work.
Statement
Statement Presentation
Presentation and
and Analysis
Analysis
Presentation
Slide
9-66
Illustration 9-24
Statement
Statement Presentation
Presentation and
and Analysis
Analysis
Analysis
Illustration 9-25
Slide
9-67
Understanding
Understanding U.S.
U.S. GAAP
GAAP
Plant Assets, Natural
Resources, and Intangible
Assets
As in IFRS, under GAAP, the costs associated with research
and development are segregated into the two components.
Costs in the research phase are always expensed under
both IFRS and GAAP. Under GAAP, however, costs in the
development phase are also always expensed. As shown in
this chapter, under IFRS, development costs can be
capitalized once technological feasibility is achieved.
Key Differences
Understanding
Understanding U.S.
U.S. GAAP
GAAP
Plant Assets, Natural
Resources, and Intangible
Assets
GAAP does not permit the use of revaluation accounting for
property, plant, and equipment, which is allowed under
IFRS.
Key Differences
Slide
9-69
Understanding
Understanding U.S.
U.S. GAAP
GAAP
Plant Assets, Natural
Resources, and Intangible
Assets
IFRS allows reversal of impairment losses when there has
been a change in economic conditions or in the expected
use of the asset. Under GAAP, impairment losses cannot be
reversed for assets to be held and used; the impairment
loss results in a new cost basis for the asset. IFRS and
GAAP are similar in the accounting for impairments of
assets held for disposal.
Key Differences
Slide
9-70
Understanding
Understanding U.S.
U.S. GAAP
GAAP
Looking to the Future
Exchange
Exchange of
of Plant
Plant Assets
Assets
Appendix
Slide
9-72
Exchange
Exchange of
of Plant
Plant Assets
Assets
Illustration: Roland Co. exchanged old trucks (cost $64,000
less $22,000 accumulated depreciation) plus cash of $17,000
for a new semi-truck. The old trucks had a fair value of $26,000.
Loss
Treatment
Slide
9-73
$64,000
22,000
42,000
26,000
$16,000
$26,000
17,000
$43,000
Exchange
Exchange of
of Plant
Plant Assets
Assets
Illustration: Roland Co. exchanged old trucks (cost $64,000
less $22,000 accumulated depreciation) plus cash of $17,000
for a new semi-truck. The old trucks had a fair market value of
$26,000.
Prepare the entry to record the exchange of assets by Roland
Co.
Slide
9-74
Semi-truck
43,000
Accumulated depreciation
22,000
Loss on disposal
16,000
Used trucks
64,000
Cash
17,000
SO 10 Explain how to account for the exchange of plant assets.
Exchange
Exchange of
of Plant
Plant Assets
Assets
Illustration: Mark Express Delivery trades its old delivery
equipment (cost $40,000 less $28,000 accumulated
depreciation) for new delivery equipment. The old equipment
had a fair value of $19,000. Mark also paid $3,000.
Gain
Treatment
Slide
9-75
$40,000
28,000
12,000
19,000
$7,000
$19,000
3,000
$22,000
Exchange
Exchange of
of Plant
Plant Assets
Assets
Illustration: Mark Express Delivery trades its old delivery
equipment (cost $40,000 less $28,000 accumulated
depreciation) for new delivery equipment. The old equipment
had a fair value of $19,000. Mark also paid $3,000.
Prepare the entry to record the exchange of assets by Mark
Express.
Delivery equipment (new)
22,000
Accumulated depreciation
28,000
Slide
9-76
40,000
Gain on disposal
7,000
Cash
3,000
SO 10 Explain how to account for the exchange of plant assets.
Exchange
Exchange of
of Plant
Plant Assets
Assets
Review Question
In exchanges of assets in which the exchange has
commercial substance:
a. neither gains nor losses are recognized immediately.
b. gains, but not losses, are recognized immediately.
c. losses, but not gains, are recognized immediately.
d. both gains and losses are recognized immediately.
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Exchange
Exchange of
of Plant
Plant Assets
Assets
Q. Presented below are two independent transactions. Both transactions
have commercial substance.
1.Global Co. exchanged old trucks (cost $64,000 less $22,000
accumulated depreciation) plus cash of $17,000 for new trucks. The old
trucks had a fair value of $38,000.
2.Rijo Inc. trades its used machine (cost $12,000 less $4,000
accumulated depreciation) for a new machine. In addition to exchanging
the old machine (which had a fair value of $9,000), Rijo also paid cash
of $2,700.
Instructions
(a)Prepare the entry to record the exchange of assets by Global Co.
(b)Prepare the entry to record the exchange of assets by Rijo Inc.
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Copyright
Copyright
Copyright 2011 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.
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