Accounting 2 – ACCT 122 – Program #202 – Accounting for Partnerships

Hey everyone here we are now live. My name
is David Krug. I have been a full-time professor at JCCC for 11 years. I am very excited to
be taping these videos for you what have been watching these videos at home or on YouTube
we taped Accounting I videos back in fall of 2011. Everyone thought they were taped
earlier because of the cheesy music. I keep get emails from people that always say when
are you going to do Accounting II videos, when are you going to do Accounting II videos.
I keep telling them that we don't have any plans to do that. Well, we finally decided
to do Accounting 2 videos. That is what you are watching now. We finally said yes to the
public demand. It's just like the Star Wars movies, they just keep begging for more Star
Wars movies, so now they are making more Star Wars movies.

It's just like that. A few introductory
things, this is actually lecture number 202. Lecture 201 is the lecture that I will tape
about class policies and procedures. I decided to number these videos differently than my
Accounting 1 videos because I didn't want some to watch accounting lecture number 6
and then went to lecture number 7 but it was for Accounting II and all the sudden they
are all mixed up. I made the numbering very specifically different, so this is lecture
202 and lecture 201 was class policies and procedures, and there was no lecture 200 or
199 or anything like that. The other thing I want to say really quickly and remind everyone
is the textbook we are using for this class.

The textbook we are for this class is, O let
me just put it on the overhead. It is Fundamental of Accounting Principles volume 2 chapters
12-25, by Wild, Shaw and Chiappetta and it is the 21st Edition of this book. There is
picture of a lonely guy at the lake and is on his iPad. I think it's sad because if he
didn't spend so much time on his iPad at the lake maybe he would have friends with him
at the lake. I'm going to go ahead and do a close up of the ISBN number for this class
if you want to go purchase
this book. The other thing that we did really quickly here and I want to talk about is,
anyone have that? Can I show that real quickly? We took a quiz here in class and go ahead
and leave this on the screen as I talk.

One of the things I like to do is ask my Accounting
II students, I give them this quiz to see if they still remember what accounts are debit
balance accounts and what accounts are credit balance accounts. So I ask them these questions,
if you want to pause this folks and take this quiz to see how well you did and here are
the questions I asked on the second page. Once again you can pause this if you like
to see if you know the answers. But you need to get most of these questions right. If you
don't most of these right maybe you need to go back to chapter 1 chapter 2 and maybe chapter
3 of Accounting I and review your account balances and review what financial statement
accounts go on because that is very important, we presume you have that knowledge. Really
quick let's go through this. Accounts Receivable is a debit account balance, Consulting Revenue
is a credit balance, Advertising Expense is a Debit balance account, Automobile is a debit,
capital is a credit balance, Salaries Payable is a credit balance, Cash is a debit, unearned
revenue is a credit, owner withdrawal is a debit, prepaid rent is also a debit account.
For you folks here this is quiz version C, if you have version D these are in a different

On your Scantron how would you indicate how each of these accounts change. Well how
do you decrease account receivable? You credit it. How do you decrease withdrawals? You credit
it. How do you increase advertising expense? You debit it. How do you increase capital?
You credit it. How do you decrease equipment? You credit it, and how do you decrease consulting
revenue? You debit it. And then quickly what financial statement
do these items go on? Well unearned revenue goes on balance sheet. Depreciation goes on
income statement, total revenue goes on the income statement, taxes payable goes on the
balance sheet, withdrawals go on the statement of equity, accounts receivable goes on the
balance sheep and interest earned goes on the income statement.
Are you with me? Are there any questions on that? So you folk that are watching can kind
of assess how you did on that and if you know that information or if you need to review
it. Now does anyone remember what type of account we mostly talked about in Accounting
1? Yes sole proprietorship. There was one owner and only one owner and they did not
incorporate there business.

It was a sole proprietorship that was the main type of business
we talked about in Accounting 1. Well in Accounting II we are going to talk about partnerships
and let us talk about what a partnership is. Do you all have these slides here in class?
For the folks watching at home the slides are on the website in the appropriate section
that I have showed you. Let's talk about the partnership form of organization.
First of all the partnership form of organization is voluntary. You cannot make someone be your
partner in business just like you can force someone to marry you or something like that.
It is voluntary. There is also a limited life. Coming off that to the cameras let's say Daniel
and Michael had a partnership. Let's say a landscaping partnership. Well if one of you
would die heaven forbid, that partnership would be over. You may opt to go into partnership
with someone else but the partnership between you two guys is over. Just like if you're
married to someone and one of the spouses dies that marriage is over. You can marry
someone else but that marriage is over.

So it has a limited life unlike a corporation
which has an unlimited life. Co-ownership of property, what does that mean? Well co-ownership
means let's say if Daniel puts a truck into the business then Michael can use the truck
as well. You're not saying this is my truck. The partnership now owns the truck. What you
have is a partnership agreement; well what you should have is a partnership agreement.
What is a partnership agreement? Well this is usually done with the help of an attorney.
What it does is it is a written document that explains how the income and loses be divided.
What will we do if someone wants to withdraw from the partnership? What will be done if
someone wants to bring on someone else as an addition? What will we do if we have cash
trouble? It tries to walk through all those what if scenarios while everyone still loves
each other, so that they know what to do if it comes to that time.
"STUDENT" Is it basically a contract between two people?
You can think of it as a contract.

In a way it is kind of like a prenuptial. When I got
married 24 years ago we didn't have a prenuptial because we didn't have anything. I think we
would have just decided who got the Atari game system or whatever if there was a divorce.
But you hear of movie stars that say I love you and will love you forever, but in case
we get divorced this is how it will play out. Well I'm not a big fan of prenuptials for
marriages I am a big fan of partnership agreements for partnerships. These don't cost that much
to do with an attorney; they probably cost around a thousand bucks, depending on how
complicated everything is. What do you think the number 1 reason that people do not pay
the money to get a partnership agreement? "STUDENT": because they cannot agree on a
partnership agreement? That's usually not it, but that might be,
if that's the case you might not want to go into business with that person anyways.
"STUDENT"; they say they trust the other person. They say you know what we don't need a partnership
agreement we will just talk things out.

That seems ideal when you're first starting out.
Does anyone have a friend that's been through a messy divorce? Wait a few years and you
will know a few people. Maybe you know some people that have gone through a messy divorce.
I have friend of mine that have gone through a messy divorce. I can think back to when
I was in their wedding and they were standing up there in their church and looking into
each other's eyes and holding the hands and saying I will always love you as God has given
you to me and me to you, and we will run through the forest with butterflies and rainbows and
everything is going to be wonderful and they ride in on the Cinderella horse and carriage
and happily ever after. Everything is so full of love that day. Then three years later there
are divorces and going I hate that person's gut. Well sometimes partnerships are like
this. When you start a business you're like this is going to be great.

We will just talk
out our problems. But then when troubles come you may wish that you have invested into the
partnership agreement. Are you with me? Another characteristic of partnership is mutual agency.
What do we mean by mutual agency? That is usually discussed in a partnership agreement.
What that means is this. Going back to Michael and Daniel again, if you guys are in that
partnership, let's say the landscaping business. Daniel you can go to the landscaping store
and buy some grass seed or something, you don't have to have Michael with you. You can
act as an agent of that partnership. This makes scene, what if all 13 of you were in
a partnership together? When you go buy office supplies would you all have to get on a little
school bus to go, no you wouldn't.

Certainly individuals could conduct business for that
partnership if that business is reasonable for that type of business, and certainly buying
grass seed or something would be reasonable expenditure for a landscape company.
Alright now let's talk about two real important items. One great thing about a partnership
is that the partnership itself does pay taxes. Now does that mean that Daniel and Michael
get to live the benefits of a tax free life? No, what that means is this; the business
itself does not have to pay taxes. Now let me clear that up a little bit more if that's
still fuzzy. Know what we are going to talk about is a corporation.

Quick side note and
let's talk about a corporation. Know a corporation here rights? Here you have what is called
Sprint Inc. c-corp. well they have to pay taxes; the company itself has to pay taxes
to the US government. They may give some money to their shareholders
in the form of dividends. Those shareholders
they also have to pay taxes to the government. That is double taxations on c-corps. Sprint
hates that they have this, the owners of Sprint the shareholders hate that they have to pay
taxes on money that Sprint has already paid taxes on.

That's double taxation. But going
back to the partnership, one of the big advantages to a partnership is that the partnership its
self does not pay taxes. Your business will fill out an information tax return where there
is not money or anything and then report whatever you need to on your individual return when
you do your individual for you or your family and that's when you pay your taxes. You are
only taxed once at the individual level. That is the great thing about partnerships. Now
let me tell you the big bummer about partnership organization. There is what we call unlimited
liability of partners. What does that mean? Well, coming off the cameras. To Daniel and
Michael let's say you have that landscaping business and your partnership that means you
have unlimited liability. So let's say Michael is foolishly texting while mowing a lawn and
runs over a child. That would be a bit messy wouldn't it? Well the partners could come
sue the partnership and try to take the partnerships assets. They could also go after your personal
assets Michael. They could take your home or lake house or go after your savings account
that you funded with grandma's inheritance or whatever.
"STUDENT"; so you can't LLC a partnership? We are talking about a pure partnership.

will talk about that is a second. Now here is the real bummer about a partnership, let's
say Michael has this very unfortunate lawn mowing accident and you're a partnership,
he doesn't have any personal assets but Daniel does. Who do you think they are going to go
after? Daniel. So that is a big disadvantage of a true form of a partnership. Alright let's
talk about a couple other organizations that have partnership characteristics. Know there
is something called a limited partnership. This is where you have general partners who
conduct the operations of the business. But you also have what is called a limited partner
or a couple limited partners. These are individuals that are partners of the business but are
they are not in the daily operations; maybe they are just the money person.

Maybe you
guys decide to bring in Jeramiah because he has lots of cash. He is a limited partner,
you two are general partners. Now in every limited partnership you have to have at least
one general partner to conduct the operations. But the limited partners such has Jeramiah,
they have no personal liability beyond whatever they have invested. So in that unfortunate
lawn mowing example they could not go after limited partner Jeramiah and take his personal

Another thing you may have heard of is a limited
liability partnership, this is a partnership however there is protection in regards to
malpractice and negligent claims among the different partners. Now when you see words
like malpractice and negligent what types of partnerships would you think you would
find the LLP form to be in existence? Medical groups like doctors; and attorneys. So let's
say there were five of you that were in a doctor's office together and you were each
physicians and you where an LLP. Well if Henry is negligent they could not go after someone
else and go after their personal assets. There is that protection. You know doctors, there
getting sued all of the time so there has to be that sort of form to kind of protect

Now the next form of business is what Michael
was referring to. Have you ever heard of the limited liability corporation? Or sometimes
call LLC. The LLC has kind of the best of both worlds. The owners have limited liability,
so they don't have to worry about someone coming after their personal assets. The business
itself does not pay taxes. If you were going to start a business today in the United States,
I would recon to say they would advise you to be a LLC because of these two great benefits.
You might ask yourself why every company doesn't become a LLC. Well the main reason is, well
let me back up. We're talking about these different forms of business for accounting
class if and when you guys take a law class you're going to go a lot deeper into these
forms, I don't know all the legal stipulations and requirements and all those for each of
these forms. In the general sense the main reason the main reason not every business
can be an LLC is there is a certain size or certain complexity that once a business grows
to they are not allowed to be an LLC.

I don't know what all the little legalese thing is
but suffice it to say that companies like Pepsi Co or Sprint they would love if they
would love if they could be a LLC and no longer have double taxation. But they are way too
large and way too complex to qualify to be and LLC. The reason the LLC was mainly to
put into place was to provide an avenue for small businesses to be able to start and have
both advantages of no taxation and limited liabilities. "Student"; so does the Government set that
up like what the max is. Yes the government establishes that, again
if this was a law class we would go through the stipulation of what you have to qualify
as and LLC. But that is kind of beyond the scope of the class. "Student"; It's just like a form of insurance
more or less right? Well you can think of it like that way even
though it's not technically insurance; but by being an LLC the main reason people do
it so they have that protection, if there is a lawsuit.

We know in the US everyone likes
to sue everybody. I had a business for 5 to 10 years and it was a LLC. It's really not
that expensive to do, you have to pay a few fees there is a few things you have to do,
forms have to fill out but it's really not that complicated at all.
"Student"; if you were to start a branch of an existing company like Starbucks do you
have stipulations through that company already that you have to follow?
Starbucks I guarantee you is a corporation. So that would be a franchise, so you wouldn't
really be your own separate entity. Know I take that back a little bit if you owned several
Starbucks yourself and had a franchise I'm not sure but I think the protection you would
receive would be form the corporation itself. But maybe you could be an LLC as well.
Again if you guys are asking more legal questions that are attorney type things I'm not going
to know. "Student"; I didn't know if you had premade
stipulations that have to be followed.

Starbucks and any sort of franchise definite
have a list of thing to protect you as well as a list of things you have to do to qualify
to be a franchise. Let just generalize here and move beyond this.
Take a look at this chart. Let me get my pointer I'm not really good at writing with a mouse.
A proprietorship is what we talked about in Accounting I. Partnerships is what we are
going to talk about in chapter 12 and we are going to kind of touch on a little bit of
these as well. And S Corp is real similar to a LLC. Then there is corporation sometimes
we call it a C Corp. That's like Sprint and we will talk about that in chapter 13. Know
regardless how you separate your business it is going to be a separate business entity.
Now remember the business entity concept for Accounting I? You are going to keep those
records separate from your personal records or if you have more than one business, you're
going to keep everything separate.

But looking at this chart in regards to a legal entity,
only items that are corporations' whether an LLC, S Corp or C Corp are a separate legal
entities. That means you have almost created an artificial person. Corporations have rights
and responsibilities; they can sue and be sued. So only Corporation are separate legal
entities. Limited liability as I said partnerships and proprietorships do not have limited liability
they have unlimited liability, which is a real bummer. Is the business taxed? Only a
C corporation has this double taxation. Is one owner allowed? Well any kind of business
can have one owner unless it is a partnership. If you have a partnership there is more than
one owner. But coming off of that, when you think of corporations you think of Pepsi Co,
Garmin International, or Hallmark. There are lots of corporations that are just two people
there are more of those then the others; I don't want you to just think corporations
are always gigantic. You could be a C Corp if you wanted your two person landscaping
business but I'm going to guessing your attorney would advise you to be an LLC.
We're laying some ground work here.

Remember how when in a sole proprietorship in Accounting
I; going over to the document camera. Remember how we talked about in a sole proprietorship
Accounting I, John Doe invests $10,000 and then we credit capital for $10,000. Remember
how we did that in Accounting I? A lot of time we didn't even put the partners name
behind their capital account. But one thing I want you to know is that in a partnership
each partner has their own capital account, and each partner has their own withdrawal

So there is an account called capital Dan, and an account called capital Michael,
and there is an account called withdrawal Dan and withdrawal Michael and you keep track
of that separately. And just like with the sole proprietorship you as the owner can invest
assets and liabilities into the company and it increases your capital. Remember in Accounting
I how I made a big deal about how investing assets into a company and net income are the
things that increase your capital. The things that decrease the capital are the owner taking
assets out of the company or if the company has a net loss they decrease capital. Same
thing with a partnership except you each have your own capital account and your own withdrawal
account. Let's take a quick look at this. On May 1, Bob and Jane organize and partnership.
Bob contributes cash of $19,000 and Equipment of $4,000. So we debit cash for $19,000 and
$4,000. You notice we don't put Bob's name by it or anything like that because the partnership
owns it. Then what do we credit? We credit Capital – Bob or sometimes people will put
the name first like Bob – capital.

Let's say that Jane contributes cast of $3,000 and an
Automobile with a fair market value of $24,000. Now there is a note payable of $6,000 that
is due on that automobile that is also assumed by the partnership. What would that journal
entry look like? I always say list all the assets and or liabilities going into the business
and ask yourself what you would have to credit here to make this journal entry balance.

this case you have to credit capital Jane for $21,000. Of course your total credits
have to equal your total debits. If there is withdrawals, if Bob withdraws $3,200 from
the partnership for personal expenses the journal entry is the same except you debit
withdrawals for Bob, credit cash. If Jane withdrawals $2,900 we debit withdrawals for
Jane and credit cash. I have yacked long enough what I want you
all to do is just take a few minutes, I have given you the Lucinda and Donna handout. I
only want you to do required A and B. Now you folks at home who are watching this if
you are an online student you should have all these work papers. If you are watching
these overseas or something for your own benefit, if you email me at the email address that
is given many times throughout these lectures I will send you these handouts. Don't leave
a comment on the YouTube page I don't read those, send me an email. Now let's do A and
B of the Lucinda and Donna handout.

Music Playing form 31:57 to 34:48 Okay we are back. Let's take a look at the
answers to this. Well there is cash and equipment for Lucinda invested into the business of
$4,000 and $3,680 so we credit capital I just put L for $7,680. For Donna she put in cash
of $8,820, vehicle for $9,800 and note payable of $2,300. You might ask yourself the partnership
doesn't want any note payable, they don't want any debt. Why would there be a debt they
take on. Well they are more than happy to take the vehicle even if there is some debt
because wouldn't you take a $9,800 vehicle even if there was $2,300 debt? You don't get
one without the other.

So the vehicle goes in at $9,800 and the notes payable goes in
at $2,300 and we credit capital for Donna $16,320. All the debits equal the credits.
Okay let's go back to the lecture. Let's review the closing process. Remember chapter 4 well
was for us in Accounting I, remember when you closed the books at the end of the period.
First you would close the Revenue by debiting them. They would have some amount. Let's say
the total over the revenue was for 100,000 so we would credit income summary. And then
you would close all of the expense accounts. Let's say the total of the expenses 60,000
so we would debit income summary. Does anyone remember the third closing entry? You would
close the income summary to capital. Now do we have a net income or net lost? The revenue
is 100,000 and the expenses are 60,000 so we have a net income of 40,000.

So what the
third closing entry was in Accounting I with a sole proprietorship we would debit income
summary for 40,000 and credit capital for 40,000. Now it's the same way with partnerships
of course you have to close the withdrawals account too. Just know that, but let's concentrate
on this. This is all the same for partnership except we have more than one capital account
now. We might have capital for Daniel and capital for Michael and we need to know how
that income is allocated between the two partners. "Student"; as far as revenue and expenses
would you put as an expense that Daniel paid for?
For were you are in your education no it would just be listed as an expense of the partnership.
But we need to know how to divide up that income summary.

Know where do you thing we
would go to find out how we would divide up that income between partners? Partnership
agreement is where it's going to state it. If you don't have anything written down then
it's going to be divided evenly. But what I want to talk about know is how we divide
income or lose. We don't report salary as and expense on the income statement for partners.
The way that there compensated is through their capital account increasing and being
able to draw on it. So again if the partnership agreement does not state how to divide up
income or lose then it will be done evenly.

But there are some other ways that is can
be done. Know I want you to look real quick switching back to this docket cam. When we
do this entry to divide or allocate the net income, there is no cash. Sometimes people
will incorrectly credit cash here. This doesn't mean we are giving out money to the partners.
We are increasing their capital accounts. If they choose to withdrawal cash in the future
that is the prerogative. But when you are allocating net income or net loss it is not
a cash transaction.

Just like in Accounting 1 you didn't credit cash in the third journal
entry when you closed income summary. Now let's talk about common ways to divide
income or loss. Two of these are pretty straight forward and the third will need a little more
explanation. So what if we divided based on a stated ratio that's listed in the partnership
agreement. Let's look at an example. Smith and Jones agree to divide profits or losses
3/4 for Smith and 1/4 for jones. Now why might net income not be allocated evenly among partners?
Because one might be doing more work than the other, maybe one has put in more assets
into the business or maybe someone has more expertise. Henry if you wanted to start an
accounting practice with me then I would probably say well I have more experience than you do,
right? So I'm going to get more of the net income than you do.

LeBron James does not
get paid the same amount on his team as the 12th guy on the bench. He has more skills.
In this analogy I'm LeBron James. Let's go back to this example. Smith and Jones agree
to divide profits or losses 3/4 for Smith and 1/4 for Jones. For the current year they
reported net income of 60,000. Well it's pretty easy to see how we came up with those numbers.
3/4 of 60,000 is 45,000 for Smith, and of course 15,000 are 1/4 of 60,000. There is
not cash to distribute or anything this is just how there capital accounts increase.
You can see here they put the person's name first and then capital, I usually got capital
and then the person's name.

Look at the next method. What about allocation
based on capital balances. Well Smith's capital balance before division of profits or losses
is 80,000 and Jones is 40,000. Know the partnership agreement call for income or loss to be allocation
based of the relative capital balances. Net income is 60,000. Okay let's take a look at
this. So you have the capital balances for Smith and Jones, Smith is 80,000 and Jones
is 40,000 for a total of 120,000. Then we figure out the ratio. What's 80,000 divided
by 120,000? It is 2/3 or 66.67percent. What is 40 divided by 120,000? It's 1/3 or 33.33
percent. Then we take the percentage times the net income of 60,000 and that gives us
how much we allocate to each partner. Of course the journal entry looks like this. Now this
method might be used remember when we invested assets this would reward the person who has
the higher capital balance perhaps invested more assets into the company. Are there any
questions on those first two methods? Let's look at the third method in what time
we have left. It's a little bit more complicated but it's a perfect example of something will
be best illustrated by doing an example or two so we will get to that in a minute.

say Smith and Jones has a partnership agreement with the following agreement. Smith receives
15,000 salary allowances and Jones receives 10,000 salary allowances. What is a Salary
allowance? A Salary allowance is simply a number that is written in the partnership
agreement in regards to doing the computation we are going to do. Now Smith gets a 15,000
salary allowance more the Jones 10,000 because perhaps he has more expertise. Now each partner
is also allowed an annual interest allowance. It is going to be computed by taking 5% times
the beginning of the year capital balance. Remember from the previous slides that the
beginning-of-year capital balances for Smith and Jones are 80,000 and 40,000. So they are
going to receive an interest allowance of 5% based on those beginning of the year capital

Any remaining balance of income or loss will be divided equally.
Let's take a look at an example. We have a net income of 60,000. The first thing we need
to do is list out the salary allowances that were given in the partnership agreement. It
said that Smith will receive 15,000 and Jones will receive 10,000 salary allowances so write
that down. Then it says they received interest allowances of 5% of their beginning of the
year capital balance. For smith it would be 5% times 80,000 equaling 4,000 and 40,000
times 5% equaling 2,000. So now we add up these 4 numbers and those numbers equal 31,000.
We subtract that from the net income of 60,000 and we get 29,000, and then it says to divide
that equally.

What is half of 29,000? It is 14,500. So we hand that to each partner. Then
we add these 3 numbers up and we get 33,500. Now we add these 3 up and we get 26,500. The
key thing is that the 33,550 and the 26,500 equal the next income of 60,000. If the two
numbers on the bottom line do not add up to the net income then you have made a mistake.
So that is a little more complicated way of allocating income, it's one that grants certain
salary allowances to each partner based on the knowledge or expertise, or how much time
they are putting in.

It also rewards them by keeping a high capital balance because
there is a percentage paid on capital. Student; is this the most common way used?
No, I think the most common way is equally. But this is certainly used a lot. Now taking
a look back at the screen the journal entry would be debit to income summary of 60,000,
and Smith capital and Jones Capital is credited or increased because capital balance is a
credit balance account. Those accounts are increased by 33,500 and 26,500 respectably.
Know I want to note something we have about 3 more in here.

If we change the net income
instead of 60,000 is 81,000, I want you to know that everything here stays exactly the
same no matter what the net income or net loss is. But now if we subtract 31,000 from
81,000 we get 50,000 and what is half of 50,000? 25,000. Now we add those up and we get 44,000
and 37,000. Does 44,000 plus 37,000 equal 81,000? Yes it does. So everything in that
circle stays the same in that box. So what if they only have a net income of 22,000?
Well once again everything in the circle stays the same. But now you subtract the 31,000
from 22,000 and what do you get? You get -9,000. What's half of -9,000? It's -4,500. Does 14,500
plus 7,500 equal 22,000? Yes it does. One more example, what if they had a net loss
of? Well you can think of it as a negative net income. Well let's say their net income
is -9,000. This is all the same. What is -9,000 minus 31,000? It is -40,000. What's 1/2 of
-40,000? -20,000.

When you add those us you get -1,000 and -8,000 that adds up to -9,000.
In this case the capital accounts would actually be decreased. Capital Smith and Capital Jones
would be debited and income summary would be credited because it's a loss. Here is what
I want you to do for homework, finish Lucinda and Donna handout. Do the Scott and Mike handout.
And then what I want you to do is Quickstudy 12.1 and exercise 12.1 and 12.4. Now the Scott
and Mike handout looks like that. This is not three separate plans. This is all one
plan and you're only going to make one journal entry, just like we did when we were doing
this right here. So the homework I want you to do is finish Lucinda and Donna handout
Scott and Mike handout and Quick study 12.1 and exercise 12.1 and 12.4. If you need to
review those account balances go ahead and do that as well.

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