To recognize revenue from transactions under independent circumstances, use professional judgment in December.
What are the three basic circumstances that force you to record revenue?
According to generally recognized accounting rules, a transaction must be signaled by a crucial event, such as the sale of goods or the completion of a project, and payment for the good or service must correspond to the stated price or mutually agreed-upon fee.
What is the standard for revenue recognition?
The fundamental tenet of the revenue recognition standard is that an organization should record revenue to reflect the transfer of goods or services to clients in an amount that reflects the consideration to which it expects to be entitled in return for those goods or services.
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Full Question - The following independent situations require professional judgment for determining when to recognize revenue from the transactions. Identify when revenue should be recognized in each of the situations.
(september, november, december)
(a)Southwest Airlines sells you an advance-purchase airline ticket in September for your flight home in December.
esse Pinkman is thinking about trading cars. He estimates he will still have to borrow $31,000 to pay for his new car. How large will Jesse's monthly car loan payment be if he can get a -year ( equal monthly payments) car loan from the university's credit union at an APR of 9.4 percent compounded monthly?
Answer:
Jesse's monthly car loan payment has to be $2,716.75.
Explanation:
Jesse's monthly car loan payment can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value or amount to borrow = $31,000
P = Monthly car loan payment = ?
r = Monthly interest rate = APR / Number of months in a year = 9.4% / 12 = 0.094 / 12 = 0.00783333333333333
n = Number of months = Number of year * Number of months in a year = 1 * 12 = 12
Substitute the values into equation (1) and solve for P, we have:
$31,000 = P * ((1 - (1 / (1 + 0.00783333333333333))^12) / 0.00783333333333333)
$31,000 = P * 11.4106954292971
P = $31,000 / 11.4106954292971 = $2,716.75
Therefore, Jesse's monthly car loan payment has to be $2,716.75.
What will most likely cause a lender to deny credit?
OA short credit history with high balances
O Possession of two credit cards
OA small amount of debt owed
OA historic credit score of 300
Answer:
A historic credit score of 300
Explanation:
A credit score is a numeric record that expresses the reliability of a borrower to repay loans. The credit score or credit rating is determined by, among other things, credit history, income level, and the individual's income to debt ratio.
Credit scores range between 300 and 850. 300 is the lowest and the poorest score. A score of 300 indicates that the borrower has a bad history of debt repayment. They are always late on repayments, miss on installments, or have defaulted on loans. Lenders consider such persons as high-risk borrowers and are likely to deny them credit facilities.
you start out with $2,000 in a savings account and save $100 a month for 10 years and the account has a 2.5% interest rate. based on that calculation how much interest would you earn?
Answer: 25%
Explanation:
Who is a business letter not written by?
A business letter is not written Option C. between two private individuals.
A business letter is a formal letter used by businesses or companies to communicate with customers, clients, other companies, or government officials. It is used for various purposes, such as requesting information, placing orders, providing feedback, making inquiries, making claims, making offers, and more. Business letters are different from personal letters in that they are more formal, objective, and to the point.
Business letters are usually written by a company's employees who have the authority to do so. For instance, the sales team may write letters to prospective clients to solicit their business, while the human resources department may write letters to job applicants to inform them of their application status. There are various types of business letters, and each serves a different purpose. Some common types of business letters include:
1. Inquiry letters: Used to request information about products, services, or pricing.
2. Order letters: Used to place orders for goods or services.
3. Complaint letters: Used to make a formal complaint about a product or service.
4. Adjustment letters: Used to respond to a complaint or request for an adjustment.
5. Sales letters: Used to sell a product or service.
6. Acknowledgment letters: Used to acknowledge receipt of an order, complaint, or request.
7. Employment letters: Used to communicate with job applicants, employees, or ex-employees.
8. Invitation letters: Used to invite someone to an event or occasion.
9. Cover letters: Used to accompany a resume or job application.
Business letters are important because they create a record of communication between two parties, and they provide a paper trail of events. They are also important because they can be used in legal proceedings, as they show that the parties communicated about a particular matter. Therefore, the correct option is C.
The question was incomplete, Find the full content below:
A business letter is not written
A. between a company and its customers or clients
B. between one company and another company
C. between two private individuals
D. to employees within a company to recognize important achievements
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State whether the following statement is true or false, and explain why. If the statement is false, state the true change. If the national economy shrank at an annual rate of 20% per year for three consecutive years, then the economy shrank by 60% over the three-year period.
Answer:
It's true.
Explanation:
Because every year 20% is added so after 3 years it's 60%
this is because the percentage changes a certain amount every months which increases the amount of money it's worth or how much the price goes down.
Consumers spend the least amount of time-consuming news delivered in which format?
A.television
B.print
C.digital
D.radio
Answer: A. television. and D. Radio.
Last year you forgot to pay a total of three department store monthly statements. Two of the three charged you a $35 fee for this and one store charged you $25. You also forgot to pay your monthly credit card bill twice and the credit card company penalized you $30 per oversight. This year you switched to online banking with automatic payment. What did online banking with autopay save you?.
Last year you incurred a total of $135 in fees for forgetting to pay your department store monthly statements and $60 in fees for forgetting to pay your credit card bill twice.
What are monthly bank statements?A bank statement is a document sent by the bank that covers a certain time period, typically one month, and details all transactions made on your account during that time. Your average daily balance, processed deductions and deposits, and any interest generated are just a few examples of the information that is included in the activity listed on your bank statement.
Therefore, in total, you incurred $195 in fees last year for missed payments.
Assuming that online banking with autopay has prevented you from missing any payments this year, it has saved you $195 in fees.
In addition to saving you money on fees, online banking with autopay can also save you time and hassle, as you no longer have to manually remember to make your payments each month.
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Customer service personnel typically need at least:
A. a high school diploma
B. a vocational school certificate
C. a community college degree
D. a four-year degree
Answer:
a
Explanation:
The table below shows the total expenditure on a basket of goods and services; use this information to calculate the index number for the cost of a basket of goods and services in period 2, assuming Period 1 is the base year. (Round to 1 decimal place.)
Since Period 2 is the base year, so, index number for Period 2 will be 100 for the given information in Expenditure table.
for period 1 ,
Total Expenditure = $3,100
Index Number = 3100/3350×100
=92.537
for period 2,
Total Expenditure = $3,350
Index Number = 3350/3350×100
= 100
for period 3,
Total Expenditure = $3,400
Index Number = 3400/3350×100
= 101.492
for period 4,
Total Expenditure = $3,500
Index Number = 3500/3350×100
= 104.47
Index numbers are statistical measures that express changes in the value of a variable or a group of variables over time. They are used to compare the value of a particular variable at different points in time or across different regions or groups. Index numbers are useful in economics and other fields where there is a need to track changes in the value of a variable over time or across different units of observation. Common examples of index numbers include price indices, inflation indices, and stock market indices.
the complete question is:
The table below shows the total expenditure on a basket of goods and services; use this information to calculate the index number for the cost of a basket of goods and services in period 2, assuming Period 1 is the base year. (Round to 1 decimal place.)
Total Expenditure Index Number
Period 1 $3,100
Period 2 $3,350
Period 3 $3,400
Period 4 $3,500
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which market structure p
redominantly uses product differntation
Mary and John, two workers at ABC Inc., have a profound dislike for each other. In weekly sales meetings, it is not uncommon to find Mary and John calling each other names for no apparent reason. What type of conflict best describes the situation between Mary and John
The type of conflict that best describes the situation between Mary and John is interpersonal conflict, which arises from the disagreement between two or more people.
Conflicts must be managed in the workplace in order to develop a positive organizational culture focused on developing employee skills, cooperation and innovation.
Therefore, to manage interpersonal conflicts like Mary and John's, it is necessary for the leader to establish open and direct communication, listen carefully to all parties, identify points of disagreement and agreement, and develop an aligned plan for conflict resolution.
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To sum up international trade theory, we can say that the primary reason for trade is
Answer:
The primary reason for trade is for the economic development of a country.
Explanation:
Trade makes a significant and necessary contribution to the economy and the country's development particularly in underdeveloped countries. The rapid progress of underdeveloped countries in the Industrial field is due to their exports. In most countries, such would represent a significant share of their gross domestic product (GDP).
Which of the following items is reported in accumulated other comprehensive income?
A) Foreign exchange remeasurement gains and losses
B) Unrealized Losses on trading securities of foreign-based companies
C) Unrealized foreign exchange transaction gains
D) Cumulative foreign exchange transaction loss
Option D is the correct answer. The total loss from foreign exchange transactions is reported in accumulated other comprehensive income.
What is meant by comprehensive income?Comprehensive income includes both net income and unrealized income, such as unrealized gains or losses on financial instruments employed as hedges or derivatives and gains or losses from foreign exchange operations.It provides a thorough comprehension of a company's earnings beyond what the income statement can express.Why is comprehensive income important?Companies can experience gains or losses as a result of changes in asset value that are not recognized under net income.Comprehensive income provides a broader picture of the company's overall income that may not be visible on the income statement because it includes all sources of income.Option D is the correct answer. The total loss from foreign exchange transactions is reported in accumulated other comprehensive income.
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The following information is taken from the production budget for the first quarter: Beginning inventory in units 1,200 Sales budgeted for the quarter 426,000 Capacity in units of production facility 472,000 How many units should be budgeted to be produced during the quarter if the company desires 3,200 units at the beginning of the next quarter
Answer:
428,000
Explanation:
Given that:
Beginning inventory = 1,200 units
Budgeted sales = 426,000
Desired ending inventory = 3,200
Now,
Production required is given as;
= (Budgeted sales + Ending inventory required) - Beginning inventory
= (426,000 + 3,200) - 1,200
= 428,000
Therefore, production required during the quarter is 428,000
Too little of a good or service is produced when there is a
On February 1, 2018, Wolf Inc. issued 10% bonds dated February 1, 2018, with a face amount of $270,000. The bonds sold for $323,440 and mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on July 31 and January 31. Wolf's fiscal year is the calendar year. Wolf uses the effective interest method of amortization.
Required:
1. Prepare the journal entry to record the bond issuance on February 1, 2018.
2. Prepare the entry to record interest on July 31, 2018.
3. Prepare the necessary journal entry on December 31, 2018.
4. Prepare the necessary journal entry on January 31, 2019.
Answer:
Required 1
Cash $323,440 (debit)
Bonds Payable $323,440 (credit)
Required 2
Interest Expense $12,938 (debit)
Bond Payable $12,938 (credit)
Required 3
J1
Interest Expense $12,961 (debit)
Bond Payable $12,961 (credit)
Interest accrued on Bond
J2
Bond Payable $12,938 (debit)
Cash $12,938 (credit)
Interest Cash outflow
Required 4
J1
Interest Expense $12,961 (debit)
Bond Payable $12,961 (credit)
Interest accrued on Bond
J2
Bond Payable $12,938 (debit)
Cash $12,938 (credit)
Interest Cash outflow
Explanation:
First, determine the coupon payments as follows :
FV = ($270,000)
PV = $323,440
N = 20
P/yr = 1
I = 8%
PMT = ?
Using a Financial Calculator, the annual coupon payments will be $27,042 ($12,938 semi-annually).
July 31,2018
Effective Interest Calculation
Effective Interest = $323,440 × 8% × 1/2
= $12,938
Which 3 statements are true about journal entries?
(Select all that apply)
Answer: • Total debit must equal Total credits.
• When posting to the accounts receivables, you must specify a customer
• You can post to multiple accounts receivables and/or accounts payable accounts in the same journal entry.
Explanation:
Journal entry is a record containing the transactions made by a company and these transactions are normally grouped in the debit and the credit side.
The statements that are true about a journal entry are that:
• Total debit must equal Total credits.
• When posting to the accounts receivables, you must specify a customer.
• You can post to multiple accounts receivables and/or accounts payable accounts in the same journal entry.
Which of the following items are classified as cash outflows from operating activities on the statement of cash flows?
A. issuance of bonds
B. purchase of building
C. purchase of supplies on account
D. payment on account
E. Payment of salaries
Answer:A an E
Explanation:
What is the annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges? Assume an interest rate of 3 percent. (Input the amount as a positive value.)
The annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges is $9. Read below about the analysis of the annual opportunity cost of a checking
What is the annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges?
The calculation goes thus;
Annual opportunity cost = Minimum balance × Interest rate
= $300 × 0.03
= $9
Therefore, the correct answer is as given above
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Discusses the effective and ethical use of graphics. Write at least two paragraphs explaining this section. Include specific examples.
Many accept morals for graphicsought to be founded on help, and that aiding others is something to be thankful for to do. With information and admittance to devices that can coordinate individuals' considerations and activities.
Design ethics assist with deciding elements that should be in items and administrations or highlights that should not be. Plan morals help with surveying the moral importance or moral worth of the items that outcome from the action of planning. For example, Signal is a solid telephone and courier application explicitly intended to safeguard its client's security.
The best ethical design practice is foster plans that mainly gather individual data that is to the greatest advantage of the clients.
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instance, think about the jobs listed below. While those in positions like these get to work
in and around show business, the functions they perform are based right in the clusters we
considered today: Business Management, Finance, Marketing and Sales. See if you can
search online to find what is involved with these three specific jobs. Can you find an example
of someone who holds this position? What do the do? How might their job allow them to
feel like a part of Hollywood?
Senior Vice President of Theatre Operations
Media Production Accountant
Social Media Director, Film Marketing Agency description of each of the three careers that you researched, including what tasks the
job requires and why the job is so important
2. A breakdown of the education requirements for each career, including subjects that might
be beneficial in preparing for each career
3. The projected annual salary for someone in each career and the job outlook according to
the Bureau of Labor
4. A summary of why you think this job is a good choice for someone who is interested it
"show business*
Each of these careers can be a good choice for someone interested in "show business" as they offer opportunities to work closely within the entertainment industry and contribute to its success. They provide a chance to be involved in the operations, financial management, marketing, and promotion of films and theaters.
Senior Vice President of Theatre Operations:
This role involves overseeing the operations and management of theaters within a company. Responsibilities may include developing and implementing operational strategies, managing budgets and financial performance, coordinating with production teams, ensuring smooth theater operations, and enhancing the overall customer experience. An example of someone who holds this position is Mark Manuel, Senior Vice President of Theatre Operations at AMC Theatres.
Media Production Accountant:
A media production accountant is responsible for managing the financial aspects of film and television production. They handle budgeting, cost tracking, payroll, financial reporting, and ensuring compliance with industry regulations. Their role is crucial in managing the financial resources of a production, tracking expenses, and providing accurate financial information for decision-making. Relevant education in accounting or finance is essential for this career, and knowledge of the entertainment industry can be beneficial.
Social Media Director, Film Marketing Agency:
As a social media director in a film marketing agency, the role involves developing and implementing social media strategies to promote films. They oversee social media campaigns, manage content creation, engage with audiences, analyze performance metrics, and work closely with marketing teams. Their job is important in building an online presence, creating buzz, and engaging fans within the film industry. A background in marketing, communication, or digital media is typically desired for this role.
Each of these careers can be a good choice for someone interested in "show business" as they offer opportunities to work closely within the entertainment industry and contribute to its success. They provide a chance to be involved in the operations, financial management, marketing, and promotion of films and theaters. These roles allow individuals to work behind the scenes, making critical decisions and supporting the overall success of productions. Additionally, being part of the entertainment industry can be exciting and fulfilling for those passionate about the world of show business.
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Which of these does research show is the best study technique?
Highlighting
Rereading
Doing practice questions
Summarization
Answer:
highlighting
Explanation:
Highlighting is characterized as the 'process of marking the significant or important information in a chapter or text.'
The most adequate study technique displayed by research is:
A). Highlighting
'Highlighting' helps the students keep their focus on the important details ideas of the text. This will not only assist the students in memorizing the information effectively but also in revising them during the exams as the important details are already highlighted. It allows the students in effective and efficient learning of the key concepts and to understand the texts comprehensively.
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.
Which of the following choices is not an example of a long-term goal?
owning a business
buying a house
earning money for new clothes
0.raising a family
Answer:
Earning money for new clothes.
On the 24th, a shooting incident occurred at a high school in St. Louis, Missouri, my country. A 19-year-old gunman opened fire on the campus, causing 2 deaths and 7 injuries, and was eventually shot dead by the police.
On October 25, St. Louis Mayor Tishaura Jones said that gun violence continues to take the lives of children and children in our country, and its severity is enough to become a "national emergency" and the government should take action. Police said at a news conference that day that the gunman was Orlando Harris, a 19-year-old male who just graduated from the high school last year.
The deaths at the high school in St. Louis, Missouri, United States show that an argument can indeed be made for tighter gun controls in the country.
Should there be tighter gun controls in the United States?The most recent tragedy that resulted from gun violence in the United States, was the killing of two people at the Central Visual and Performing Arts High School, St. Louis, Missouri, by a previous student of the school.
Over the years, there have been other instances of gun violence in American schools including the shooting at Uvalde, Texas that led to the deaths of 19 children.
The United States has the highest rates of gun ownership in the entire world as well as one of the highest rates for mass shooting. This means that there must be a correlation between the two. Nations that have tighter gun controls have lower rates of mass shooting.
There is therefore a good enough argument that the United States should introduce stricter and tighter gun controls in order to reduce the incidence of mass shootings, especially at schools.
The rest of the question is:
Does this shooting add more evidence for the argument for tighter gun control or less?
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Question 5
If an individual has a Holland code suggesting Conventional strengths,
career in which field might be most satisfying?
h
O Finance
O Teaching
O Food Service
O Medicine
If an individual has a Holland code suggesting Conventional strengths, the career in finance field might be most satisfying. Thus, the correct answer is option B.
What is a Holland Code?The Holland Codes, also known as the Holland Occupational Themes, are a taxonomy of interests based on a career and vocational choice theory developed by American psychologist John L. Holland.
The Holland Codes are a component of the Strong Interest Inventory, which is used to assess interests. Holland defines the "Conventional Type" as a person who has "a preference for actives that entail the explicit, ordered, systematic manipulation of data . These behavioral tendencies, in turn, lead to the development of clerical, computational, and business system competencies.
Therefore, a career in finance would be appropriate for an individual who has a Holland code suggesting Conventional strengths.
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whan deciding how to invest your money which of the following is least important to know
When deciding how to invest your money, it's essential to consider several factors such as risk tolerance, investment goals, and time horizon.
However, the least important factor to know is probably the short-term market fluctuations.
Short-term market fluctuations refer to the daily ups and downs in the stock market or other investment platforms. While it can be tempting to focus on these fluctuations, they are generally not indicative of long-term performance and can lead to emotional, impulsive decisions that may not align with your investment strategy. Instead, it's more important to focus on factors that contribute to long-term growth and stability.
A sound investment strategy takes into account your risk tolerance, which is your ability and willingness to withstand potential losses. Additionally, clearly defined investment goals help you create a tailored plan that considers your specific objectives, such as saving for retirement or funding a child's education. Your time horizon, or the length of time you plan to invest, also plays a significant role in determining suitable investment options.
By prioritizing long-term factors like risk tolerance, investment goals, and time horizon, you can make more informed decisions that will ultimately lead to better financial outcomes. Remember that short-term market fluctuations can be distracting and are less important in the grand scheme of your investment journey.
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the following balance where extracted from the book of Alfsal, a sole trader as at 31/12/2014 capital 198000 ,drawing 10700, building 300000, office equipment (cost le 22000) 15000, patent 24000, delivery van at cost63000, Accumulated depreciation delivery vans 14000, stock 01/01/2014 29000, sale485,000, purchase 196000, return outward 5300, return inward 17000, creditor 21900, debtor 34800, discount received 1400, wages and salaries 105,000, general expenses 13000,stationary 4800, tem loan(received on 01/04/2014) 50,000. vat 17300. provision for bad debts 2500. Advertising 5700. insurance 9,000. loan interest paid 1,000. bank42,600. PRSI/USU 10,200. profit and loss balance 01/01/2014 65,000. you are given the following aditional information: stock for resale at 31/12/2014 was le 19,000. stationary paid in advance was le 1,200. provision should be made for interest due on loan. the rate of interest is 6%per annum. wages and salaries are to be divided 75%for employees and drawings. building 10% of cost. delivery van 10% of net book value. office equipment 20% of cost. provision for bad debts is to be adjusted to 10% of debtors . you are required to prepare a trading and profit and loss account for the year ended 31/ 12/2014. balance sheet as at 31/12/2014.
Here is the trading and profit and loss account for the year ended 31/12/2014:
The Trading and Profit and Loss AccountFor the year ended 31/12/2014
Particulars Amount
Sales €485,000
Less: Cost of Goods Sold €196,000
Gross Profit €289,000
Less: Expenses
- Wages and Salaries (75%) €78,750
- General Expenses €13,000
- Stationary €4,800
- VAT €17,300
- Provision for Bad Debts €3,480
- Advertising €5,700
- Insurance €9,000
- Loan Interest €600
- PRSI/USU €10,200
Net Profit €157,370
Here is the balance sheet as at 31/12/2014:
Balance Sheet
As at 31/12/2014
Assets Liabilities
Cash €42,600
Bank €1,200
Debtors €34,800
Stock €19,000
Capital €213,570
Drawings €10,700
Building €300,000
Office Equipment €15,000
Patent €24,000
Delivery Vans €49,000
Accumulated Depreciation €28,000
Provision for Bad Debts €3,730
Loan €50,000
Profit and Loss €157,370
Total €618,570
Total €618,570
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if your purchases of yoga pants increase from 9 pairs per year to 11 pairs per year when your income increases from $39,000 to $44,000 a year, for you, yoga pants are a(n) ____ good. group of answer choices a. normal b. inferior c. complementary d. substitute
if your purchases of yoga pants increase from 9 pairs per year to 11 pairs per year when your income increases from $39,000 to $44,000 a year, for you, yoga pants are a(n) normal good.
What is a normal good?As the consumer's income increased from $39,000 to $44,000 per year, their purchases of yoga pants also increased from 9 pairs per year to 11 pairs per year. This indicates that yoga pants are a normal good for this consumer, meaning that they have a positive income elasticity of demand.
In other words, as the consumer's income increases, their demand for yoga pants also increases, which may be due to the fact that they now have more disposable income to spend on non-essential items such as yoga pants.
Therefore the correct option is A.
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McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively.
The partnership income-sharing agreement provides for
• annual salaries of $22,000 for McGill and $12,000 for Smyth,
• interest at 10% on beginning capital balances, and,
• remaining income or loss to be shared 60% by McGill and 40% by Smyth.
Requirement:
(1) If the income was $50,000, what will be the distribution of income to each partner?
(2) If the income was $36,000, what will be the distribution of income to each partner?
(3) Journalize the allocation of net income in each of the situations above.
Explanation:
5800 is interest,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,, ,,,
which of the following describes a federal student loan? a funds provided by a private business that do not need to be paid back b funds provided by credit unions that must be paid back c funds provided by government that do not need to be paid back d funds provided by the government that must be paid back
Answer:
d
Explanation:
Plain and simple:)
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