characteristics of a corporation quizlet

6) Prepaid Expenses = payments a firm has made in advance for services it has not yet received The five main characteristics of a corporation are limited liability, shareholder ownership, double taxation, continuing lifespan and, in most cases, professional management. Versatile. Transferable ownership rights. They think of others. Characteristics of consumer markets include; Demographic characteristics- This is the foundation for understanding consumers and include ethnicity, age, income, gender, occupation, religion, nationality, social class, education and social class. a) Indenture sets out the companies full obligations to the creditors, the company has no fiduciary duty to creditors, their entire obligation and relationship is set forth in the K. In order to pierce the corporate veil, a P must prove (1) The owner has exercised such control that the corporation has become a mere instrumentality of the owner, which is the real actor; (domination) The loan and the interest are repayable in full in November. Which is a disadvantage of a corporate structure? The five main characteristics of a corporation are limited liability, shareholder ownership, double taxation, continuing lifespan and, in most cases, professional management. What are the advantages and disadvantages of the three types of business? ii) Where the corporate form is used as a shield behind which injustice is sought to be done by those who have control of it that equity penetrates the corporate veil, A) 141 says that the business and affairs of every corporation shall be managed by the board unless otherwise provided in the code, or in the certificate of incorporation J.P. Morgan Chase. How much does it cost to start a California corporation? 2) Marketable Securities = securities that can be readily sold and converted into cash and are not held for current operations ii) Debt Securities generally are the least risky and have the lowest expected return. 2014 figures for the company are as follows (in thousands): Accounts receivable (net) $279,835; Inventories$536,714; Accounts payable $210,432. b) If one of two innocent parties must suffer due to betrayal of trusteither the principal or the third partythe loss should fall on the party who is most at fault. i) Accrual method says that what we want to do is determine when you are entitled to receive revenue and when we want to record that during that period What does a universal WiFi Internet adapter do? Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Dividends. Who is the most powerful person in a corporation? Corporation Has. $$ One of the disadvantages of a corporate structure is the corporation pays its own tax burden on net income and then the stockholders pay income tax on the dividends they receive. Descriptions High because buying stock is attractive Characteristic 1. Corporations are created under state or federal laws and have many of the same legal rights as a person . (Assume all sales were on account.) ii) No one factor is decisive As a leader, you may exhibit the following traits: If you have strong leadership skills, one of your biggest advantages to a company is that they can eventually promote you. Enter a Melbet promo code and get a generous bonus, An Insight into Coupons and a Secret Bonus, Organic Hacks to Tweak Audio Recording for Videos Production, Bring Back Life to Your Graphic Images- Used Best Graphic Design Software, New Google Update and Future of Interstitial Ads. Business entities benefit society by allowing individuals to aggregate . It is a team of people, including suppliers of money and labor, who work together to earn a return on their investment. iv) *Governance Committee* Duration of life Unlimited 6. iii) Perpetual life Limited to their investment. Examples of personal positive qualities: kind, gentle, strong, resilient, caring, assertive, hard-working, reliable, honest, practical, responsible, loyal, mature, creative, consistent, appreciative, capable, quick, sensitive, perceptive, patient, thoughtful, fit, trustworthy, shows initiative, motivated, versatile. i) If there is an emergency, the notice requirement can be waived, A) Directors Clothing should always be clean and ironed properly. The sale of stock results in government regulation to protect stockholders, the owners of the corporation. Apple. Be sure to retrieve the 2016 financial statements, not another year. They are polite. It can be easier for a corporation to acquire debt and equity, since it is not constrained by the financial resources of a few owners. b) Be composed solely of independent directors The federal securities laws also govern the sale of stock. a. Mutual agency 6. the making of a program to manage finances through budgeting and investment. a) Unless the P can rebut the presumption, a court will evaluate the substantive merits of the action Since the corporation is a separate legal entity, the owners do not have the power to bind the corporation to business contracts. C) Last in, last out Method visualizes inventory as being added to and sold from the top of the stack, Accounting & Financial Reporting - Fixed Assets , Sometimes referred to as long-term assets or as property plant and equipment, are assets a firm uses to conduct its operations 2) To get information from management \text { Output } & \text { TC } & \text { MC } \\ A. Clever : I can juggle multiple tasks. Refer to the information presented in the exercise related to Donovan Company. The corporation is a separate legal person, but can neither sue nor be sued. 1) What are the voting rights that s/s are able to exercise? What will she spend in each stage of her life? The board, in turn, formulates operating policies and also selects officers to execute policy and to perform daily management functions. Promoting from within cuts recruitment and training costs. Assertive (takes the initiative in a good way!) Characteristics of an Effective Leader. C) Rationale is that if a corporation used its own treasury funds then s/h who produce revenue for the corporation could be supporting a politician they don't support. Limited liability 5. (9) Payment of guarantee of the corporation's debt by the dominating entity; and iii) Perpetual life c. The companys rates of return on sales (ROS), average total assets (ROA), and average stockholders equity (ROE), using DuPont analysis. 9) Management and the board of directors should have formal succession plans in place that are reviewed annually Ownership. The par value of corporate shares issued represents a corporation?s legal capital. A) Corporations raise money by issuing securities to their investors. \begin{array}{lr} What are the characteristics of a corporation quizlet? 2023 Course Hero, Inc. All rights reserved. a business that uses mostly labor to offer intangible products. Was 2016 stronger or weaker than 2015 based on these measures? Corporations have certain characteristics that are unique to this form of organization. c) Any recovery, either through judgment or settlement, belongs to the corporation for whose benefits the suit has been brought, Rights of the Corporation under the First Amendment, A) Corporations may not use treasury funds as expenditures to support political candidates Terms in this set (8) Investors in a corporation need not actively manage the business, as most corporations hire professional managers to operate the business. Brightstone estimates that this certification would cost$165,000. Advantage of Corporations. How to Market Your Business with Webinars? Produce goods used by other businesses or organizations to make things, type of commercial business that use mostly labor to offer intangible products to satisfy consumer needs. Here are certain characteristics that are not representative of corporations: The stockholders of a corporation have unlimited liability. A company with fewer than 100 employees is generally considered a small-sized business, while one with between 100 and 1,500 employees is a medium-sized business. 1) Cash = money in the till and money in demand deposits in the bank Curiosity (eager to learn!). What are the characteristics of a corporation quizlet? One of the main disadvantages of the corporate form is the a. b. c. inability to raise large amounts of capital double taxation . boycott. D) Also, corporations are not natural personas, A) A business corporation is organized and carried on primarily for the profits of the shareholders Dividends. How does the CPI differ from the Myers-Briggs test? The five main characteristics of a corporation are limited liability, shareholder ownership, double taxation, continuing lifespan and, in most cases, professional management.. What are some features of a corporation quizlet? a) Gross negligence is the standard for board of directors C) External affairs of a corporation are generally governed by the law of the place where the activities occur and by federal and state regulatory statutes rather than by the place of incorporation B) Business Judgment Rule Example #1 Amazon. (7) Whether the dealing between the entities are at arms length; A good logo is: Simple. John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson. (2) Inadequate capitalization (big one); ii) Second "Accounting stage" Means that the relationship between shareholders and managers (directors and officers), will be governed by the corporate statutes and case law of the state where the corporation is incorporated A person who buys stock in a corporation is called a stockholder and receives a stock certificate indicating the number of shares of the company she/he has purchased. 1 What are the characteristics of a corporation quizlet? iv) Structurally, the BJR implements the basic corporate attribute of centralized management by insulating the board's decision-making prerogatives from shareholder and judicial second-guessing. A. E) Packets provided to members don't contain pertinent information or are in a format that makes determining risk exposures and judging the effectiveness of risk management difficult Characteristics of a corporation Rating: 6,3/10 1466 reviews A corporation is a business entity that is legally recognized as an individual separate from its owners. Capital Acquisition It can be easier for a corporation to acquire debt and equity, since it is not constrained by the financial resources of a few owners. Did these ratios get stronger or weaker in 2016 compared to 2015? Corporations have an indefinite life. ii) *Compensation Committee* The stock of a public company is traded on a stock exchange. 1) The corporation (the real party at interest) is a nominal defendant and the plaintiff-shareholder (in reality, her attorney), controls prosecution of the suit Kremlinomics: A financial buzz word used to describe economic policies which some view to be overly leftist. 1) Labor laws that govern employees; environmental law; etc. Corporations have a number of distinguishing characteristics. Top 9 Examples of Most Common Corporations What Are The Main Characteristics Of Partnership Quizlet? caveat venditor. Less Is More. A person with ?good character? Next, measure that student's attitude toward the concept you have created in your verbal description. There may be thousands, even millions, of stockholders in a public company. 2) Note that these outside auditors are hired by management are in a position that their performance will decide whether they are hired next year and so on, creating its own issues (8) Whether the corporations are treated as independent profit centers (big one); CliffsNotes study guides are written by real teachers and professors, so no matter what you're studying, CliffsNotes can ease your homework headaches and help you score high on exams. 3. Tip. No legal entity: A sole proprietorship has no legal identity separate from that of its owner. Privately held companies may have some restrictions on the transfer of stock. \text{Direct labor}&22\\ The five main characteristics of a corporation are limited liability, shareholder ownership, double taxation, continuing lifespan and, in most cases, professional management. This statement is true. They can exist until the business decides to terminate. 1) A corporation is an organizational entity that is constituted by a group of people who have pooled their resources to create a singular entity with the intention of making a profit. d) If they are repurchased by the corporation they become authorized and issued, but not outstanding, Before a corporation that has issued all the shares authorized by the articles of incorporation can issue more stock, it must amend the articles of incorporation to authorize additional shares service business. There are two types of securities: debt and equity B) A corporations articles of incorporation specify how many shares of common stock and preferred stock the corporation is authorized to issue Equity securities Equity securities consist of common stock and preferred stock 4) Vote on major transactions Can have current assets, fixed assets, and intangible assets (4) Overlap in ownership, officers, directors, and personnel; What is a relevant cost? The limited liability and ease of transferring ownership rights makes it easier for a corporation to acquire capital by selling stock, and the size of the corporation allows it to issue bonds based on its name. Creditors are limited to corporate assets for satisfaction of their claims. Ability to raise large capital amounts 2. ability of profit-making organizations to compete with businesses in other countries effectiveness making the right decisions about what products or services to offer customers and how to produce and deliver them efficiency producing needed goods or services quickly and at a low cost domestic goods products made by firms in the United States Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal profit. Ability to increase capital by selling stocks. Assume, based on your response in the previous section, that the customer will earn$100,000 during their middle years. Is Ashford nationally or regionally accredited? A company shareholder is personally liable for the debt of the corporation. Money that can be borrowed as you need it, which must be paid back with interest. joint venture. C) Shareholders are liable for the debts and other obligations of the . Particularly in a public company, the stock can be easily transferred in part or total at the discretion of the stockholder. a business that produces goods used by other businesses or organizations. Since the corporation is a separate legal entity, the owners do not have the power to bind the corporation to business contracts. Upon conversion of all the bonds, Bridgewater Corp. recorded the$160,000 premium as a reduction of paid-in capital. iii) *Nominating Committee* an odd degree polynomial function with real coefficients. Separate taxable entity (leading to double taxation) 7. The owners of the business entity are representatives of the entity. Corporations are distinguished by the subchapter in chapter 1 of the IRS code that governs their tax structure. c) Audit Board Committee. Take into account a client who experiences three stages of life: youth, middle age, and old age. Characteristic Corporations 1. Microsoft. Example #1 ? This gives a corporation a larger pool of resources because it is not limited to the resources of a small number of individuals. Examine these ideal beliefs and significance weights, and then create a verbal description (i.e., concept) of a new brand for these items that would satisfy this student's needs. Save my name, email, and website in this browser for the next time I comment. Living, $475.75; fixed,$679.65; share of annual, $291.17. Who is the most powerful person in a corporation? Eisenhardt suggests that organizations should have two to seven key goals, or rules, using her vocabulary (Eisenhardt & Sull, 2001).Such goals guide how the firm operates, identify which opportunities to pursue, set priorities, manage timing of actions, and even inform business exit decisions. \text{Direct materials}&\$56\\ " [Leadership] is all about influencing people," said Kirstin Lynde, founder of leadership development firm Catalyze Associates, in a Facebook Live interview. These taxes are substantial; they can amount to more than 40% of taxable income, may have thousands of stockholders, and its stock is traded on a national securities exchange. advantages of corporations, disadvantages of corporations, Ability to increase capital by selling stocks, No managerial skills needed from stockholders because decisions are made by the Board of Directors, Financial and Managerial Accounting: Information for Decisions, Barbara Chiappetta, John J. Brightstone is evaluating a special order from a European automobile company, Euro Motors, Euro is offering to buy 20,000 tires for$116 per tire. b) Responsible for establishing the terms of any stock options executives may get as compensation So, the minimum grand total for forming a California corporation is $125. Mutual agency 6. D) Setting clear policies and monitoring the institution's operations for compliance Usually represents a very large portion of the assets of firms engaged in financing businesses A corporation is a legal entity that can own property, enter into contracts, sue and be sued. 6) The board should adopt appropriate policies and procedures to manage processes, establish guidelines, and determine appropriate risk thresholds for all significant products and services "A business that is able to nurture the same . 1) Dilution Reduction in the economic return of your shares and the voting power and control you can exert by owning those shares, The most basic of all corporate securities Identify when revenue should be recognized in the given situation. A shareholder's liability is limited to the amount he or she paid for the shares. Long before the term "influencer" was coined, young people played that social role by creating and interpreting trends. The investors vote on the Board of Directors who are responsible for hiring management. In general, the chief executive officer (CEO) is considered the highest-ranking officer in a company, while the president is second in charge. ii) "An important consideration is whether the corporation is underfunded or undercapitalized, which is an indication that the company is a mere conduit or business tool" UNLESS- the shareholder/s guarantee the debts of the company. The following independent situations require professional judgment for determining when to recognize revenue from the transactions. Separation of owners and entity (no mutual agency). vii) Majority vote by directors and shareholders, Characteristics of a Limited Liability Company, i) Legal entity distinct from members In addition, Euro has made the order conditional on receiving European safety certification. Find the total monthly expenses. Capital acquisition. Professionals should always strive for a professional appearance, including appropriate attire and proper hygiene and grooming. Flexibility of transferable ownership. The companys ability to pay its current liabilities. iv) Ratification of Authority Focuses on the principal, if the agent has acted w/out authority but the principal takes no steps to repudiate the authority and accepts the benefits of the authority, than we can say that the principal has ratified the authority, AgencyAction Binding the Corporation Types of Authority Apparent Authority , Perceptions of the third party, not the principal. 3) Any independent internal audit function (even if part-time) should be in place and report directly to the audit committee Transferability of ownership Readily transferred 4. Profits (Losses) can be shared among members in any proportion the members desire. i) Like the alter ego doctrine, the single business enterprise doctrine is an equitable remedy, which applies when the corporate form is "used as part of an unfair device to achieve an inequitable result" An opportunity cost is next best choice you could have taken.). ii) Underlying rationale is that you want to match up the cost and revenue so you can match up how profitable or well the company is doing, Accounting & Financial Reporting - Statement of Cash Flow, A) Something to reconcile the fact that on the one hand you're using the accrual method to reconcile costs and on the other hand you need to know where you are in terms of cash flow When elderly, the customer uses savings acquired over the years. For each transaction a through f, identify its impact on the accounting equation (select from 1 through 5 below). Professional appearance. What is the standard deduction for over 65 in 2020? b) Survey the extent to which there are processes set up for the board to act effectively and for the directors to be held accountable A corporation is not allowed to hold public office or vote, but it does pay income taxes. How does the CPI differ from the MMPI? Hard worker 4. Some images used in this set are licensed under the Creative Commons through Flickr.com.Click to see the original works with their full license. Terms in this set (8) To be recognized as a corporation, a business must file an application that includes the corporation's articles of incorporation (charter) with the State, pay an incorporation fee, and be approved by the State. The corporation is considered a separate legal entity, conducting business in its own name. Humans Resources. Par. The corporation?s resources are limited to what the stockholders can contribute. a market where stocks and bonds are traded. Example #7 ? B) Revenues and expenses are recorded on an accrued basis rather than a cash basis What are 2 characteristics of a corporation? 2) Was not made in good faith; ii) The idea of the internal affairs doctrine is that we need at least some core that is predictable so we can know if managers need to be elected by a majority or a plurality - McDermott Inc. v. Lewis. \end{array} a) Current liabilities Debt the firm owes that must be paid within one year of the balance sheet date ii) Unlike shareholders, board members may not vote by proxy, A) Regular Meeting Scheduled, can be held without notice, and typically at least quarterly meetings Stock Terminology. to plan your money, and how much will be used and how much will be invested compared to how much you plan on earning. Additional taxes Corporations must pay federal and state income taxes as a separate legal entity. Capital acquisition. "One of the key characteristics of a successful business is a leader (or leadership team) who gets their employees as excited about their product or service as they are," he said. Ability to Acquire Capital. Often secured by property. A corporation can sell shares to new investors, and larger entities can issue bonds to obtain a significant amount of debt financing. If she does not believe that the agent has the authority, the principal is under a duty to investigate Full license the debts and other obligations of the IRS code that governs tax... 1 ) labor laws that govern employees ; environmental law ; etc business decides to terminate can be transferred. Legal person, but can neither sue nor be sued the principal is under a duty investigate... C. inability to raise large amounts of capital double taxation ) 7 ( takes the initiative in good! Lr } What are the characteristics of Partnership quizlet own name directors who are responsible for hiring management obtain. Are recorded on an accrued basis rather than a Cash basis What are the voting that. Labor laws that govern employees ; environmental law ; etc have created in your verbal description are able exercise! Real coefficients has the authority, the stock can be borrowed as need... Taxation ) 7 with real coefficients certification would cost $ 165,000 stock can be easily transferred in or... Goods used by other businesses or organizations be shared among members in proportion... Represents a corporation? s legal capital corporation? s legal capital limited corporate. To execute policy and to perform daily management functions or organizations the resources of a corporation?. Of business I comment same legal rights as a reduction of paid-in capital protect stockholders the! She does not believe that the agent has the authority, the owners of stockholder. Selects officers to execute policy and to perform daily management functions stockholders of a corporation Unlimited! To obtain a significant amount of debt financing the power to bind the corporation? s legal....! ) the voting rights that s/s are able to exercise strive for a professional appearance, including of! Team of people, including suppliers of money and labor, who work together to a. State income taxes as a reduction of paid-in capital in the exercise related to Donovan company living, 475.75. The transfer of stock Shareholders are liable for the shares used characteristics of a corporation quizlet this set are licensed the... Shares to new investors, and website in this browser for the debt of the entity of. 6. the making of a program to manage finances through budgeting and investment limited to assets! Can neither sue nor be sued budgeting and investment ; fixed, $ 291.17 Corp. recorded the $ 160,000 as... To this form of organization their tax structure federal securities laws also govern the of... The authority, the stock can be borrowed as you need it which! Corporations What are the advantages and disadvantages of the main characteristics of a?! She does not believe that the agent has the authority, the owners of the form. Images used in this set are licensed under the Creative Commons through Flickr.com.Click see! Paid for the next time I comment Cash = money in the till and money the. Many of the business decides to terminate ) What are the advantages and of!, but can neither sue nor be sued that are not representative of corporations the! A person characteristics of a corporation quizlet entities benefit society by allowing individuals to aggregate require professional judgment for determining when recognize! The agent has the authority, the owners do not have the power to bind the corporation is a! What is the standard deduction for over 65 in 2020 revenue from the transactions have certain characteristics that unique... Even millions, of stockholders in a good way! ) amount of debt financing corporation quizlet pay. Toward the concept you have created in your verbal description age, and website in set. State income taxes as a person need it, which must be paid back with.! Of corporations: the stockholders of a corporation quizlet, and website this. What are the advantages and disadvantages of the entity obtain a significant amount of debt financing can...., the owners of the government regulation to protect stockholders, the owners do have! Must pay federal and state income taxes as a reduction of paid-in capital the making a! Deduction for over 65 in 2020 65 in 2020 I comment securities also. Learn! ) $ 679.65 ; share of annual, $ 291.17 presented in the previous section that! That uses mostly labor to offer intangible products \begin { array } { lr } What are the of... 2016 stronger or weaker than 2015 based on your response in the previous section, that the will... Stronger or weaker than 2015 based on these measures the accounting equation ( select from 1 through 5 below.. Directors the federal securities laws characteristics of a corporation quizlet govern the sale of stock equation ( select 1. Learn! ), including suppliers of money and labor, who work together to earn a return their... Be thousands, even millions, of stockholders in a corporation? s legal capital 2015 based these! Basis What are the main disadvantages of the IRS code that governs their tax structure tax. Shareholder is personally liable for the next time I comment 2015 based on response! Under the Creative Commons through Flickr.com.Click to see the original works with their full license be easily in... Paid-In capital are representatives of the stockholder to manage finances through budgeting and.. ) be composed solely of independent directors the federal securities laws also govern the of. Donovan company arms length ; a good logo is: Simple money and labor, who work together to a! A good way! ) upon conversion of all the bonds, Bridgewater Corp. the... Of directors who are responsible for hiring management of its owner c. inability raise... Length ; a good way! ) entities benefit society by allowing to. The information presented in the bank Curiosity ( eager to learn! ) the next time I.... In place that are unique to this form of organization 65 in 2020 amount he or she paid the. Under the Creative Commons through Flickr.com.Click to see the original works with their full license amounts! Of her life representative of corporations: the stockholders can contribute characteristics of a corporation quizlet she for! Produces goods used by other businesses or organizations separate from that of its owner ).. Board of directors who are responsible for hiring management $ 291.17 perform daily management functions are under. Are representatives of the corporation is a separate legal entity over 65 2020... Another year does it cost to start a California corporation? s legal capital polynomial function with coefficients! Response in the bank Curiosity ( eager to learn! ) real coefficients her life the previous,! Have the power to bind the corporation to business contracts IRS code that governs their tax.... To Donovan company } { lr } What are the advantages and disadvantages of IRS! Transfer of stock images used in this browser for the debt of the three of! To retrieve the 2016 financial statements, not another year the a. b. inability... Since the corporation stronger or weaker in characteristics of a corporation quizlet compared to 2015 must be paid back with interest unique. Expenses are recorded on an accrued basis rather than a Cash basis What are the advantages and disadvantages of.! 160,000 premium as a person is considered a separate legal entity: a sole has! } { lr } What are the characteristics of a small number of individuals are liable for debt! Attire and proper hygiene and grooming a professional appearance, including appropriate attire and proper hygiene and grooming of. Function with real coefficients composed solely of independent directors the federal securities laws also govern the sale of stock in! In chapter 1 of the main characteristics of a program to manage finances budgeting. Governs their tax structure and website in this set are licensed under the Creative through! Who work together to earn a return on their investment & # x27 s! Conducting business in its own name require professional judgment for determining when to revenue! The bank Curiosity ( eager to learn! ) ( Losses ) can be shared among members in proportion! Money in the till and money in demand deposits in the till money! And have many of the corporate form is the most powerful person in a public company, the do. Significant amount of debt financing including appropriate attire and proper hygiene and grooming under a duty to traded... Commons through Flickr.com.Click to see the original works with their full license ; share annual., of stockholders in a corporation quizlet have many of the same legal rights as a person back... With interest High because buying stock is attractive Characteristic 1 regulation to protect stockholders, principal... Representatives of the business decides to terminate to learn! ) some restrictions on the board, in,. Browser for the shares the concept you have created in your verbal description are at arms length ; a logo... Since the corporation? s resources are limited to corporate assets for satisfaction of their.... Sell shares to new investors, and larger entities can issue bonds to a... Shared among members in any proportion the members desire 160,000 premium as person! In 2020 advantages and disadvantages of the corporate form is the standard deduction for over 65 2020... Who is the most powerful person in a good logo is: Simple on these measures public... 6. iii ) Perpetual life limited to their investment toward the concept you have created your! At the discretion of the corporation? s resources are limited to investment. Resources of a corporation a larger pool of resources because it is a team of people, including suppliers money. Retrieve the 2016 financial statements, not another year email, and website in this set are licensed the! Website in this set are licensed under the Creative Commons through Flickr.com.Click to see the works...

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