Nαnδnancial Asset Valuation and Depreciation

Background I eclmical Piekl

The present invention regards financial accounting methods and computer systems tø value noofmaneial assets and associated depreciation, particularly within the context of double-entry financial accounting computer systems based upon credits and debits,

The present application claims priority to US Provisional Patent Application 61/214,740 filed on 4/28/09 and claims priority to Provisional Patent Application 61/273,323 filed on 8/3 /09. The present application hereby incorporates by reference US Patent Number 7,620,573 referred to herein, as "Pat0034" ami US Patent Number 7.624049 referred to herein as "Pat0O36" in their eotirety. The present application also claims priority to PCF application Serial No. PCTYUSI 0/32777, filed on April 28, 2010.

Backgrotmd ϋescφtioa Of Prior _. Art

Clear, accurate accounting methods are fundamental to a sound economy because they are the objective measures for market participants Io make economic decisions. However, current-day assα depreciation methods are deficient because of what i& sermed here as the "Fundamental Depreciation Problem," Because almost all companies depreciate assets, this problem is ubiquitous and could explain both why cashflow analysis is generally pilfered over analysis of tlaanctaϊ statements for mvestmcrtt decisions, and the why there is short terra focus throughout the business world.

This disclosure frequently uses a same Sase-ease example as a starting point for analysis and demonstration, iti order to facilitate comparison and in order to avoid consideration of irrelvaiit detail variation. In the Base-case, a Company A purchases as. airplane on December 31 ,2000, for $1200. The company has a 10% cost of capital, and uses 10% as its discount rate. The airplane has a useful life of five years.

I To-day, almost all employed asset depreciation methods entail allocating, or spreading-out, ao rastial purdhase price, or value, acios.* multiple tutuie pemxh, as shown in Fig 1 Four dilϊeren* depieuahon >chedult's aie !>1IOVMI

* Straight-line dcpieαatnw in Column B, the most cofflirtoiih xisod type of dcpieciatirm,

* DoLihle-tkxiimng balance m Column 13, one of several t>*pes» of accelerated depreciation,

* Sinking fund m Column F, what might be called dcaccelαated dcpiociaton,

* Pioportional m Column H, reflecting anticipated us _* age i"ho annual charge (expense) ts shows in the columns, each column lotahry∑ the inihal airplane of $1200 OA 5ni, for instance, Column B shows the annual ehaige under straight-line deptectation, toUiiiing She S 1 It A) 00 ID double entry aecouatmg, ftc aiuraal chaige is expensed, appealing on the income statement aαd reducing the auplαue asset -aαoont value

Next to Columns B, D, F and H m Fig 1 , tbe present value of each charge is shown So, 11« example, the piesAsnUalue of the 20θ3 charge undei straight-Unc depreciation is 180 ^21240 1 1' )

W lien the present \ jiues m each column are totaled the totals are less than 1200,00. as can be seen m CeIK C7, E?, CP and 17, which is Tϊic Fm&urøtal Dtfreeiatton Problem. As of December 51 , 2010, iheie are two eonfwdictofy valuations' the purchase pπee ($1200.00) and the various tola! pres>ertf \ alues. Which is eot'rect ⁹ Smee the purchase pπee 58 a fair market value and since present value is the fuαdarae-nlai concept in finance, this ts a real dilemma. If a /eto cUbCoujat ϊate were a^siuned, then the dilemma would be "e&oKed, but a ^eru ώ&counl iate violates basic eeøαoane and fmaiiαal theorj', that aSvSertϊj thai a positive return i? tecpred by any im estor This leads to the conclusion that the charges ^■ shown m Colmrøis B, D, t u\ά H of tig. 1 are too low. for if they were higher, then the present valυes might equal the purchase price, &120000 But this raises (ha problem of derenroning and using sueh higher charges Furthcπnore. the Fundamental Depreciation Problems leads to three other problems.

Most importanlly, the Fundamental Depieciation Prυblem leads to the first pioblεm of shoit-termism. in whieh maπ«tgamcat and ime&tnients decisions are made based upon short-, rather ϊhaB long-, term expectations and gams Fo see thus, consider a Company B, identical Io Company A, except that Company B pmhaMa multiple aiiplaαcs thai have a useful life of onlv one year Fuithei , assume a universal ictiim of ! 0% on all assets and investments Bs>Uι eonipamt» purchas»e one or more an pknes on Dceembcr ^I , 200(J, caeh company's puieha&es totalling SHOO Λt fee taxi of >car 2001 , Company Λ still has its airplane asset, with a value of about $930.00 ($1200,00 minus B2 _> D2, F2, or H2 of Fig. 1), plus some revenue from ticket sales. Meanwhile, Company B has been able to convert all its airplanes assets into cash, thu& it has total assets of $1320 (1200.00 * Ll), seeniingingiy yielding superior performance: Company A has about $930.00 tied-up in the airplane asset seemingly yielding nothing. Stated differently, Company B has the financial reporting advantage because it can convert all of its Sl 200.00 airplane investment into recognized gains, while Company A cannot. Because of this, there is pressure on Company A to convert to Company B's short-term focus.

The second problem caused by the Fundamental Depreciation Problem is thai aonfinancial assets are undervalued. Clearly; the charges (expenses) are too low, as demonstrated in Fig. I, for who would purchase the airplane, only to receive the charges shown in Cohinsss B, D, F, or H, only to earn a zero return, only to recupe their S i200,00 investment? With file charges somehow being higher, there will be more value present than indicated by decrementing the $1200.00 initial value over time. This will be demonstrated subsequently.

The third problem caused by the Fundamental Depreciation Problem is that it leads to a failure to distiagiush between capita! gains and operational performance. So, for instance, suppose that over the course of the five years between the end of 2000 and the end of 2005 the revenue for a Company is always greater than the depreciation charge. While this is seemingly positive, the company could be earning less than its cost of capital. ^" The shareholders of such company could bt well advised to close Company A and invest their $1200,00 elsewhere. In short, because of the Fundamental Depreciation Problem, the opportunity cost of capital is not included in asset depreciation expensing.

Tn the early 1980s, the consulting firm Stern Stewart & Co. developed the concept of economic value added, or EVA. The cost of capital is subtracted from measured income to yield EVA. While EVA addresses the above-mentioned third prαhkrø caused by the Fundaments! Depreciation Problem, it does so on a total company-, or division-, wide basis and not oa an individual asset, micro-basis. While it. uses accounting data, it does not provide data to accounting systems, speeifiaLly credits and debits. Om generally recognized problem with EVA is that it penalizes new products, TMs occurs because new products cm require significant new investment at the beginniβg, and such new investment increases the cost of the capital charge, making new products appear less profitable and worthwhile when, they are in their start-up stage. The U.S. financial accounting standards board (FASB, Financial Accounting Standards Board) and the internals σnai accounting standards board OASB, International Accounting Standards Board) have sought to show all assets aad liabilities on the balance sheet at Fair value, because traditional historic values are of little relevance or usefulness. With respect to nonfinancial assets, no progress has been made, with the boards essentially continuing with decades ¹ old depreciation methods. While many aonfmaneis! assets can be appraised at any time, and such appraisals used for Fair-value mark-to-market accounting, such appraisals are too expensive and impractical to be performed on a periodic basis. Given the need for accurate, valid, and tise&l asset values, and given the analysis conducted elsewhere in this disclosure suggesting that existing depreciation methods result in under- valuation, there is a need for simple accurate, valid, and useful valuation ofnonfiπanciai assets, aad associated accounting methods and procedures.

The Fundamental Depreciation. Problem also underpins much of the difficulty regarding lease accounting, a matter presently under consideration by the accounting boards. This matter, has been debated for decades and has eluded satisfactory resolution, Both tile FASB aad the ΪASE are proposing to 1 ) capitalize all leases, 2) to dispense with the operating lease classification, 3) to have lessees recognize leased assets on their balance sheets, 4) to have lessees recognize lease-payment liabilities on their balance sheets, am! 5} to postpone consideration of lessor and kaseback accouαtiag. in order to at least partly meet an upcoming deadline. Under the proposal, the lessee will expense both interest on the iease payment obligations and straight-line depreciation on leased assets. Lessors and lessees complain that the approach is illogical and that it inappropriately results in lessee expenses that are initially high and then progressively lower thereafter. Although the Equipment Lease and Finance Association (EJLFA) ₁₁ a U.S. lessor trade- organization, has proposed using a sinking-fund depreciation method tor the asset component of a lessee's lease, the FASB has rejected such approach. The FASB argues that such an approach does not reflect economic reality. What the FASB and the ELFA fail to recognize is the Fundamental Depreciation Problem and the associated inappropriateness of an implicit z£π> discount rate in straighi- line depreciation. Likewise, tbey do not recognize why they are in conflict with each other. The eoniiict arises clue to the contradictory discounting perspectives implicitly employed by these organizations* ELFA argues for a single constant discount rate applicable to both the lease payment obligation and the sinkiag-tund depreciation, whereas the FASB argues for a positive discount rate applicable to the payment liability and a zero discount rate applicable to the asset, as dictated by a tradition that is shown above to be incorrect, The EL-FA has also complained of the complexity associated with the FASB's approach to lessee accounting. Part of the reason that the accounting boards have postponed fuller consideration of lease accounting is a general confusion regarding how to handle asset interests diversely owned by multiple parties, e.g. lessors and lessees, which result from both simple leases and leasebacks. Contributing to the confusion is the traditional practice of identifying a single controlling owner of a whole asset, and then basing the accounting upon such an identification. Today, however, the economy is evermore focused upon separating and dividing asset interests and rights as occurs in the eases of financial instruments and house timeshares. Thus, identifying a single controlling asset owner is apt to become increasingly difficult.

The above four depreciation methods, and similar methods, are frequently used apart from formal financial accounting systems. They are employed, for instances in ad hoc analyses, transaction decisions, buy-versus-rent decisions, business plan preparation, and the like. But due to the Fundamental

Depreciation Problem _* such practices can result in inaccurate analyses, as described above. Thus it is clearly desirable to address the Fundamental Depreciation Problem in a manner that permits more accurate ad hoc analyses, transaction decisions, buy-versus-rem decisions, business plan preparation, and the like.

There are multiple ways of calculating sinking-fund depreciation, all yielding the same results, but perhaps the simpliest is what is sometimes called mortgage amortization, In mortgage amortixadoti, the asset is assumed to be similar to a mortgage, in which regular periodic payments are received. Between payments, the mortgage/asset value appreciates according to the interest rate, bat once the payment, is received, the value decreases. Value decreases are the amounts about -which, the asset is depreciated. So in case of the airplane, a mortgage of $1200.00 at 10% interest, five yearly payments, would have an annual payment of $316.56, using standard loan payment calculation methods. Over the first year. 2001 , the airplane, as art analog}' with a mortgage, would appreciate to $1320.00. Given the payment, the mortgage balance becomes Sl 003.44 (1320.00 - 316.56), The difference (1200,004003.44) is the depreciation, charge, as shown in Cell F2 of Fig. 1.

Sinking-fund depreciation derives from what is historically called the Annuity Method of Depreciation. This older method, likely no longer used, entails determining what an annuity would pay as a constant periodic payment over a fixed terra. Such a constant periodic amount is takes as the expense charge, though the method also requires an interest income credit. (The constant periodic payment minus the interest income credits equals the depreciation charge under modern Sinking-fund depreciation.) Accountants almost universally dislike the Annuity Method of Depreciation, because of its tion-iatoitive nature and difficulty of use. The second problem with the Annuity Method of Depreciation is that it assumes constant .mortgage payments, to use the metaphor - a possible issue since assets are sot necessarily used or consumed at a constant rate,

In proportional depreciation, the initial initial purchase price, or value, is allocated, or spread out across multiple future periods in proportion to expected use as shown, for example, in Column H of Fig. 1 , where a higher proportion is specif ied because of the 2004 Olympics,

FalOG34 discios.es an accounting system, handling credit and debit posting for future receipts; calculating present values based upon those expected future receipts, and updating accounts. However, it does not offer any guildaoce regarding determining the filters receipts amounts themselves.

There are some nonfmaacia! assets, such a real estate and trademarks, that seemiingy have constant Fair- market value. The problem, however, is that current accounting methods do not recognize the opportunity cost of holding such assets.

Within existing accounting theory aod practice, there is a contradiction. If a Company makes a loan or buys another company, it is considered an investment and accounting follows an investment perspective. ϊ£ however, the Company develops a new product or purchases sew equipment, ύ is not considered an investment, but ra&er an expense, albeit possibly as expense spread across multiple periods, ft is standard procedure when considering to nmke a loan, to buy a company, to develop a new product, or to purchase new equipment to apply financial cash-flow analysis. Accordingly, accounting should adopt methods analogous to financial cash-flow analysis and should treat loans, acquisitions, new products, and new equipment similarly.

Since clear and accurate accounting methods are fuadame&tal to a sound economy, the Fundamental Depreciation Problem and issues with the Annuity Method of Depreciation need to be resolved.

Sijmfftary Of The Io y enUoa

Accordingly, besides the objects and advantages of the present invention described elsewhere herein, the objects ami advantages of the present invention are to develop an accounting method for nønfmaneial assets that: * Resolves the Fundamental Depreciation Problem, spedfkiaϊly:

* Does not create a short-term bias

* Appropriately values nonfmancial assets

* Distinguishes between capital opportunity costs and operational performance

* Unifies iioπfmaneiai-asset accounting with financial theory aiid practice

* Resolves problems with sinking-fund depreciation

« Kesol ves problems with the Annuαity Method of Depreciation

* Handles lessee and lessor accounting

* Handles multiple asset interests diversely owned by multiple parties.

Yet additional objects and advantages will become apparent from a consideration of the ensuing description and drawings, jBrleffegcrliitloii OllTbe. ørawiags

The invention will be more readily understood with reference to the accompanying drawings, wherein:

Fig. 1 shows a numerical demonstration of the Fundamental Depreciation Problem.

Fig. 2 shows the relationship between the Data€iient and the AppiieationServer.

Fig, 3 shows the DataClieαt and AppiicationServer connected through the global cloud, the internet or a WAN/LAN.

Fig. 4 shows calculating Future Pop Values,

Fig. 5 shows the airplane value as a function of time.

Fig. 6 shows an OCl income statement for the Base-case.

Fig. 7 shows a balance sheet for the Base-case.

Fig. 8 shows debit and credit positings generated by the present invention for an OCI accounting system.

Fig, 9 shows a PatOO34 income statement for the Base-case,

Fig, 10 shows an R/F. income statement for the Base-case.

Fig. 1 1 shows calculating Future Pop Values with scrap value.

Fig. 12 shows calculating Future Pop Values with diminishing effects.

Fig, 13 shows calculating Future Pop Values with seasonal effects.

Fig, 14 shows Future Pop Value percentage cπvaerdup.

Fig, 15 shows debit and credit postings when future Pop Value percentage ownership is divided.

Fig. 16 shows initial asset value equaling present value of payments.

Fig, 17 shows debit and credit postings for both an asset and associated payment stream. Fig. 18 shows revising the Base-case by restarting with additional investment.

Fig. 19 shows calculating Future Pop Values with multiple scenarios.

Fig, 20 shows payment stream, Future Pop Values, and asset and liability values for R&0/«ew product.

Fig, 2\ shows a Pai0034 pcrpctual-asset income statement.

Fig. 22 shows an alternative procedure to calculate Future Fop Values.

Fig. 23 shows the data members of programming object ApplicatirøUserøbj.

Fig 24 shows the data members of the ScenarioTable object.

Detailed Description Of The Invention.

fetcgduction

The present invention can operate oα most, if not all, types of computer systems, however counseled or not connected, as shows in Figs. 2 and 3. For disclosure purposes, there are two main components: the DataClietit and the ApplieationServer _s as shown in the Figs, The ΛpplicationSαvcr receives input, performs calculations, stores both inputted and calculated data, and returns or forwards; results. The DataCUent submits data to the ApplieationServer and receives results. While the language of the Client- Server computing paradigm is useful and serves as a raetapbor here, the present invention is not confined to operating per the Client-Server computing paradigm. Both the DataCliest and the ApplicatioaServer could operate on a single processor or computer system. Alternatively, both could operate rather independently, connected either by the internet or a W AN/LAR as shown in Fig, 3, Cloud computing is the latest terminology for distributed computing. The ApplicationServer could be considered to operate in the Cloud, as could the DataCliem, What is significant here about€ϊmά computing is that potentially either or both the AppJicatioaServεr and the DataClient themselves could he distributed each operating on several processors, with executable code, data, and results being passed and moved from processor to processor. The AppHcadotiServer may or may aot provide the DataCiient with results; the alternative, of course, is to provide other nodes o« the internet or WAN/LAN wit!) results, as shown in Fig. 2, The computer system as shown in Figs. 2 and 3, or variations, requires proper programming to execute the present invention, though (Ms is readily accomplished given this teaching that includes computer program source code to execute and demonstrate key aspects of the present, iaventioo.

The capitalized term "Company" refers to the entity that is executing the present invention, or having it executed, on its behalf and can be either a for-proflt business organization, a government, a nonprofit organization, a trust, an individual, and in fact can be any type of entity that seeks to estimate the Fair value and depreciation expense of any nonfmancial asset.

The difference between a financial asset and a nonfmariάal asset is that the former directly yields monetary benefits, while the latter yields benefits not denominated in monetary units. So, for instance, a government bond is a financial asset, clearly yielding n»aetary benefits^ a stream of monetary payments. An airplane is a aoή-moaetary asset, yield jog transport service benefits, but not directly monetary benefits. Noήfinancial assets include both products and services; traditional manufacturing plants, buildings, and equipment; raw land; natural resources; intellectual property; service contracts;

^'depreciating" assets, stick as equipment: "constant vahie" and "appreciating'" assets, such as trademarks; and human capita! - essentially any type of Ωortfmancial asset. A prime object of the present invention is to quantify such non-monetary benefits in monetary valuation tonus.

Occasionally, one Company's noafinancial asset is a&other Company ^' s noπfmarseial liability. So while the present disclosure is oriented towards estimating the Fair value and depreciation expense of any rtonfmanciai asset, associated revenues, expenses, and windfalls, along with associated credits and debits, the presented methods could just as well be used for liabilities: estimating the Fair value and aonusage benefits of any nonftnancial liability, associated revenues, expenses, and windfalls, associated credits and debits, with a general reversal of assets with liabilities, revenues with expenses, and credits with debits.

Much, of this disclosure is based upon the previously introduced Base-case, in which Company A purchases an airplane for Sl 200.00 on. the last day of year 2000; the airplane has a five-year life span, and the Company has a 10% cost of capital and discount rate. TMs example, its variations, and how it is handled here are meant to be illustrative of the concepts and functioning of the present invention, and is meant to demonstrate a broad application of the present inventors centra! feature, but should not be construed to limit potential application of the central feature: Relative Consumption Pattern Discount Aligning (RCPDA). Similarly, the assets under consideration ia this disclosure, usually an airplane, should not Be construed to limit the applicability of the present invention to any particular type of noxifinancia! asset. Though the example isses an accounting period of a year for illustrative purposes, and assumes activity occurs on the last day of the year, other accounting-period lengths, and other activity days within the period, could be used. Jn particular, in aa actual implementation of the present invention, given today's current accounting practices, the financial quarter of three months should be used, with activity occurring on any, or all, days, of the quarter.

Operation of the present invention requires both a discount rate (e.g., 10%) and a purchase price or cost (e.g., S 1200) or a payment schedule. The discount rate is takers as given by the present invention. Its determination not discussed, sinet: those in the fields of financial analysis and accounting are very familiar with discourø-rate deterrniπaiion. Any given Company may use different discount rates for difterem notrfinaneial assets, which also likely have different purchase prices. If the current discount rate is tied to actual market iaterest rates or other market prices, then the estimated Fair values and depreciation expenses of any nonfinandai asset are directly tied with the current market The purchase prices are taken as given by the present iirventioa, and are assumed determined by an actual purchase prices, appraisal, market survey, cash-flow present -value analysis, or any other type of current or future valuation rnethod.

The capitalized tens "User" refers to a person, or computer system, who operates the present invention on behalf of the Company, aod JS synonymous with the DataCHeut.

^' Throughout this disclosure, the discount rate is expressed in factor form, Le,, LlO ₊ rather than ia decimal or percentage form, i.e., 0.10, and 10%. to spare constant adding and subtracting of 1.0.

The present disclosure focuses on using its central feature, Relative Consumption Pattern Discount Aligning, in a financial accounting context, using spreadsheet-like drawings for pedagogical purposes. The present invention, however, can be used outside of a financial accounting context and/or apart from spreadsheets. So within a financial accounting context, the present invention can be used without spreadsheets, using programming objects, programmed as disclosed here. Alternatively, within a financial accounting context Users could use spreadsheets to perform calculations as shown, here, and then manually or sβui-autoniattcaliy post the results to a financial accounting system, using standard credits and debits interfaces. Alternatively, yet again, completely apart from any financial accounting system, the present invention could be used in an asset management or database system, containing estimated asset Faiϊ values and depreciation expenses as calculated here, with or without using a spreadsheet to perform calcukliojis as disclosed. Yet again, the present invention, could be used by one or more Users, with en without either a spreadsheet aixi/or with or without a hand held calculator, for <κl hoc analysis, transaction decisions, buy-versus-rem decisions, business plan preparation, and the like. ^" In fact, the present invention can be used in any context where present depreciation methods; are used today, with computational support &uch as a hand held calculator, personal computer, minicomputer, mainframe, or server. The focus here is upon a financial accounting system context, with credits and debits, because it is the most general and complex case: in the context of ad hoc spreadsheet analysis. In ad hoc analysis, only Fair-value valuations and depreciation expenses are likely to be useful, with associated financial accounting system credits and debits of little or no use. Hence, not all the functionality disclosed here is necessarily required by ail implementations. to keeping with prior-art usage, the expression ''depreciation expense" is used here io mean the net change in asset value over the course of an accounting period.

From the perspective of the present invention asset-value change has three components: First, as time progresses, the value of future beneδts is elosesr-at-hand, ώus the present value increases, and thus asset value increases. Such increases are considered capital gains. Second, asset consumption occurs that reduces asset value. Asset consumption entails extinguishment of ''Furor? Pop Values", which will be introduced. Third, awid parameter changes occur, triggering asset value changes. Resulting increased valuations are considered capital gains, while decreased valuations are considered capital losses. A key feature of the present invention is isolating the first two components, which are confounded in the prior- art imder the general term "depreciation expense." While the expression "depreciation expense' ¹ is occasionally used here to mean a charge or expense, the expression, white extremely caramon, is inaccurate. A more accelerate expression is "consumption charge. ^" "

Theory .of the Invention

The Fundamental Depreciation Problem, by definition, is the failure to consider present value. It contradicts both common sense and the most basic financial principle - the liαie value of money - to consider that a purchase price reflects ail future embedded value, since it makes no sense for Company A to purchase the airplane, only to wait years to get its original capital/value returned, while the Company could earn 10% elsewhere. Relative Consumption Pattern Discount Alignmg solves the Fundamental Depreciation Problem, initially the User specifies a Relative Consumption Pattern, as shown in Column C, of Fig.4, the elements being estimated number of anroml flying hours. Next, the present value uf each Relative Consumption Pattern element is calculated, as shown, is Coiuraa D; summed, yielding Cell W antount, 7581.57, Next, the purchase price <$1200.0ϋ) is divided by the surøraed present value (758 i .5?), yielding a quotient, the Pop Factor. Then each Relative Consumption Pattern element is multiplied by the Pop Factor to yield Future Pop Values, as shown in Column E. Column F shows the present values of these Future Pop Values, summing to $1200,00, equating to the purchase price. Note that the dimension of Column C - hours - cancels, when, dividing Column C elements by the sum of Column D.

Tf the Future Pop Values are then taken as time-phase valued delivered or provided by the airplane, three desifable properties emerge: First, the Fundamental Depreciation Problem is resolved, since under this approach or perspective. Company A is paying and exchangiag Sl 200,00 for $1200,00 in value - a reasonable transaction, aligned with the basic principle in. finance - die time value of money, k fact, the transaction charactemarion aiigas xvirh genera! theorieai market equilibrium of economics: purchase price equals {marginal) value. Second, the Future Pop Values can be used, as atomistic components of airplane value for analysis. Third, and kx particular, the Future Pop Values can be the basis for expensing, in the context of a financial accounting system, with credits and debits. Conceptually, Future Pop Values are ephemeral, lasting oaty for an instant, during which time they are either convened into something of economic value, or they are lost forever.

Because of these three desirable properties, arguably the present invention will be simpler to both comprehend and implement, compared with prior depreciation methods, since the three properties tie with existing perspectives.

A prune use of Finiire Pop Values is to determine the airplane's Fair value. At any point in time, the value is simply the present value of the Future Pop Values. Though an airplane would Borroally be considered a depreciating aiset, as shown in the Fig, S, daring each period, its value actually increases, as the realization of Future Pop Values becomes nearer and nearer, until the Pop, when the value instantaneously drops. (See zigzag 50L) if the time separation between the Relative Consumption Pattern elements is reduced from a year to a day. the zigzag becomes smooth arc- 502, (Straight diagonal line 503 is airplane value under straight-line depreciation.) fe terms of credits, debits, and financial statements, a? the end of year 2000, the airplane is purchased, triggering a debit to an airplane asset account (Airplane A), a credit to cash (Cash A), and an entry on the balance sheet. At the end of the first year, 2001, the present value of the Future Pop Values is calculated, yielding a Si 32OiX' valuation. The §120.00 gain is debited to the airplane asset account, and credited to a revenue account. When the Pop Expensing Date of the first Future Pop Value is reached, an expense is triggered: a credit to the airplane asset account and a debit to an expense account.

There are different ways that this can appear on the income statement with the present invention working equally "well with every income statement form. In one form, termed here OCl for other comprehensive income, the $316,57 expense appears above the operating income line and the gain appears below the line as shown is Fig. 6- The 2001 balance sheet is as shown in Fig, 7, and the associated credits and debits spanning the five-year lifespan are as shown in Fig, 8. In the form of Pat0034, the expense also appears above iiie net income line, but Pat0034 also includes an asset holding earning income estimate as shown in Row 7. Ia the traditional revenue and expense (R/E) form, the gain and expense are as shown in Fig. H), assuming that both are- not, collapsed into a $196,56 expense or loss. The balance sheet is (lie same in all three cases, as shown in Fig, ?. {Previously what is shown iu Row 7 was termed market income, and what is shown in Row 12 was termed market moves. This represents a change in terminology, with the underlaying concepts constant and identical)

Scrap value is handled by reducing asset value by the scrap value's present vaiue. So, for example, if the airplane lias a $300.00 scrap value in 2005, then the present value of that $300.00 is 2000 is subtracted from the S 1200.00 prior to determining the Pop Factor, This is shown in Fig. 11 , where the Pop Factor is calculated as 0.13,

In the two previous examples, aumber of flying hours was used because such a measurement is reasonably objective. However, any type of estimate is sαiianle for the present invention, as long as it accords with the likely market consumption, pattern. Accordingly, the estimate could be subjective or it could be based upoa proxies. So, for example _* if the airline could not estimate the number of flying hours, the Relative Comimiption Pattern could be based upon forecasted ear-passenger miles to be driven. Below, addition examples of using the Relative Consumption Pattern based upon hours are shown, though m actual practice, such objective measurement is not required. ΪTequenth when fixed assets age, then i&abihty diminishes This is handled, herebv specitvMig a diminishing Rclatne Consumption Pattern, as <sho\vn in } ig 12 Furuie Pop Values recalculated as betbie and as> shown lhc Relalπ c Ooimrmptϊoti Pattern can embrace seasonal effects, as shown m Fig 13 Since auhnes tend to be busiest m the summer and holidays, the Relative Consuiupnon Pattern should ieilect such seasonality This \\ lit affect airplane \ aJue υu a &e<&øiial basis, \^ iih value be sag rekuvcly highei closes to tlie bviiy season, v*. Inch is economic icahty

The Future Pop Values jepresent atomistic asset components, \s hich can be traded So, for example, m J002 Company \ might sell 40% of «s 2(XB sM 2004 ajrplatse capacity. The expense is 40% of the present value of 5he asanαaled Future Pop Values, Conversely, Companj Λ uugM buy back pome of its capacuy. In short, tractions dnd ^iiok ruture Pop Values cao be considered as uaits of transaction, aad the accounting can proceed simf iy bj considemig the associated present values Fig, 14 shows Company ,Vs ownership mJerest after ϋellmg 4ifa of its 2003 and 2004 airplane capacity Fig 1 S s»how » ass^viated debit and credus geπexatα! by thepr«&«αt irocuUυ» piior to and aitw ills sdi. It aLo sho^δ geneiatcα debits and cicUits iπggaed by Conψany A subsϋCqucnriy baying back a portion of its identification of Future Pop Values άnύ baαdlmg associated trarifcacπom tesoh es lone Matidtng accounttsg issues iegardiog handimg and subleases bmm. the pcϊspectne of the present indention, what JS irapojtaαi is thai the Company has acquired a ^■ useful ahhd that yields value pci the Relative Consumption Pattern and JFunuc Pop Values, in cKcbatigc for a Iubiht> to make one or nioic payments, lite ptesent value of those payments detemtmes the initial asset value Ro aixac, aiφi-mc value was $1200 00, smee thai amount was initially paid However, tf M 20000 ni present valαe is paid as .shoun m Fig 16, then the Future Pop Values _* ate calculated as. shown abov β Fig 1 ? show s debits anti αeOus gcnttated b> the present mvenficn to handle both the airplane asset and the liability as shm« in the itghward column of Fig 16.

Fo accurately and timely detαmine Fαtuse Pop and asset \alues, tlie Relative Consuniptioii Pattern, the discount rate, and habikt) rnesent values need to be coαstantl> updated, triggemig reevalutioiis Sn for mstaace. if the esπaiated aaplaae life is extended, then the Relative Consumption Pattern needs to be extended also, triggering revised tuture Pop Values. hkd> lower, because the imUal asset value i> spread across wider use A point can be reached, however, ^ here a retail is necessary. Fig. 18 s»hows the result of a restart of the situation depicted in ^' fig. 12, as of 2004, with additional investment and extension of the lifespan of the aupiane.

Multiple Relative Consumption Pattern scenarios can be specified, and probability-weighted averaged as shown in Fig, 19. The probability-weighted average present value of the Relative Consumption Pattern is 6837,71, as shown in Ceil D28, The Pop Factor is calculated and applied as before to determine Future Pop Values.

The above procedure to use a Relative Consmπptioft Pattern to determine Future Pop Values and using the Future Pop Values can be applied to any nonfinancial assets, tangible or intangible, durable or disposable, However _^ two types of aonfmancial assets men! particular consideration.

Ffet are research-and-devebpraent/new products, h the early stages of such efforts, investments are being made, rather than casts incurred. The present invention recognizes lfee investment aspects, as shown in Fig, 20, Column B shows a hypothetical investment to for reseaκfe~aad4eveioρraeπt for a aew product, This results in the Future Pop Values as shown in Column C, with asset valise shown iti Column D, and liability value shown in Column E, What is important here is the increasing value of the asset (R&D/new product) in its early years, reflecting economic reality,

Second are what ought be called Perpetual assets, such a land and trademarks, which continuously yield value, but have holding opportunity costs. If the Relative Consumption Pattern is made to stretch very far into the future, then the Future Pop Value will equal expected period asset appreciation. Applying the above and Pat.0034 yields an income statement as shown m Fig. 21 , What is notable about this income statement is that it shown a zero net asset gain, but also shows that Si 20.00 in Future Fop Value ~ opportunity cost - has been wasted.

Fig, 22 shows a second alternative method to calculate Future Pop Values, based upon the example of Fig. 4, The method begins with projecting the Sl 200,00 value from Year 2000 to Year 2005, assuming 10% compounded growth _* as shown in Row 3, yielding a terminal value of $1932.61 as shown in Cell H3. Next, the Relative Consumption Pattern Elements are placed k the C4;M4 area, specifically Cells D5, E6, F7, GS, 119. These values are also projected to Year 2005, Column H, The five projected values in H5:Hθ are summed, to yield CeI! Hl Q. The shares of each Year 2005 projection are calculated, ε.g, 15 - H5/H10. Then the shares of the terminal $1933.61 are <toeπτώed, e.g. Hl 1 = 15 * H3. These shares of tiie termiaal $1932-61 are then discounted back to the dates of the original Relative Consumption Pattern Elements,. La, El 1 is discounted to DI l . These final .discounted values are Future Pop Values, i,e, DiI , E! 2 _; Fϊ 3 _t , G14, and Hl 5.

The preferred embodiment is to implement the present invention as a Cload-based service, with the Users atκl DataClients providing data over the internet to the ApplicationServer, which in turns handles processing and calculations, and i;heø either returns the results to the the DataServer and/or publishes the results over the internet The present invention could also be executed by a single individual, using either a spreadsheet on personal computer, and/or, using a .handheld calculator, with the single individual, replicating all the calculation detail as shown here and/or with the spreadsheet and/or handheld calculator having built-in functionality to execute at least some of the aspects of the present invention, and/or with the spreadsheet ami/or .handheld calculator .having access over &e internet to execute at least some aspects of the present invention. Accordingly, the present disclosure should not be interpreted to boand the

Computer-Program Souree-Coάe Mrodociioa

A cQoφuter-prograπi source-code Ii sting to demonstrate essential iiniction of the preseat inveαtioa is included with this disclosure. Class ApplicationServer executes the essential elements of the present invention, computing Future Pop Values and using such values to determine asset values as present values,- DataClient uses the ApplicationServer to generated necessary credits aod debits, which

BataCliesf feeds into its OWΏ. aceounting systeras tfeat generates income statements and balance sheets. The execution entry point is fusctiors.DataClientDo, File LineDump.txt is an output file.

The execution expands on what is presented here, both in terms of being more encompassing and. in terms of being more detailed.

Fig. 23 lists the data members of the AppHcatϊonUserObj, fto main AppIicationSerrør object to serve each individual User, Fig, 24 lists the data members of the See-βaπoTable object that is contained in AppiicaiionlJserObj ,

Cøaelusion,.KamMcgtiθM. Aad Scope

1,6 While the above description contains many particulars, these should not be construed as limitations on the scope of the present invention; but rather, as an exemplification of one preferred embodiment thereof. Aa the reader who is skilled in the invention's domains will appreciate, the invention's description iiere is oriented towards facilitating ease of comprehension. Such a .reader will also appreciate thai the invention's breadth of scope can be improved by applying both prior-ait techniques end readily apparent improvements.

Many variations aad many add-ons to Ae preferred embodiment are possible. Examples of variations and add-ons include, without limitation:

1. Rather than requiring a User to specify Relative Consumption Patterns, aa implementation could have the User specify template parameters, resulting in the implementation generating ^' Relative Consumption Patterns, So. for example^ the User might indicate that al! elements of Relative Consumption Pattern are constant and that the asset lifespan is six years, resulting in the generation of a Relative Consumption Pattern spanning six years, ultimately leading to Future Pop Values for each day.

2. At any time. Future Pop Values can be taken as a basis for Relative Consumption Pattern

Elements, thus facilitating passing information from one User to another,

3. Rather than the User estimating Relative Consumption Pattern elements, asset suppliers could do the estimation. The advantage is to capitalize on the knowledge of suppliers, who probably know their products better than their customers.

4. The algebraic calculations of the present invention can be done in different sequences, with no significance.

5. One could conceivably estimate Future Pop Values directly, bypassing the Relative Consumption Pattern specification, with the only requirement being thai the summed net present values equals the purchase price. Such an estimation ideally would be doae with calculation assistance, to assure that the net present values of the estimated Future Pop Values equals the purchase price, Once estimated, such Future Pop Values could be handled as described here. 6. Rather than specifying 3 long Relative Consumption Pattern for Perpetual assets, Future Pop Values and asset appreciation can be taken as simply the anticipated appreciation, given a constant asset value and discount rate.

7, The Future Pop Values of the present invention can be directly ported to the Future Flow Table of PatOO34, and directly used by Pat.0034 as Pat0034 was designed to be used.

Copyright Notice

This application includes a computer-program source-code listing written ill G-H- for Microsoft Visual C-H-, Version 6.0. Visual Studio. Included is a computer-output file.

Both the computer-program source-code listing and the computer-output file are subject to copyright protection. The copyright owner has no objection to the facsimile reproduction by anyone of the patent disclosure, as it appears ia fee U.S. .Patent and Trademark Office patent files or records, as it appears m the patent files or records of ioreip counterparts or international instrumentalities, but otherwise reserves all copyright rights whatsoever.

-]d;\DDTerap ^v Αdam03\AccouatBalanceTable,t?i;t[~~'

#tfhder AppIicationServer_X_h__

#define ApplieaUonServer_h_h_

ApplicationUserQbj * ApplJcadoaServcr _^ CreaiεUserObjO;

void ApρiicationServer _m NoteCui-rentDate( CString curreπtDateSet );

void ApρiicaUoαServer_ϊransferAiite( ApplicatiooUsetObj* pSour, AppiieatiosUserObj* pDest );

void ApplicatiooServe^TransfeKApplicatioaUseiObj * pSour, ApplieationOserObj * pDest,

CString scenarioName _s CStrisig date, double perceαitTπitisferj;

void ApplicatiouServer_Trat-sferPost( AppiicationliserObj* pSo«r, AppUcatioriUserObj* pøest };

#endif

include "StdA&.h"

IS #iticlu<ie "ApphcationServer-h"

#ϊπdwde "AppUcatfonUseiObpϊ"

ΛpplϊcatioftUserObj &jpplicatioa$erverAecouiits[256];

tong nAppHcationServerUserObjs = 0;

CSlTΪiig applicaiionServerCurrentDate;

Application UserObj * Apρ]icatioαSeπ ^f er_CrealeUserObj{)

i

rctiirn &app1icatiosServ«3-Accoums[aAppUcationServerUserObjs++] ;

t

.<

void ApplϊcafionSereer_NoteCuiτenti)ate(CString cιιπ'eiiiDateSeϊj

[

appϋcationServefCiuϊeatDate ^• - cmxcntDateSei ;

forflong 1-0; i<(sώeofϊapplicationServer Accounts) /sizeoflapplkaiiooServerAccounf sfO]));i-H-) apρ!ϊcatiθΩSdrv'erAccountsπ]-NoteCi3τre«tDate(α«τ� �ni:DafeSet);

}

void Appli<^tioaServer _m ϊransferAate(Applicati ^' oiiUserObj* pSour, AppHcatioπXJserObj* pDeat)

(

AppiicaUoπUserObjtte soui ~ *pSour;

ApρSieationt- ^f ser(>bj& dest = *ρDest;

sour.N ^' oteCurreπ5Date(apρiicaiiotiServerCιιπ:entDate);

dest.NoteCurreniDate(appUcationServeiCun"c»tDate);

sour.UpdateVaiuationϋo('Transfer Oυt Prep");

dest.UpdateValuahonDo("Transfer In Prep");

}

void ApplicationServεr_Tτansfer(AppHcationUserObj* pSoyr, ApplicationUserObj* pDest, CString sceπarioName, CString dale, prec percentTransfer)

A|ψlicaUoιit2serObj& sour - *pSour;

ApplicationUserObj& dest - *ρDeat:

forfiong iSourScenarkN): iSourScenaricKsour.scenarioTable.iiRow; iSourScejaario++)

if(sour^cεrmrtoTabk.name[ISourScenario] ^~~ seenari&Naniej

fbitloβg iScurDay^O; iSo«rl ⁾ ay<soυr,scenarioTable.da{e[iSowSceτiario].ϊ}Row; iSourDay++) if(soi!r.scenarioTabie.date[iSoαrSee«ano][ivSourDay] =~ date)

for(l ong iϋestScαiario+H-)

1« itζdestsceftarioTable.naniefiDestSc^ϊario] ^{::: ::} seaiatioNaπw)

for(long iDestDay=-"O; iDestDay^<3est,scenarioTable.date[iDesιScenar io] .nRow;

iPtJstDay-H-}

ill dest.scδϊiarioϊabie.da{efiDeatSceπario][iDestDay]™ ^;~ date)

{

desi .scenarioTablcπrpjiDestSeenariα] [ϊDesf Day] ~

soor.sceπarioTableTcp^SourScenaπojfiSourDay];

sour.scenarioTabie.percentPnpOwemshippSourScenariojfiSourDay j - ^; - ^" perceniTrsmsfer;

desi .scenario ϊ able ,pereentPopO\vernship[DestScetwio] [ϊDestDay] ⁺ ^ percent Transfer;

jrøfmij;

\

}

void AppϋcadonUseiObj * pDest)

{

double assctVaiυcWhoϊe, assetValueOwaβd. liabUKyValue;

AppticatkmUserObj& sour - ^pSour;

sour,GetRawAs&etϋbilityVal«es{ assetValueOwαed, liability Value );

sour.pύstingsTabk.Appen.d(applicaιioaScrvεj<.\nτcntϊ >ate,

¹¹ Asset ^' Transfer Out",

sour.clientAsselBufferAcctDC,

sourclientAssetAcci,

sour.lasiAssdValucOwncd - assdV^lueO-wπed);

souj.kstA.ssd Value Whole = asset ValueWholε;

sour, last Asset ValueOwned ^" assetVaiueOwaed;

Appl3caUorilJsen ⁾ bj& Ucst = *pDesf :

dest.GetRawAssetUbilityValtK^ applicationScn'erOirrentDate^ssetValueWhol^

liability Value );

dest.posϋngdTable,Apρend(appUcationServerC\m"entϋate,

"Asset Transfer In".

dest.eϊientAssεlΛcct,

de?tciientAssdBυiϊerAcctDC, assetVahieOwaed - desϋastAssetValueOwried); destiastAssetVaiueWhole = assetValue Whole;

dεstkst AssetVaiueOwned = assetValueOwnεd:

//.-,,., ^, ... _^ — . ^, _w^ . _^ , _W v..-,.-...^.~.. _^ -» _™ -,.-..-,— v]AρplicationtIserOb _j .cpp[-

#ifedef Appi ieationϋ ^' seK3bjJα,Ji _m

#defiue

class App&atioΛΪJserObj ; public ApplicafioJiServerBase

{

public:

CString applicationUserObj;

CString ci ieαt Asset Ac<jt;

CSJring clieniAssetFavWindfallAcclCrediU

CString clJontAssetUatWindFaliAcctDebdt;

C String clieatAssetPopExpenseAcctDebit;

CString cHeπtAsse^crapAcciDebit;

CString cUeβtAssetB«tσAcctDC;

CString clkaiLiabilityAcct;

CString ciieϊitLiabilityFavWindfallAcctCredit;

CStiing clJeiitLiahϊlityϋntWindfaliAccfDebϊt;

CStriag ciientLiabilityPayinεatAcctCredit;

double aantialDiscouniRate;

BOOL isPαpetual;

CString roarkeiScaleDate;

double marfcetScaieValus;

CString reStariDate;

double reδtartValαeWhole;

double reStartVaiueOw«ed;

ScenarioTable sceaarioTabie;

CStriag kstPopDate;

CString lastlJpdateDate;

double lastAssetVakeWhote;

double lastAssetValueOwtied;

double Ia stiJability Value;

2i CStriiig ctsTentDate;

CStriiig origtnalPricel.evelDate;

CString additionalPriceLevelDate;

BOOL lϋFirstVaiuationPeiicling;

BOOL sxsppressDatedPops;

Postsngsϊable postingsTable:

AppIioaiionUserObjO;

void IaH(J;

void StandardTitleSetQ;

void NoteCuσentDaτe( CString currentDateSet );

void NoteRCPElementfCSiring dateSet, double rcpSεt);

YϋM NofeRCPEΪemeiuBknkC CSiriπg dateSet );

voidNofeRCPEleiBeiUlnflniieSeriesf CSixmg dateStatt, iongdaysiac };

void NotePaymeβtFojrPttrchaseOrigiaaKCStήng (iafeSet, double

void dateSet, double paymeniPorAssεtAdditioπalSet); void Update VaϊuatioπDot CString desp );

void Pop( CStriiig popScenario - '" );

void ReStariCK

voidGeiRawAssetLibilityVaiues( CString dateBase, prccά assetValue Whole, prec&

asset VaϊυeOwued, prec& libilityValue );

void PrintPostingsTableO;

void PrirstResumeCaicuktiottsO;

void PruitObjO;

void Pm«BasicCaleυiatjons();

voidPrintBasicCakutadonsWithScrapO;

void PriniJRCPOwnershipC);

void PriniPayπieiitSchedαle(};

void PrintMukiSceiiarioO;

void LmeDumpAC CString ti - ^im };

void ToTmXlsf TmXls& tmXls ):

void ϊoTmXlsPostingsTable( T.raXis& imXis k

DECLARh _m SEIilAI..(AppϊkationUseϊ-Obj):

public: void WatchC);

App1icationUserOhj( ApplicationL ^! serUbj& e );

void GoDsC CSiring desc - ^IMf , BOOL doTianspose -FALSE , BOOL assertStqp -TRUE }; void ToTM( TM& to, CString prefix );

void DeTMf TM& tm, CString prefix j;

CString TMFlatGet( CString prefix };

void ΪMf latPul( CString prefix, CString cc 5;

virtual void ArcbiveDo( Archive& arch );

void ZeroOut<);

void GarbageϊnQ;

A.pplicationUseiObj& operatoj~( AppiicationUserObj& f };

BOOL operator— ( AppIicationUserObj&- f );

BOOL operafo,c!=( Applicationϋser ⁽⁾ bj& f );

void SiαipleFileEκid{ CStrmg pne. BOOL aϊlowFileNotFound =F ALSE );

void SiπipiεFOeWriteC CString ptie );

virtual void l.ineDαϊnpAAuto ⁽ jeβ{ CStriαg sg ="" );

virtual void LiαeDumpT( CString ss ="" };

void ToExceK CString figlD -" " , CString tabkTitlc -" " );

virtual CString OeiClassNameC);

virtual BOOi lsCla$s( CStriϋg classNameSeek );

virtual BOOL lsϋerivedFrom( CString dassNanwSecfe, BOOL considerSelf =TRUE ): virtual void* DupOutQ;

virtual void l)ιtρto{ void* p };

void Ptrinitø;

void PyrFm{);

void LineDurapGetHasiiCf CSlring tt = ^1! " };

loag GdHashCO;

void GetH.aslC( k«ig& sumllashCPrior );

K

#endif

#inciude "StdAfit.h"

#inciαde " Appl icatioiiUserOhj .h"

^include. 'TmXkh*

A3 include "Jϋate.h"

^include "Prieeϊmkx.h"

f include. "MhcvBhnk.h"

include "IhPJaceBlaflkJb"

#include "ThPlaeeBknk.h"

#deime dεdareStaπard long [Scenario, iDay;

Mefiae fbriScenario for(iSceiiario-0; iSeeimno<scenario ^' Table.sRow; iSceaario-H-)

#defiae foriDay for(il)ay =0; lsGoodfodex(iScenario. sceπarioTabk.nRow) &.& iDay<scenarioTab1e.tkfefiScenario],BRow; iDay-t-i-}

sceaarioProbabiltyCur sccnario ^' fabie.pdCurfjScenarioJ

AppHcationUserObjwApplicaiionUserObJO

GarbagelaQ;

lnitϋ; void ApplicatioaUserObj::initO

{

applicadoiiUsefObj ~ "";

clieatAssetAcct = "";

cUentAssetFavWindfallAcciCretlit - "";

clkntAssettmfWtndFaUAcαDebit ^{:;; mt} ;

clientAssetPopExpcaseAcctDcbit = "";

ςiientAssctScrapAcctOebit ~ "";

cϋeatΛssetBufferAcctDC « "";

clietitLiabiiityAccl ^:; - "";

dientLiabiϋtyFavWindfailAcctCredit = ^M ";

clirøiLiabiiityϋπiWindFallΛcctDebU == "";

cHentliabilityPBymefttAcctCredJt ~ '

aήnualDiscoufltRate ^~ 1 ;

iisPerpetual - FALSE: marketScaleValue ~ 0;

reStaitDatε ^» "";

restart ValueWhoie ~ 0; reStaiiValueOvnies! ^~ 0;

scenario! able nRow ~ 0;

lastPopϋate - "":

laaUpdatdDate - ^; - "";

lastAssctValueWhoIe = 0:

lastAssctValueOyuicd ™ 0;

laά{Ϊ jabilil>A'alue - 0;

ciurentDate - "";

origrøaiPriccl evelDate ~ "":

addifioaalPncelevoSDatc ^::: "":

suppressDatedPops - FALSE:

posώϊgsT&ble.nllovv - 0;

}

void AppiϊcatøaUscrObj: :StandardTιtleSctO

{

cikiitAssctΛccf ^:: - "CΛ";

client As'se-FavWindfaLiAcctCredit - "CAFW";

clieϊtAssetl^tΛViiKΪFailAcctDebii = "CAuFW";

clkntAs&etPopExpeπseAcctDebit - ¹¹ CPE";

client AssctSerapΛcctDcbit™ "Cash 2";

chentAssetBiffoAcotDC « "CBufAcct";

client! kbϋilyAcci ^ TL";

chentLsabiUtyraΛVmdfallAcclCrcάt - "CiFW";

ciientiiabiiitytfiilWiiidlnill'VcctDebit --- "ALuFW";

clictitLiabihτyPayi«entAcctCredjt = "Cash";

I

\ otd ^pphealionl^crObj: :XuiεCurreraDate(rStriαg currentDafeSet) cωrentDate = curreπtDateSd;

}

void ApρhcationUscrOhj::NoteRCPEicment(CStπng dateSet, prec rcpSet) declareStanard: iSceaaήo ~ scenartoTable.tiRow-l:

foriuay

itTscenarioTable.daιe[iSceQario][iDay] ^~~: dateSet )

i

scetιarioTable.rcp[iScenario3[iDay] = repSet;

sceπarioTabk.percentPopOweBisliippSceαariojfiDay] = 1 ;

return;

1

scmarioTable.date[iScett8rio].Aρpend(dateSet);

scenarioTablexcp[iScεnario] . Appeαd( rcpSet);

scenario ^' rable.perceϊi{FoρOweπisli!p[}Scenaiio],Appeπ.d{ I);

scenaπoTable. ^' NormSumVectorLenghts(ϊ;

>

f

void AppLicationUsejObj: :NoteRCPEJ«HerrtBlank(CStriπg dateSet)

{

declareStaaard;

i Scenario ~ scenarioTable.nl.ow-1 ;

foriDay

if(scenarioTabie-date[iScenafio3[iDay] ^:::: - ^" - ^" dateSet }

{

scenarioTabk.rcpf iScenaήo}[iDay] - 0;

return;

x

scenatioTab1e.date[iScenario].Append{dateSet);

sceoanoTabie.rcp[iScenario] Append( 0);

scenarioTabie.percentFopOwernshipfiScenario] . Aρpend(0) ;

scenarioTabie.NormSumVectorLenghϊsO;

}

void ApplicatioαUseιObj::NoteRCi ^> ElemeϊidβfiβiteSefies{CStϊi«g datεStart> long dayslnc)

(

ASSHRT{sceoar»oTabki^Row ^ 1);

long ctDay ^: " JValDate(dateStart);

forflong <fO:q<800 * 365 / daysIno:q-H) CSiring date - JForI)ate( ctiDay };

TrønLVtøate, "" ^■ ):

KoteRCPElenieat( date, 1 );

eΦay -S-=- daysϊnc; sceαarioTable.NoπnSiimVecεorLengtosO;

tsPerpetøal = TRXXE; void AppUcattonUserObj ::NotePayracntForhirchaseOήgiiiaI{CString dateSet, prec

paymentFof AssetOri giiialSci )

{

declares tanard;

t Scenario ~ sc-enarioTable.aRow-l:

foriDay

if(sc-enarioTable.date[iScetiario][iDay] ^~~ dateSd )

f

scenarioTafcie.payoiemFoτAvSsd,C)rigiϊial[iScenario]tiDay] + ^■ - paymeniForAssetOrigiaalSet; retwii;

}

sceaatioTable _t date[iScenario].Append{dafeSe{);

sceBarioTable.payraent.ForAssetOriginai[iSceijarioj,AppeM(pa ymeiaForAssetOtigiaalSet);

scetiarioTable.NonnSuin.VectorLeughis();

}

XOid ApplicatioαUserObj^NotePayinentFαrPutchaseAddϊiionait ^' CString daleSei, prec

paymentFαrAssetAdditionalSet) decIareStanard;

iScenario ~ sceiiarioTable.iiRow-l:

foriDay

il^scenarioTab1e.dafe[iSceiiario][iDay] -= daleSel }

{

scenarioTabk.paymentFor>AsseiAddi{ioaal[iScenario][iDay3 *= paymentForAssetAdditiona!Set; scanarioTable-date[iSceπario].Appeiid(dateSet};

se-enarioTable^ymαitForAssetAddife^

scaiarioTable.Norm$«mVecforLeaghts();

\

void ApplicationUserObj::UpdateValuiilionDo( CSfring desp )

(

declareSfanard;

double origmalPriceLevelFaetor = 1 ;

prieefadexReferenceAnchorDate™ originalPriceLevelDate;

if((ortginalPrjcel.eveIDate,Getl.englh(}))

originalPriceLevdFactor = ^; GetPϊϊceϊtidexFactor(c«rreniDate);

double addiiJoαaiFriceLevciFacfor ^::;; i;

priceϊndcxRcfereαceAiichoj-Datφ = additionalPriceLevelDate;

ifϊCadditionalPricelxvelDate.GetLengthO))

additionalPric-etevelFactor ^;:: GetPriceϊndexFactort ^' cutTeiitDate);

CStrittg anchorDate;

foriScenario

JbriDay

{

CStiiαg cur ~ sc«aavioTableda{e[tScenaήo][iDay];

| IsJDateLtHq{cur ₅ anchorDate})

aπchorDate ~ car; if((reStatil)ate,GetLe»gth()} &&, MDateLtEq(rcStaττDate, anchorDate))

aaciiorDate = reStartDate;

double asset AnchorPresenfValυe ^::: 0:

i t({reStartDate.GdLeπgth())}

asset AπchorPrcseαtValυe =

JDa{eGctl ^> rese.ntVakie{ aachorDate. reStartDate, reStartValueWhole, aiiaaalDiscoαatRate ); double liabihtyAαckorPresentValue = 0;

foriScenario

foriϋay

{

double paymmtForAsset - 0; payraealFwAsset +^ scqnarioPrαbabiltyCur *

seenarioTable.paynientFocAssetOrigiiιal[ iSceaariojjHiDay] *

αrigraaϊPriceLeveiFactoπ

paymentForAs&el -N= scεπarioProbabihyCur *

sccnarioTable.paymeatForAssetAddiliDnalfiScen^'iojfiDay] * additionalPriceLeveiFadcK;

iiabil ityAnchorPrcseni Value ÷-

JDateGefPresent Value( aαchorDate, scenarioTable.daie[iSce;nanoj[iDayj , payiϊiαrfFor Asset, annualDiscoαntRate };

}

double scrap Value = 0;

fϋήScϋmriύ

i^tscetiarioTable.scarapDatefiScenariol.GetLengthO))

scrap Value ÷~ scenarioProbabϋtyCur *

JDateGeJPresest Valυe( anchorDate,

sceπarioTable.scrapDate[iScenario],

scenarioTabk\scrapVaiαe[iSceβario] _s

annualDiscouβtRate );

double rφAnchcrPreseni Value - 0;

foriSceπario

foriDay

{

prec& rcpQuant ^: - sceaaήoTable.rcp[ i Scenario] [tDay];

fCpAnchorPresentValiie -^- scemϊrioProbabtHyCur *

JDateGetPresea{Value( auchorDate, sceΩarioTab3c.date[iScαwioj[iDay|, rcpQuant, annuaϊDiscountRate };

>

double popFactOT ~ 0;

if( 0.001 < rcpAϊicborPresentValue )

popFactor = (assetAnciiorPresentValue'ScrapValiie^UabiiityA.ochorPresent Value) /

rcpAnchorPresentValw;

fori Scenario

foriDay

sceaanoTable,fiitui'ePopValue[iSceaario]liDay3 = sceπarioTable.rφ} ^" iScenario]fIDay] * popFactoπ

if((ffiarketScaieDaie.GefIength{}»

{

CSirmg lastPopDateHoM ^::;: kstPopDaie;

kstPopDate - "";

double assetValueWhoϊs, asset ValueOwaed, liability Value;

<tetRawAssetI.ibilityVaJues{ .marketScaleDafe, asset ValueWhole, assetValueOwned, liability Value );

double iactor = tnarketScaleVahie'assetValue Whole;

foπSccnaπo

foriDay

sceaarioΪ8bie.fuhJreFopValue[iScenario][iDay] * ^~ facior;

iastPopDale ~ lastPopDateHolti;

}

if( isFif stVaiuatioδPcndύig }

{

laatliabilityVake ^::: liabilityAnchorPitscntVahie;

lastAsset Value Wlrole ~ lastAssetValiseOwned^ asset AnchorPresentValue +

iiabilitvAncliorPreseni Value;

postingsTableΛppend(ancborDate, desp, ciieπtAssetAcct, clientLiabilityAcct,

laatAssetValueWliole);

isFirstValuaύoaPeαdiag ^;;: FALSE;

UpdatcVaiαationDof desp * " Coat"};

}

else

{

double asstϊtVaiueWhok, asset ValueOwαed, UabilityValue;

OctRawAssdLibility Valυes( currentDale, asseiValueWhole> assεtVaiueOwiϊβd, liability Value }; iil[iastAssetVa{ueOwn.€d < asset Vaϊueϋwned)

postingsTable.Append(curren{Daie. desp, ciieπt^ssetAcct, clieπfAssetFavWmdlalLΛccfCreciit, assetValueOwnεd ~ lastAssetValueOvvned);

else > lastAssetValueOwned)

postingsTabie.AppeiidfcuiτeatDate, clcsp, cUcntAssetUnJfWindFaJlAcctDebit, client AssetAcct, lastAssdVaiueOwned - assetValueCHvned);

posimg&TabteΛpp^ϋ(eujτttitPate, dtjsp, cliemLiabilityUafWmdFsliAcctDebii, client! iabilitvAcct, liability Value - lastLiabilityValue);

eke if(iasttiabihtyVaiue ^ liabilityValue)

pustingsTable. Append( currentDate, desp, clientϋabilityAcct,

ciicΩtLiabiiityFavWindfallAcctCredit, lastLiability\'alue - liabilityValue);

lastAsserVaiueWhole ~ assetVahieV^Tiolε;

!astAssεl\'aiueOwnαi = assdValueOwned;

lastUabilityVaiue - liability Value;

ia&tUjxiaieDate ^~ curreatDate:

void ApplicationlIserObj::Poρ(CStππg popScenario/*-""* ')

i

long iPopScenaύo ^~ -I;

long iPopDay ~ -\:

decϊareStanard

tbnScc-natio

foriDay

if(sceaarioTab!e,date[iScenano][iDay] - ^";: - currentDate)

BOOl. dodo - FALSE;

1 j

dado - TRlJF;

else if(sceπaπoTabie.!iaxne[iSceiiaπo] ~~ popSceaario)

dodo * TRUE;

iffdodo)

{

iPυpSceuairo ^■ iSceaariu;

iPopDay = ^• (Day;

Scenario - {Day - LONGJMAX-I;

I

}

iδO<=iPopSceπaiso) t3pdateValuatk>nDα(" Ante Pop"):

double popVaiueWhoie ^~ sce.navioTab!e,feturePopΛ< ^1' alue[iPopSceiιairo][iPθj>Day]; double popYalυeϋwαed = popVaiueWhoie *

scenarioTabie.perce!i ^{ PopCKvemsliip[iPopScen3iro ^' ][iPopDay];

If(OJXJOOi < popVaiueWhoie) lastAssetValueWiioie ~~ pop Value Whole;

lastAssetValueOwaed -™ popValueOwned;

posUngsTable.Appeαd(cuiϊentDaie, "Pop Expense" , cliαitAssεtPopExpenseAcctDebu, clieotAssetAcct, popVaiueOwtied);

lastPopDate - cuirenlDate;

}

double - scetiarioTabϊe.paynieπtForAssetOriginai^ ^' PopScenaiiOl^PopDayJ;

iffθ.00001 < payme«tForAsseiOrigi»al}

I

lastLiabilityValue -∞ paynientForAssetCϊrigm&l;

posdngsTable. Append(curre«tDate, "Pop Org Payment", ciienlϊJabilJtyAcct, cHeαtLiabiiityPay»ientAcctCrt«3it, payiτie«tForA$s«tOriginal):

lastPopDate ~ cmreatDate;

I

double paymeatFor Asset Additional ~

scenarioTabicpayineatFor Asset Additionai[iPopScenairo][iPopϋay];

if{0.0000i < paymeaiForAsset Additional) lastLiabilityVaiue -= paymentFor Asset Additional;

postingsTablε.Append(cuϊτeπ.tDate, "Pop Add Payment", clientliabilityAcct, clieiitLiabiϊityPaymeniAcctCrediU paymeπtForAsset Additional);

lastPopDate ~ cutrentDate;

}

BOOL isBxhaus-ed - FALSE;

if( scenarioTabk.scrapDati^iPopScemiro] ^ ciarentDate)

{ double scrap Value - seetmrioTable>serapVaiue[.iPαpSceaairo3:

lastAssetValueWfeole— scrapValue;

lasiAssetValueOvyned -= scrapValue;

postiogsTabie.Append(cιιrreiitDate ₎ "Scrap Conversion", clientAssetScrapAcdDebii, clientAssdAccL scrap Value);

lastPopDate™ cωreniDate;

isExhausted - TRIiE;

}

else

{

ii^iPopDay ⁵ ^= scenariolable.futurePopValue[iPopScenairo].nRow -1)

isExhausiβd = TRUE; if(l < scenarioTable,ϊjRow) doable O;

foriSceπario

ilξsceaaϊioTabie.pdCurfiSceϊϊarioj)

BOOL isGood- TRim;

if{scenarioTable.date[iSceϊiaτϊo].πRow < ^: = ^: iPopDay)

isGood - FALSE;

else if(sceβaτioTabk.date[iSc«αaπo]fiPopDay3 !~

sciiiaπoTable\claiefiPopSce«aJio]{iPopOay3)

isGood ^ FALSE;

else ifϊscenarioTabk.rφ[iSceαaήoj[iPopDay3 !~ sceπarioTable.rcpj^iPopScenairojfiPopDay]) isGocxS™ FALSE;

else if(sc«tiarioTable.paymentForAsseiOriginal[iScenario][iPopDa y] ! ^~

scenattoTablc.paymentForAssdOtigmalfiPopSceaairoJtiPopDay ])

isGood -FAI _Λ SE;

else iff scer^oTable.payraentForAssetAdditioriai[iScenario][iPopDay] !- scenarioTable.paymeαtForAssetAdditionaitiJPopSceiiairøJfiP opDay ^' j)

isGood = FALSE;

Jf(isG<K!d) sum H~ ^~ scenarioTable.pdOrgf iScenario];

else

scenarioTable.pdCuifiScenaiio] = FALSE:

}

foriScenario

iftscenarioTablε.pdCur[iScenario])

scenarioTable.pdCurfiScenario] ^~ sceraarioTable.pdOrg[iSceπario]/sυrn;

\

iffisPerpetuai && popValueWhole)

f

ASSERT(I ~- scenarioTabie.aRow);

long daysϊnc ~ GeiJDateDiiT{scenarioTab3e.date[0][iPopDay-H],

scenaiioTab!e.date[0][iPopDay Jj:

CStriøg date == scenarioϊable.date[.0].GetLastO;

JDateliic( date, dayslac );

"nimLV(daie, "'");

NoteRCPEl<aϊκmi(date, 1 }:

}

UpdateVaiuatiαnDoCTost Pop");

}

void ApplieationUserObj: :ReSiartQ

{

ASSERT(lastPopDate∞» currentDate);

double assetVakeWholeAnte, assetValueOwnedAnte, liability VaϊaeAnte;

GetRawAssetLibilityValues( cuirentDate, assetVaiueWholeAnte, asseiValueOwiiedAnte, liability VaiueAnte );

declareStanard

piicelndcxRcferenceAnchorDatε - cuirentDafe;

foπScenario

fόi^iong iDay=(sccnarioTable.date[iSce«aπo3.ttRow)4; (0)< ^~ iDay; iDay~)

ϊf{kIDateLtEqfscenarioTabIe,date[iScmario|[i0ay], curreαtDate))

scenarioTabk, SubTabkϊlowDelf IScenar io, iDay) ;

else double factor ~ Cϊetl ^> riceϊndεxFactor(sceiiarioTablε.da{e[iScenario][iDay 3);

scenario ^' Tab1e.paiTiieτ5tForAssetOτiginal[ iScenario][iϊ)ay] *= factor;

scenanoTabIe.pavineBtForAss€iAddiiioiial{iScenaiio][iDay] *= factor;

double addValue = scenaτioTable.payraeiilforAsseJAdditional[iSceα8rϊo][iϋa yj;

scejiarioTabie.paytueatFor Assetθiiginal[ iSceiiarioJpDay] +~ addValue;

scenarioTabk.paymemForAssctAdditionalJJScenariojfiDay] - (J;

}

double asset Value WJhotePost a&setValueOwnedPost liability ValuePost;

GetRawAssdLibilityVa1ues( currenlDate, assetVaiueWholePost, assetVaϊϋeOwnedPost,

HabiLiiyValυePost );

LineDmπpf Old asset ValυePost, iiabilityValuePost" ");

mafketScaleDate - "";

marketScaleVake ^:;: 0;

reStartValυeWhok ~ assetVaJυeWholeABte - liabilityVaiudPost;

reStartValuεOraed = asset ValusOwnedAate - liabilityValuePost;

reStattDate ^~ curre_al>ate;

origiaalPriceLevelDate - ^!> ";

fidditioπalPriceLsvelDafe = "";

prieeϊndexReferenceAnchorDale "- "";

}

voki ApplicationUserObj"GetRawAssεtLibilityValαεs(CString dateBase, prec& assetλ' ^' alueWliole, prec& asset ValαeOwned, prεc& lϊbiUtyValυe)

{

declareStanard;

assetVaiueWhole ^ fi;

assetVabeOwned - 0;

lϊbilityVaiue - 0;

foήScenario

foriDay

\

BOOL include - FALSE;

3 ffdateBase == sceπarioTable.date[iSceπ.ario] [iDay])

if(da*eBase ~ ^~ lastPopDate) continue;

}

ifUsJI>aid.tEq(date.Base< scenarioTabie,date[iScenario](ϊDay]))

I

double pvPop - Jl)ateCjetPresentVa!ue{dateBase,

scenarioTab1e.datefiScenaiioJ[iDay] _f

sc€narioTable.fijtui ^< ePopVaiue[iSceiiario3[iDayj,

annual DiscouniRate );

assetValυeWhύk += pvPop * scensnoProbabiltyCun

asset ValυeOwned ÷ ^::; pvPop * sccnarioProbabϋtyC'ur *

scenarioTable.per contPopOwemship[J Scenario] [iDay] ;

iibility Value ^• +-" scena ^ή oProbabJllyCur *

JDateCktPresemValue( dateBase,

sce»arioTabic,datei _i iScenario][iDayj,

scenarioTabicpavtneπtForAssetOrigiαall iScenario] [iDay],

aivaualDiscouutRate );

HbilityValue ÷ ^::: scenarioProbabiltyCur *

JDateOetPresentVaiue( dateSase,

scenarioTable.tlatej ^' iScenariojfiDay],

scenarioTable.payraonForAssetAdditionalliScenarioJliDay].

annualDiscαυntRate );

double scrap Value ~ 0;

foriScenado

ifftscenaάoTabie.scrapDatφScenarioJ.GetLengthO))

if(!{lastPopDate.Ge(Length()) j| lj*JDafeLt(!astPopDate, sceiiarioTable.scrapDate[iSoenario])) scrapValue ⁺ - scenarioPfobabiUyCur *

JDate<jetPreseβtValue( dateSase,

scenarioTablε.scrapDatepSceaario],

scetiarioTable.scrapValuefiSceiiaϊio],

amiiiaDiscountRate };

assetValαeWholc ^■ +- scrap Value; asset ValαeOwneά r- scrap Value;

}

lMPl£MENT _m SERlAL(Apρ]icadonlJserObj, ApplicatJoβSe.WϊSase. I);

#inc1αdβ "StdAfxJh"

void DataClienlDoQ

C String ss ;

long i, ύ k, q;

jForFix - "„,3";

long rndSeed = 34324;

loXlsNMJLinethanpAWithForniflt - FAtSB;

CString yyyyπ - |"2000", "2001", "2002", "2003". "2004",

"2005", "2006", "2.007"» "2008", "2009",

''2O I C", "201 ! '\ "2012", "2012", "2013 ^s "};

MainLeacK TKtJB, "Fig. 1 " )

I

}

MamLeadC TRUE, "Fig. 4: Calculating Future Pop Values' ^' )

{

JDateSe}Mode(31);

ASoci as;

as.Acctføii("Cash AM 200);

ss.AeetSBqBalSetO;

ApplicatioαUserObj* pASA ^;;; ApplicadonSεrvefjCreateUsϊsrObjO;

ApplicationUserObj& asa - *pASA;

asa.stiaualDiscoυntRate ^ Ll;

asa.acenarioTable.AppendDefaultRowQ;

asa.ls ^] oiePa>αneiAForPα.rchaseOτiginal("2000", 1200);

asa.NoteRCPEleraent( ^B 200ϊ ", 2000);

asa. ^' NofeRCPEle:meat( ^t> 2O02", 2000);

asa.NoteRCPEl€meat("2003" _> 2000);

asa.NoteRCPHemen!f2004", 2000);

asa.NoteRCPElementC'2005" _> 2000); asa.clieπtUsetAcct = "Airplane A",

asa client Asset FsvY\ indfaliAcct Credit - "FavWmdfal! Aoci",

&m clientAssetLniWmdFaiϊAcctDebit •• "UiϊfWinUtaU Aoα", asa di«.ttAsiCtPopExρeiteeΛcctDebit ™ "Pop Oe";

asa cho»AssctScrapAcd Debit ~ "Cash A",

asa dtentLiabiinjAcot = "Puscha^e I ",

asa.cbentljabslnyFavWmdtaiϊAcctCrcdit ^:» "FasWintϊtall l υci"; asα chentϊ labilujlfufWiadTailAcctDcbu ^~ "UnΛVmdtail Loci", as>a ,cii cntLiabiliiyPapnent AcctCrεώt - "i mh A":

asa UpdaieVaUiationl)o(""l:

κIhg - "Fig 4";

idTableTnLe - "Calculating Future Pop \ ^t alucs";

asα.PruUBas>icCa!cuiatιonsl),

Nullffl{):

for{ϊ 0;^ o;i ' O

{

asa MoteCuirentDaitjfyjjyfi ^' l}; if(i 1> for(j^O _t r' _^ asa postisgsTable nRowy ^• ' )

a&.Post( asa pollings. Fable ιiate|j].

asa.poistittgsTabk dcsct ιphon[}],

ιt>a.postmgsTable debst^ccl^].

aw pfistingsTable «edi{Acct[ι] ₄

asa postings I ahte srøotmt[j] y _<

idFtg - Tig. b":

jdTώleTitk " ¹ OG 2001 ftwune Statemwit for

as.FiashroSfcO;

idhg - "Fιg. 7";

idrableTitle ^~ "2001 Balance Sheet",

as. PnffiBalaaceShedC2001 "}; }

IdHg = "Fig. 8";

kiTableTitle ^;;: "Debit aod Credit Postiags";

asa.PrintPostmgsTableO;

NuI If nO;

X

MaioLead( TRUE, "Fig. 9: PatOO34 2001 Income Statement for Base-case" )

:

JDatcSetMode(3I );

AS3W as;

asAcciInitCCash A", 1200, "MaricetValue", LO);

as,alTabIe.AppeixI( "Auptøe A", "MarketValue", Ll, 0, ^tm K as.AcctSEqBalSetQ;

ApplicafionUserObj* pASA ^~ AppHcaticrt)ServeiLCreateUseiObj{):

AppKcationUserObj& asa = ^; *pΛSA;

ass,annuaiDiseoυntJRafe = 1.1;

asa.scenaπoTabk.AppendDefaultRowO:

asa.NotePayrasΩfforPurchaseOriginaH^OOO", 1200);

mNoteRCPBeraent("2Q0r _> 2000);

asa.NoteRCPeemeatC'2002". 2000);

asa.Not&RCFElemest("2003 ^I> _! 2000);

asa.NoteRCP£kmeat("2004' ⁽ _ϊ 2000);

asa.NoteRCPEIement( ^f '2005" _> 2000);

asa.ciienlAssesAcct ^~ "Airplane A";

aϋa,clieiϊtAsselFαvWuidialiAcctCredit = "Fa v Windfall Aw'';

asa-cliesttAssetϋnMindFallAcctDehit ™ "UniWiadfaϋ Aw";

asa.dieatAsϋetPopExpenseAcctDebit ~ "Pop Oe";

asa.cliratAssetScmpAcctDebit ^™ "Cash A'';

asa.clientLiabiluyAcct - ^: "Purchase L";

asa.clientLiabJlityFavWiftdfailAcctCredit = "FavWiήdfali Lw";

asa.cMentLiabilitytlnfWiQdl'ailAcctOebit = "UnfWmdftll Lw":

asa. client liahilityPaymentAcctCredit - "Cash A";

asa,UpdateVa!uaiioaϊ>o("");

{

asa.NoisC ^' urrεπ.lDatε{yyyy[i]);

asa.PυpO; f

for(}"0;j-'^ϊsa,posHtigsTabie,iiRow;j-i ⁴ -)

as,Post( asa.postingsTabie.dateJj],

asa.pϋstiiιgsTahIe.desιcripHon[jJ,

asa.poδfifigsTabte.debitAe.ct[i],

asa,pustmgsTabi£,credttAcctjj]v

asa,postiftgsTabk.anu. ⁱ >uat|j] );

as.Not ^β CαπeoiDateC^OOl");

as.ΛpplyExAΛteEquatioaO;

k!Fk^ "Fig. 9";

idTabifiliUe ^; - ^: "Pat00342001 Income Stafement for Base-case"; a$.Prin{IiκomeSiatemeiit("200r ^! );

NuIlFM);

}

} idTableTMe - ^::: "Debit and Credit Postings";

axa.FrmtFostingsTablcQ;

.'

MainLead( lRUE, "Fig. 10: R- ¹ B 2001 Income Statement for Base-case" }

{

MM&BcMoάφi):

A S re as;

as-AcαlnltCCasb A", 1200k

as.AectSEqBalSetO;

ApplicatioiiUserObj* pASA = App1icatiotiServer_Cr8ateUserObjO;

AppikationUserObj& ;i&a = *pASA; asa.aanoalDiscottniftate - 1.1;

asa,scemrioTable.AppendDefauitRow();

asa-KotePayraerjlForPttrcbaseOrigiaaiflOOO", 1200};

asa.NoteRCPEIemeii{("2001 ", 2000);

asA.NotcRCPElemεπtC2002" ₁ 2000);

asa-MofeRCPΕiementC'lOOlT'^OOO);

asa.NoteRCPEleTOeπtf ^ιt 2004 ^t( _; 2000);

asa.NoteRCPElement{"2005" _! 2000);

asa.ciientAssetAcct - "Airplane A";

asa-ciieatAssetFavWindfeUAcctCfedit - "FavWindMl Or"; asa.dientAssetUnfWisdFanAcctDebit - "UufWindfeU Oe"; asaxlientAsselPopExpenseAcctDebit = "Pop Oe";

asa.cUeut AssctScrapAcctDebit = "Cash A";

asa. el ientUabilityAcct - "Purchase L";

asa-cHentUabiHtyFavWindfallAcciCredil = "FavWmdfall Or"; asa.cHenlLkibi!ityUnfWJfidl'a!lAcctI ⁾ ebit - ^1! UnfWiod&ll Oe"; asa.ciientUabilityPaymentAcctCredit. = "Cash A";

asa.NoteCumsatDale("2000"};

asa ^, UpdateVakmtionDoC" ¹ );

ror(i" ^: 0;i<6;i^÷)

{

asa.NoteCurrentϊMe(yyyy[i]);

asa.PopO;

ifϊi-1)

{

lbi"(jH);}<asa.ρostiiigsϊable,«Roxvy+-÷)

as.Post{ asa.postingsTabIe.date[j],

asa.postiϊigs ^' Tabk.descriptioπy],

asa.posiitigs ^' I ^' abk.debitAcctjj],

asa.postingsTable.creditAcct[J3,

asa ₁ postingsTable.araoun.t[j] };

idPig - 'Tig. lO";

idTableTitle = "R/E 2001 Income Statement for Base-ease"; as,PfiπiIncomeSta{emeiit("2001 ¹¹ );

4! NulϊFnO;

idϊabtøTitle = "Debit and Credit Postings";

asa.PriniPostingsTabiεO;

}

MamLead( TRUE, "Fig. 11 : Calculating Future Pop Values with Scrap Value"

{

JDateSetMod€{31 );

ASoci as;

asΛccUhiJC'Cash A", 1200);

as.AcctSEqBaiSet();

ApplicatioαUseϊObj* pASA ^:;: AppUcauonSeiveiLCVeaieUserObjQ;

A|jplicatioalJsetf.)bj& asa - *pASA;

asa.annυalDiscountRale ^~ 1.1 ;

asa.sceuarioTabk.Appet\dDefaxiURowO;

asa-NotePaymentForPurchaseOriginaif^OO", 1200);

asa.NoteRCPEleraentC'200r, 2000);

asa.NoteRCPEleπietrtC"2002", 2000);

asa _t NθϊeRCPEiemeut("20( ^} 4", 2000);

asa .KoteRCPHIemeii{("2005' ^f , 2000);

asa.sceaarioTable, scrap Vake[0] ~ 300;

asa,sceπariøTabJe,scrapI3aιe[O3 ~ "2005";

asa. client AsseiAcct = "Airplane A";

asa.clientAsseτFavWiiidfa31AcctCiedit = "FavVVmdfali Aoci";

asa.dietrtAssetUnJfWmdFallAcctDebit - "linfWmdtall Aoci";

asa.cUentAssetPopExpenseAcctDεbϋ =- "Pop Oe'';

asa.clientAssetScrapAcctDebii ~ "Cash A";

asaxiientLiabilityAcct - "Purchase L";

asaxlientliabilityFavWindfallAcctCredit ~ "FavWinclfa!! Loci";

asa.oiientUabilitylJjiJPWmdFallAcctDebit ^~ "UritWkκl&1i Loci";

asa.cHentLiabiIityPayrneϊiSAcct.Credii ^~ "Cash A ^* ' ;

asaX ^T pdateVaiuatkmDo( "" );

idFig - Tig, H";

id ^' ϊ ^' ab1eTi!le - "Calculating Future Pop Valises with Scrap Value";

asa.PrintBasicCalcuktioδvSWithScrapO;

NuIiFn(K

{

asa,NoieCurreBϊDate(>7yy[i]};

aaa,Poρ();

I

fϋry~U;j' ^; 'asa,pύstitig$Tabi6,nRow;ji-f)

as,Post( asa.postiπgsTable,daiey] _s

asa.posfcgsTabIe ^, de^cnptio«y]«

asa.posiingsl ^' afek.credit Acct[j],

asa.postingsTable.amountO] );

as.Pπntϊ ^j κ:omc$tatement("200r');

as.Fri«tBalanceSheei("2001 ");

NuIlFnO:

χ

}

idFig - "";

idϊableϊiiie ~ "Debit and Credit Postings":

asa.Priαlfosting&TableO:

\

MδiαLead( TRUE, "Fig. 12: Calculating Future Pop Values with Diminishing Capacity" )

{

JBateSetMode(31);

ASoci as:

as.Accttnu("Casb A ^!' , 1200):

as.AccιSIϊqBalSetO;

Appiic-atioftUserObj* pASA ^: = AppHcationSeιverjCi«ateUser( ⁾ bj{); AppUcatkrøUserObj& asa = *pAS A;

asa.ϊuiaualDiscorøtRate - 1 ,1;

asa.sce-oarioTsbie.AppεnάDetaultRowO;

asa.NotePa>iΩeπtForI>urck}seC)rigimd{"2000", 1200);

asa.NoteRCPBiefflesitC'SOOl ", 2000);

asa.NoteRCPEleme?ii( ¹¹ 2002", 1900):

asa.Not«RCPEJeoieκl("3003", 1 SOO);

asa-NotcRCPElemeal("2004", 1700);

asa.NotcRCPEletπent("2005" _t 1600);

asa.elientAssetAcet ~ "Airplane A";

asax-lietitAssetFavWindfailAcctCredit = ^: "FavWύidfali Λoci";

asa.clieatAsseϊϋrtiWώdFallAcctDebit ^:;i "UsitWiodfall Aoci";

Asa.clientAssetPopExpenseAoctDebtt ~ "Pop Oe'';

asa.clJentAssejScrapAcctDebit ~ "Cash A";

asa.clientLiabiϊityAcct ^: = "Putchase L";

asa.elie«tliabilityFavWindfaHAcctCredit ~ "FavWiadfatl Loci";

asaxlientUabilhytJniWindFailAcctDώit - "UnfWiadXall Loci";

asa,cUentLiabilityPaymeαtAcctCredit ^: - "Cash A";

asa.Not«C«π»tDate( ⁿ 2000");

asa.UpdatφVai«atioiiϊJo{"");

JdFig - Tig. 12";

MTabϊeTitle ^~ "Calculating Future Pop Values with Diminishing Capacity"; asa-PrmiBasicCalculatioαsO;

NuilFnO;

tbr(i-0;i<6;i+-f)

{

asa.NoteCuiτen(Da{e(yyy>'[i]);

asa.Popi);

I

LmeDuiϊη7("Abort Start' ¹ );

for(j^O;j<asa.posimgsTable.aRov.^-H-)

as.Post{ asa.postiagsTable.date{jJ,

a^a.postifigsTablCvdescriptJonjjj. asa.postmgsTable.debitAectQj,

asa.postiJigsϊabie.αeditAcctlj],

asa,posιingsTabk.amoujtitjj] );

JdFIg = "";

idϊableϊitle - "":

as.PrimϊncomeStatementC'lOOr ¹ );

asJFkshToSEO;

idFig - "";

idTahleϊItle - "";

as .Pri.QtB<iianceSheet("2001 ");

NuIlFnO;

UneDunφC Abort End");

idTableTitle = "Debit and Credit Postings";

asa.PrimPo$tiogsTable();

NuIIFnO;

}

MainLeadf TKUE, "Fig. 13: Calculating Future Pop Values With Seasonal Effects' ¹ }

{

JDateSetMode(23};

ASoςi as;

as.Acctlait("Cash A", 1200);

as-AcctSEcjBalSetO;

ApplicalionUsetObj* pASA - ^;: AppiicationiServcijCreateUserObjO;

AρplicatioαlJsα"Obj&. asa = *pASA;

asa.aniiualDiscountRale ~ l .l ;

asa,aceπarioTab!e.AppendDefaυitRow();

asa-NotePaymaitForPurcimseOάgiiialC'Dec 30, 2000", 1200):

asa.NoteRCPEΪemeat("Jan 30, 2001 ", 65);

asa.NoteRCPEIememCTeb 30, 2001", 65);

asa.N«eRCPEleraeaCMar 30, 2001", 65);

asa,NoteRCPEieffient{' ^! Apr 30, 2001". 80); asa-NoteRCPEiementfMay 30, 2001", 90);

asa.NoteRCPf:leraent("Jυn 30, 2001", 100);

asa.Note&CPElemeirtC'iul 30, 20Oi ", 100);

a$a,NoteRCPEe«irøt("Ayg 30, 2001 ", 150):

asa-NoteRCPElementC'Sep 3O ₅ 2001", 70);

asa.NoteRCPEkraentC'Ocf 30, 200!", SO);

asa.NoteRCPEI«snent( ^M Nov 30, 2001", 120);

asa.NoteRCPEΪeraenlC'Dec 30, 2001", 130);

asa-NoteRCPEIemeatCJan 30, 2002", 65);

asa. ^' NoteRCPEiementC'f eb 30, 2002", 65);

asa-NoteRCTOementCMar 30, 2002", 65):

asiuNoteRCPEleraentC'Apr 30, 2002", 80);

asa.NoteRCPE1erae!it{"Mdy 3a 2002", 90):

asa,No{:eRC:PEleme.n1("Juii 30, 2002', 100);

asa,NoteRCPEienient("Jui 30, 2002", 100);

asa.NoteRCPEtørøJt("Aug 30, 2002", 150):

asa.Ηc*eRCPOβmeint"Sφ 30, 2002", 70);

asa-NoteRCPEIemerrtCOct 30, 2002", 80);

asa.NoteRCPEI«nenι("NQv 30, 2002", 120);

asa.Notd<CPBleraenl("uec 30, 2002", 130);

asaxIieπtAasetAcct ^~: "Airplane A";

asaxϊientAssetFavWmdfaUAcctCredH ^::; "FavWiadfaii Aoci"; asa-cUentAssetUnfWindPaUAcctDebit ~ "UnfWϊndfall Aoci"; asa.clientAssetPopExpessεAcctDebit ™ "Pop Oe";

asaxiiemAsseiScrapAcctDebii - "Cash A";

asaxlJentLi ability Acct ~ "Purcliase L";

asaxlientLisbilityFavWindfaHAcc-tCredit ^~ "FavWindfall Loci"; asaxlϊ^LiabπityϋafWindFailAcctDcbit = "lMV\%<3faL1 Loci"; asa.clienfliabilϊtyPayracjitAcctCredit = "Cash A";

asa-NoteCurreotDateCDec 30, 2000");

asa.UpdateVaiuationDo(""};

idFig - 'Tig. 1.3";

idTableTitie " ^: ''Calcαktirtg Future Pop Values With Seasonal Effects"; a$a.PrintBasieCakuiations(X NuIlFnQ;

1

MaiαLead( TRUE, "Fig. 14: Future Pop Value Ownership Percentage" )

{

JDatεSe(Mode(31 };

Application UserObj* pSoυrOrg ~ AppUcafioaServer...CreaieUserO!>j{);

ApplicationUserObj<& sour - *pSoαrGrg;

sour.scGiiarioTable.AppendDefauItRowQ;

sonr.NotεPaviiientForPurchaseOrigiπal("2000" _ϊ i200);

soiir.aimualDiscouiitRate - 1 ,1;

sour.cli ent. Asset Acct ~ " Airplane A" ;

sour.clientAssdJ ^' avWindftJJAcctCredit ^~ "FavWindfall Aoci"; soxir.cIieatAssetUniWindFaπAαtDebit ^~ "UafWmdtail Aoci"; sour.dimtAuSfitPopExpenseAcctDcbit - "Fop Oe";

sour.ciientAssetSciapAcctDebit ~ "Cash A";

sour.cJientLiabiϊityAcct - "Purchase L";

soar .ciientLώbilityFavWiadfetiAcctCredit ~ "FavWindfali Loci"; sour.clientliabilityϊJΩ.avindFallAcctDebif - "UdWindfall Loci"; soiir.cUentLiabilhyPaymeatAcctCredit ^; - "Cash A";

sour .cliem AssetBuffcrAcclDC - "Buffer Acct" ;

2000);

sour,No{eRCPE]erneπt( ^<1 2002" _I 2000);

søur.NoteRCPEleroent{ "2003", 2000);

sour.NαteltCPHkment("2004", 2000);

soar.NoleRC?EleB«a«( ¹ '2005 ^M _> 2000);

sour.NoteCiiτreiitDaϊe("2000"};

sour. Update ValuatiωiDo(" ");

ApplicationUseiObj* pDestOrg ~ AρplicationSers ^>p er_CfeateiJserOb}();

AppϋcauotiU8etObj& dest - *p0esfθrg;

desτ..sce.aarioTable.A|jpendDefaultRDw{);

d&st.Noιd ^ϊ a>τaentForPuϊchaseOrigiiialC'2000 ^ll _> 0);

dest.annualX ⁾ iscounlJElate ~ IA ;

dest .clientAssdAcct ~ "Airplane A";

destxlientAssetFavWitidfeHAcctCfedit ~ "FavWindfali Aoci"; de«t.c!iaKAsseil ^" nAV!ndFa!lAcotI ⁾ ebit = "UiilWmdMl Aoci"; desuiieritAssetPopBxpemeAeetDebύ - "Pop Oe",

dest ciseatAssetScrapΛccfDebit ~ "Cash A",

destxhentl. mUhty Acct - "Purchase L";

άehlΔkmLvMlky?ΑvWmάMiλcctCveάi\ = ^;; "Fav Windfall I oci"; de&t-cbemϊ iabiliiyfrifWkdFailAcctDtrbii - "UnfWindfell loci"; dest-crhentLiabilitjPayαieΩtAcctCrcdJt - "Cash A";

dest.cliCΩtAs<se{KufferAccdX ^Λ = "Buf&r Acct";

U);

O);

derf.NoieRCPFΪeraent{ ^lt 2003 ^u . O);

dest.NotcRCPEiemcotf "2004".0);

de$t.NotcRCTt lemcnt{"2 ⁽ J05", U);

de&t.UpdsteVaiuatioaDoC" ¹ );

{

ApplκationSers'erjN'oιeCuπefttDaκi y>yjiij>;

sour,Po|>();

}

ΛpplicatkniSm' w _m NoteCuπoitDate( røTp |);

sour. UpdateVakationl)o("");

AppLtcadonServer_Trai%ferAitfe{ pSourOrg, pDcstOrg );

pSoωOrg, pDcstUrg, "", "2003", .40 }; AρρltcaιioaScn'cr _m frøisfeit pStxαOrg, pDcstOrg, "", "2004", .40 1; ΛpplϊcatιoaSett'£t_TransferPøsf{ pSourϋrg. pDcstOrg );

soar.PopO:

{

KlRg = TiC- W ¹ ;

idϊabkϊnk - "Futiire Pop Va! ιw OwnersMp Percentage";

sour.PπatRCPϋwnersh ^j pO;

NαllFnO;

I AppHcatiotιSδrvecNoteCuiτentDats( yyyy[33);

sourΛ ⁾ pdateVakadoπFX>{ ^ntt );

ApρlicatioaServer_TraαsterAnte{ pDestDrg, pSourϋrg );

AρρiicationServerJTnm$ik(pDestQrg _t pSowOfg, "", "2004", .10 );

ApplieationServer _m Tran&ferPost{ pDestOrg, pSourOrg );

sour.PopO;

ifiCIRUE)

{

klFig - 'Tig. 14";

JdTableTϊtle ~ "Future Fop Vahie Ownership Percetitsge";

sour.PrintRCPOwnershipO;

NuUFnJ);

}

App!icationServer_^oteCαrrentDaϊe{ yyyy[4]);

sour,Pop{);

AρplkationServerJSfoteCurϊeatDate^ yyyy[53);

sour.PopO;

UmD\mφ5{);

scnif-tmeϋumpAO;

idFig - Tϊg, \5";

idTableTitk = "Debit and Credit Postings";

sour,PrintPostingsTah1e();

NuIiFnO;

}

MainLeadC TRUE, "Base-case revised extendiαg life span" )

{

JDateSetMode{31};

ASoei as;

a&AcctInitf"Cash A", 1200);

as.AccfSEqBalSetQ;

ApplicationUsei'Obj* pASA - ApplicatioaServei'jCreateUserObjQ, ^*

ApplicationUserObj& asa - *pASA;

asa.annualuiscouatRate - 1.1 ;

asa,sceτiarioTεhie,AppendDefauitRow(); asa;NotePa>TOeiifforPurchaseOrigmal{"2000M200);

asa.NoteRCFEIemeniC'aOOr'^OOO);

asa.NoteRCPEiemen(("2002 ^! ' ₎ 2000};

asa.NoteRCPEJemeM("2003", 2Of)O);

asa ^, :NoteRCPEleme«tf2øOS ^ct , 2000);

asa. client AsseiAcct ~ "Airplane A";

asaxϋentAsseiFavWindfalJAcctCredit - "FavWindfall Aoci ^!! ; asa.cIkntAssettfetWixsdFallAcetDebit == ^■■ "IMWiπdfail Aoci"; asa.clienlAsseiPopExpetiseAcctDebit ~ "Pop Oe";

asa.cMerMsseiSorapAc€Φebit ^::: "Cash A";

asaxlientliabilityAcct ™ "Ptπ-ehase L";

asa.client ^' UabilityFavWiadfallAcctCredrt ~ "FavWindfali Loci"; asa.cHentϊiabiiityDBMiadFallAcctDebit = 'UnfWiiKϋail Loci"; asa.cUentϋabiUtyPaymeαLAcctCredit ^r:: "Cash A";

as».NoteCatrefifDafe< ^1! 2000");

asa.UpdateValuationDoC" ¹ );

foif ^' i=0;i<6;i-f-÷)

{

asa,Not.eCurrenfϊMe(yyyy[i]);

I

NuIIFaO;

asa.NoteRCFEktttent("2()06 ^tl _i 200f));

asa.UpdateValuationDoC" ¹ );

kiFig - "";

idϊaWeTitle * "";

asa-PrintBasicCalculatioπsO;

NulϊFaf);

}

I

idHg - "";

idTableTitk = "Debit, and Credit Posrings"; asa. PrintPostϊtgsTabieQ ;

}

MainLead( TRUE. "Fig. 16. Initial Asset Value Equals Present Value of Payments" )

{

JϋaieSeιMode(3l );

ASoci as;

as.Accilmt("C3sh A", 1200):

as. Ac-ctSEqBa] Sεt();

AppiicatioαUserGbj* pASA = AppUcatioaServerjCreateUssrQbjO;

ApplicationlJserObj& asa™ *pASA;

asa.annualDiscountRate = I J;

asa.scenarioTableΛppeadDefaυURowQ;

asa.Not.ePaymentFαrPurchaseOriginal{"2000", 0);

asa,NoteRCPElemeat("200 V, 2000);

asa.NoleRCPeemenl("2002 ¹ ' _! 2000);

asa.NoteRCPElement("2003", 20 ⁽ X));

asa.NoteRCPHeraβnt("2004 ^t ', 2000);

asaJNotβRCPHeraeιitf"2005 ^M , 2000);

asa.NotePaytnβmForPurcbaseOnginalf2001", 526.009635);

a8a.NotePa>'mei«ForPurcbaseOriginal("2003 ^(! , 526.009635);

asa.NotePaymrøiForPurchaseOπgii>a3("2005", 526.009635);

asa.cliearA&setAcct ~ "Airplane A";

asa.clieatAssetFavWindfailAcctCredit ~ "FavWindfalJ Aoci";

asa.clientAssetUiifWiϊidFallAcctDebit = "UnfWmdfall Aoci";

asa-clieπtAsseiPopExpeαseAcctDebit - "Pop Oe";

asa.clientAsseiScrapAwtDeblt ~ "Casli A";

asa.clientliabilityAeef - "Purchase L";

aaaxUentliabiUtyFavWindfaUAcctCredit - "FavWmdfail Loci";

asa-cliemlJabilityUiiiWindFaUAcotDebit - "UnfWindfeU Loci";

asa.clieotLiabllityPayinentAcctCredit ~ "Cash A";

asa.NoteCuireftlDate("2000");

asa.UpdateVahationDoC" ¹ );

idFig = "Fig. 16";

5! idTableTitSs - "Initial Asset Value Equals Present Value of Payments"; asaPrintPaymsntSciiedυleO:

ibr{ ι~0 ; i <6;.i÷~)

{

asa.NotcCurrentt>ate(y> ^> yy[i]);

asa.PopQ;

}

idFig = "Fig. l7";

idTablε fitle - "Debit and Credit Postings";

asa.PrintPosiingsϊabkOJ

NuIlFnQ;

MainLeadC TRUB ₅ "Fig. IS; Revising Base-case by Restarting with Additional Investment" )

{

JPateSetModeOH;

ASoci as;

asAcctlnitfCash A\ 1200);

asAoctSEqBal$et{);

ApplicafioiiUserObj* pASA = AppHcaiionSen.'er_CreateUserObj{);

ApplicationUserObj& a&a ^:: *pΛSA;

asa-annualDiscountRate - 1.1 ;

asa.scenanoTabJe.AppendDefauliK.owQ;

asa.NotePaymeπtI ^: orPurchaseOrigmal( ^lt 2000M200);

asa.NoteRCPEkraeat("200r', 2000);

asa.Nσf eRCPEIeraenl( ^w 20Q2". 19(X));

asa,NoteRCPHαϊκn«"2003", 180Cs);

asa.NoteRCPOe∞etrt("2004" _> 17 ⁽ X ⁾ );

asa.dieniAssetAcct ^::: "Aiϊpkme A";

asa.clientAssetFavWmdfallAcciCredit ^~ "FavWiαdfall AOCJ";

asa.clientAsset ^' UniWiiidFailAcctDebit - "UnfWind&U Aoci":

asa.clientAssctPopExpenseAoctDebii ~ "Pop Oe";

asa.clientAssetSorapAcctDebit - "Cash A ^! ';

asaxiieniLiabiliiyAcct ^~ "Purchase L"; asa. c I ient Lia bilityFav Windfall AcctCredit ^~ "FavWmdfail Loci"; asaxUmLiabiiityUti WmdFali AeetDebif - "I tøfWlndfaH I oei ^<? ;

as.s.clier«Liability?aymai{AccιCredit ™ "Cash A";

asa NoteCmπ? ntDai^ "2000") ;

asa,UpdatcValuatmaDo(" ^!1 K

i

{

asa.NofeC'ιiπ"eϊitUate(>')vy[ij};

asa.PopO:

asa,RtiSSut(j,'

asa.NotePayffleniForPurchaSi'Aciditktaai("2004"> 50Ci};

asa.NoieRCPKJβraeιu( ^u 2004 ^w , 1750);

a&a^oteiCPEleπrøiti^OOS", 1650);

asa;XøtdiePEieoieat("2QQ6", 1550);

asa Upda ^t e VaiuationDof"" j;

idFig = "Fjg. 18";

idTableT.tle ^■■ "Revising Base-case by Restarting mih Additional Investment ^1' ; asa PnntRcsyraeC'alcuiationsQ;

NullFno:

i

}

idFig -- "":

id rablcTrtlc ^« "Dchrt and ( ¹ TCdH Postings";

asa.PrmtPostingsTable();

NuiiFnf):

I

MamLeadi TRCJE, "Base-case with Indexation" )

JDateSelModef.M);

ASoci a&;

as.AαnIniι{"Caali A", 1200),

asJVceiSEyBalSetO; ApplieationUseiObj * pASA = ApplieationServecCtøateUserObjø; Application Userθbj& asa = *pASA;

Pricdndexlnit{):

PriceϊndexDat,umAppend( ⁿ 2000MOO};

PricelndexDatum Append("20n I" A lO);

PriceTndexDatumAppendC2002", 120);

Pπcelnd«xDatuinApρeaclC ^I 2003 ¹¹ , 130);

PricelndexDatuni<\ρρeαdC ⁱ 2004", 140);

PricelndβxDatumAppeπdC'ΣOOS ¹¹ , ! 50);

PricfJndexDatumAppend{ "2006" . 160);

PriceTodexDatum Aρp«sndC2007" _s l 70);

PricfttndexDaturaΛppeidraOOS' ¹ , 180):

asa.oάginafPriccl.evelDate ~ "2000";

asa-anirualDiscoαntRxite ^" 1 ,1;

asa ^, scenaiioTable.AppendDefa«itRowO;

asa.HdtePayE5e»tForPi!rchaseOrigiaal{"2000M200);

asa ,NoteRCPEl€raent("2003" ₅ 2000);

asa.NoteRCPElemcntC ^t 2004" ₁ 2000);

asa.NoreRCPEtement("2005", 2000);

asaxHeαtAssetAcct ^;:; "Airplane A";

asa.ciientAssetFavWmdfallAcctCrεdil ~ "FavWiπdfal! Aoci"; asa.cIientAssetXJnfWJBdFaHAoclDebit = "UafWindlail Aoci"; asa.ciieniAsseiPopExpenseAcctDebii ^~ "Pop Oe";

asa .ciientAssci ScrapAcctDebit - "Cash A" ;

asa xlietitl j abilityAcct ~ "Purchase L";

asaxiientLiabilityFavWmdfallAcctCfedh - "FavWindfall lxκi ^H ; asa.dientLiabtUtyUjttWmdFallAcctDebh ^ ^: "UnfWύidiaU Loci"; asa.dientuabilityPaynienlAcctCi'edil ~ "Cash A":

asai^oteCuπer«DateC2000");

for(i=0;i<6;i+-") asa.NoteCunxmιDate(yyyy[i]);

asa.PopQ; i

_dPig = ^n<1 ;

MfTaHeTMe - " ^fl ;

asaPrintRCPOwnershipQ;

NuIlFnO;

>

f

\

MeelndexMtt);

}

MaiαLead( TRUE, "Ftg. .19: Calculating Future Pop Values with Multiple Scenarios" }

{

JϋateSetModε(31);

A-Soci as;

asAcctlnitCCash A", 1200):

as ^, AcctSEqBalSetO;

ApplicationUserObj* pASA = Ap33licationServej- _m CreateUserObj(};

AppiicatiθΩUserObj& asa ~ *pASA;

asa,anaualDiscomitRaic - Lh

asa<scenaπo ^' ϊableΛppendDefauhRowO;

asa.NotePa>inentForPurchaseOrJgώal("2«}00M 200 K

asa.NoteRCΪrøetneBt("200r. 2000);

2QOO);

tLsa.NotcRCPEΪera ^β πi("2003", 2000H

asa.NoteRCPB]emejit("2004", 20(X>);

a^.NoteRCPElemenK"200S ¹ ' _J 2000);

asa.scenarioTahle.namefO] ~ "Scenario A";

asa.sce«arioT£hle,pdOrg[0] = aδa.sceπarioTable,pdCuf[0] = ,50;

asa.scena.noTsb1e.App<?ndDefanl{llow();

asa-NotePayπHunForPurchaseOriginalf 2000", 1200);

asa.NoteRCPBemeat( ^rt 2001 ", 2000);

asa.NoteRCPEieraeot("2002" _> 2000); asa.NoteRCPeanem("2003" _t 2000);

asaJNoteRCPElemtait("2004 ^M ₎ 2000);

asa.scenarioTabie.narπe[l] ~ "Scenario B ^!t ;

asa.$ceπarioTabk..pdOrg[!| - asa.scαiarioTable-ptϊCuijl] - ,30;

asa.scenarioTable.AppendDefaultRow{);

asa.NotePaymeΩtFod ^J «jrøhaseOriginύJ( ^1! 2000M200};

asa.NoteRCPElement( ^:1 200i \ 2000);

asa.NoteRCPHeiπent("2002", 2000);

ssa.NoteRCPeement("2003". 3000};

asa,sceaarioTab!e,Ωamε[2] ^::; "Scenario C";

asa,sceiiarioTable,pdOrg[2] ^~ asa,scenarioTable.pdCur[2] ^::; ,20;

asa.ciientA^setAcct. - "Aiφϊauo A";

asa-cHentAssetFavWindfallAcctCredit ^~ "FavWmdfall Aoci";

asa.cHent Asset UnJfWindFailAcctDebit ^:;; "UnfWindfail Aoci";

asa.clientAsseiPopϊ-xpeaseAccφebit ™ "Pop Oe";

asaxlkntAssetScrapAcctDebit ~ "Cash A";

asa.ciientiiabiϋtyAcct ^::: "Purchase L";

asa.ciientLiabiiityFavWindfaHAcctCredit™ "FavWindfall Loci" ;

asa.clienfLiabilityUnfWitidFauAcdDebsi » "UnfWmdϋall Loci";

asa.cϋentliabilityPayπientAcctCredit = "Cash A";

asa.NoteCurrentDatcC2000");

asa.Upda ^{ eValuationDα(" ^tt );

MFig - "Fig. 19";

idTableTitle = "Calculating Future Pop Values with Multiple Scenarios"; asaJMntMuitiStøπarfoQ;

forC;N);i<7;i+÷} asa.NoteCutτentI>ate(yy>y[i3);

asa.Popf Scenario B");

}

NuUFnO;

}

MainLead( TRUE, "Fig. 20. R&D and New Product" )

{ JDateSetMo4e(3i);

ASoci as;

asAectMtrCash A\ 1200);

as.AcctS£qBalSet{);

AppUcattonUserObj * pAS A - AppUcationSemrjCreateUsσObjQ;

Application llssrθbj& asa™ ^: *pASA;

asa.ani)ua!DiscoαπtRate = 1,3 ;

asa.sceaarioTable,AppeϊiάDefaultRcw{);

asa.NotePaymentForP«rcliaseOrigmai("2000", 0);

asa-NotePaymentJ^orPurchaseOrigiTialC'SOO 1 ", 2000);

asa.ΗoiePaynieΩtForPmxiiaseOrigiiijα{ ^fi 2002" ₅ 3000);

asa.Notd^ymmForPurtJtas«<)riginal( ^|l 2003" _} 4000);

asa.NotePaymentForPurchaseOrigma!(' ^t 2004" ₎ 4000);

asa,Kotei ^> aymmllOrFurchaseOrigka!("2005 ^!! _s 2000);

asa.NotePayraeπtForPurchaseOrigkal("2006M000);

asa _< NoteR.CPfi!emeaif2004" ₎ 5{)0};

asa.No(eRCPeemeπt("2005", 700);

asa,NofeRCPl:kmeirtC ^!1 2006'M000);

asa.NσteRCPϊllemεtft("2007 ^H _s 1000);

asa,NoteRCPEIeπaαttC ^l 2008" _} 950);

asa.No{eRCPElαBeπt("2009", 800);

asa.NoteRCPElement( ^!1 20I (T..500);

asa^otεRC3»Element("20H", 200);

asa.e£ientAssetAcei = "MD New Product A";

asa.c.ientAssetϊ ^: avWύidiaJlAcctCredit = "FavWindfall Aoci"; asa.dientAssetUiifWindFallAcctDebh = "UnfWiodfall Aoci"; asa.clientAssetPopExpenseAcctDebit - ^: "Pop Oe";

asa.ciientAssetScrapAcctI)ebit ^::: "Cash A";

asa.ciύaitiiabilityAcct ~ "Purchase L":

asaxIienlliabilifyFavWind&llAcctCredit " "FavWindfall Loci"; asa.cHentUabilityϋsAVinclFaiiAcctDebit = "UsfWindfal! Loci"; asa.cUentLiabilityPayj»en.fAcctCredit = "Cash A";

asa.MoteQtiτeniDat£("2000"};

asa.UpdaleValu^ionDoC'");

5? iάFig - "Fig. 20";

MTafoWTMe - "RM) and New Product";

asa.PrinlRandDProductO;

bag lastPostedRow;

for(i-0;i<12;i→)

{

asa.NoteCurrent.Date(yyyy[i]);

asa.Pop(X

if(i = 4} fbrfj^Oy^asa.postmgsTable.iiRowyH-)

as.PosT( asa ^, pαstingsTahle.dat.e[j],

asa.postiαgsTabk ^, descriptionO]>

asa.ρost}jigsTable,dcbitΛcct[j],

asa-postingsTable-creditAcctfj],

asa,postiΛgsTabie.aiϊτouiit[j] );

la$tPostcsiRow - asa.postingsTable.riRow;

as.FlushIoSϊi();

>

if(i = 5}

I

forO ^{" :;} - la≤tP ostedRow; j < asa.postingsTable.tiRow; j-H-) as,Post( asa.postingsTable.date[j] _s

asa.postingsTable.descriptiotty],

asa.postiπgsTable.debitAcctfj],

asa.postiagsTable.creditAcctJj],

asa.postiβgsTable.amo«ufjj] j;

idFig = ^:: "Fig. 21";

idlabklitie = ¹ HDCI 2005 R&D/New Product Income Statement"; as-PrintlneomeStateffient(yyyy[i ^' ]);

KMlFnO;

idFig - ""; idTabteTiUe = "Debit mid Credit Postings";

asa.Pri.ulFosti.ogsTab!e{);

NaIlFnO;

}

MamLead( TRUE, "Fig. 22. Paf0034 R&D/New Product Income Statement 2005" )

JDateSdModeOl );

AS3W as;

as.AcciM("Cash A", 1200, "MarketValue", LO);

as.aiTable.Append( "Airplane A", "MarketValue", 1.1, 0, "" );

as.alTabie.Apρesnd( "Purchase L", "MttrketVaiue", Li, 0, "" );

as.AcctSEqBaiSetø;

ApplicaHonUserObj* pASA - AppUcatioaSorverX ^' re&teUserObjO;

AppUcatioaUseϊObj& asa ^™ *ρASA;

asa.aimυalDiscountRate ~ IΛ ;

asa.scenarioTab)e.AppeacJDefaui{RowO;

asa.NotePaymsπfforPυrchaaeOriginal("2000" ₅ 0);

asa.NotePayrøentForPiirchaseOπgmalC^OOr'^tKiO};

asa,NofePa>TO»ntForPurcUaseOrigiaal{"2002", 30 ⁽ X ⁾ };

asa^oreϊ>aym2πf.FofPurehase()riginal( ^tt 2003 ^tt , 4000);

asa.NotePaymeϊ5tForPurchaseOriginal( ^(t 2004' ^< _! 4000);

asa.NotePαyαiei5tForPurcliaseOriginal("2005", 2000);

asa.NotePaymeHtf'orPui-ch»seOiigmai{"2OO6M0OO);

asa.No-eRC?Element{"2004" ₅ 500);

asa.NoteRCPElementCaOOS", 700);

asa.NoieRCPEiemcutC'lOOό", 1 OW);

asa.NoJeRCPElement("200? ^!1 , 1000);

asa.NoteRCPEIaπeπt( ^ιt 2008", 950);

asa.NoteRCTEleraent( ^B 2009" ₍ 800);

asa.NoteRCPElemem( ^<ι 2θl0'\ 500);

200);

asa.cltenlAssetAcct - "Airplane A";

asa.clientAsset ^' FavWϋidfaiiAcctCredii - ^:: "FavWiαdfall Aw";

asa.dientAs8etUnfWifldFa}lAcctDebit - "UnfWindfeli Aw"; asa.client AssetPopKxpeπseAcctDebtt - "Pop Oe";

asa.elimt AssetScrapAcdDebit ^::: "Cash A";

asa.dientϋabiHtyAcct ™ "Purchase L";

asa-cϋentLiabiϋ-j-FavWindfaliAoctCrcdit - "FavWmdM Lw"; asa.cIieiiiliabilityUatWindFaUAcctDebii - "UπfWindfell Lw"; asa .cli eatLi abilityPaxinentAcctCredit = "Cash A";

asa-NoteCittteπtDatcC'^OOO ¹¹ );

asa.UpdateVaiuafioiiDoC'O;

long iastPostedRow;

{

aj;a.NotsCurrentDate(yyyy(i]j;

a^a.PopO;

for(i~Q;j<asa.postiβgsTable.nRow;j÷+}

as.Post( asa.postingsTable.dateO],

asa.post ^j βgsϊable.descriptιon[j],

asa.posungsTabk.debiiAcct[j],

asa.posik!gsTabk.ercditAcctij],

);

as.FlusIiToSEC);

iastPostedRow = asa.postitigsTabbiiRow;

} i

K

as,ΗoteCαiϊ€β{Da!e(>yyy[i]};

fbftj ^ lastFostedEow; j < asa,posιingsTabk.iiRow; j4~i-} as.Postf asa.postingsTabie.datefj],

asa.postingsTabk.descrip{ion[j]>

asa.postingsTabie.debitAcctO],

asa.postingsϊable-creditAcctO].

asa.po&tiingsTabk.amouiit|j3 );

as.ApplyExAnteEquatiosOϊ idFig = "Fig. 22' ^! ;

i<lTabieTitJe ^■ = ^(< Pst0034 2005 K&D/KewFi-oduct hcoma Statement"; as.PrintIncome$tatement(yyyy[φ;

NUUFB();

1 idFig - "";

idϊableTiile = "Debit and Credit Postings";

asa.PrintPosώigsTable();

J

MainLeacK ΪRUB, "Fig, 23: R/E R&D/New Product Income Statement 2005" ) f

JDafeSetMode(31};

ASoci as;

as.Acetϊmtf "Cash A", 1200);

as.AcctSEqβalSetQ;

AppUcationUserObj * pASA ~ ApplicationServerjCrsateUsorObj{);

Application Userθbj& asa = *pASA;

asa.annualDiscouittRate - IJ ;

asa.scεnarioTable.AppeftdDefaιUtRo\vQ;

asa.Note.Pa>TOent.ForPurc.baseOrigi.nai("2000", 0);

asa.NotePavtneπt.ForPurchaseOrigi.!Bi("2001 ", 2000);

asa.Not«Pa>meatϊ ^J ofPm-chaseChigmal{"2002Λ 3000);

a.sa.NotePaymentForPurehase(Mginal("2003 ⁿ _; 4000);

asa.NotePayraetitForPurd5aseOrigmaI("2004", 4000) ;

a$a.NotePayme»iFofi ^> urchaseOriginal("2005". 2{K)0};

asa.NotePa>tti.e}itFθfPurchaseOrigi.røI("2006M000);

asa.NoteRCPΪϊlemeair2004", 500);

asa.NoteRCPEleroeni("2005", 700);

asa.NotcRCPEI«mrøt(' ^ι 2006 ^M , 1000);

asa.NoteRCPEiemeoK"2007", 1000):

asa .NoteRCPblemartf "2008", 950);

aaa.Not:eRCPEk:raent("2009", 800}; asa.NaeRCPEiementC'2010", 500);

asa.NoteRCPBleme<'20i i". 200);

&sa,dientAsse*Acct ^::: "Airplane A";

asa-clienfAsseiFavWiϊkifaiiAcctCredit ~ ^s "FavWmdfali Aoci"; asaxlientAssetUnAVmdFalJAcctDebit ^m "OafWitxliail Aoci"; asa.clientAssctPopExpeiiseAcctDebit ~ "Pop Oe";

asa.clientAssetScrapAcctDebit ^■ = "Cash A";

asa.clientliabiiityAcct - "Pαrchase L";

asa.cUβntLiabiliiyFavWiπdfiiUAcctCredit ~ "FavWindfelJ Loci"; asa.dienII.iabiljtyUnfWindFaUAoctDebit - "UπlWindfaJJ Loci"; asa-dimtLiabiiityPaymαitAcctCredit ~ "Cash A";

a$a,KoteCmτemI)afe("2 ⁽ XiO ^ιt };

asa.UpdateValuatioriDof"");

long lasiPostedRow;

{

asa.NoteCurrentD3te(yj'yy[ij);

asa.PopO;

if(i - 4)

{

for{i ^~ 0;j<asa.postingsT ^' able.nR.ow;j+^-)

as.Postf asa.pos>UΩgsTab!e.daieij],

asa.postmgsTabk.descripiioftOi

asa.postingsTable.debivAcciOJ _^

asa.postiagsTable.creditAcc-ty],

asa,postingsTable,aτnoυnt[jJ );

as,FlαshToSE();

lastPoatedRow ~ asa.postiBgsTabk.nRow; if(ι == 5}

{

fof(j = lastPostedRow; j < asa.postiagsTable,nRow;j4-i") as.Post( asa,postiϊigsTable.date[j j,

asa.posiingsTable,d.escript!θfl[j], asa.posfmgs ^' ϊ ^' abk.dεbi{Acct[j},

asa.pαsfings ^' TabSe. credit AcctQ ],

asa.postingsTab1e.amount[]| );

idFig- Tig. 23";

idTabIeTiile - "R« ^' E 2005 R&D/New Product Income Statement"; as,PriπtIxκomeStateraem(yyyy[x]);

NuIiFnO;

idFig =

id ^' Tabie ^' Tttie ~ "Debit and Credit Postings";

asa,PriϊitPo$tingsTab!§Q;

NullFn();

>

Makl.ead{ TRUE, "Fig, 24, Pst0034 Perpetual-asset Income Slaieraent" )

{

JDateSetMode(3I);

AS3W as;

asAcctlnitt "Land A", 3200, "Market Value", 1.0 };

as.alTahle.Aρραιd( "Land A", "Market Valαe", 1.1 , 0, "" ); as.ΛcctSEqBaISe-0;

AppiicationUserObj* pASA - ApplicationSei ^* verJ^reateϊJser ⁽ . ⁾ bjO;

Applicationliserθbj& asa = *pASA;

asa.scenarioTable.Append.De&ultRowO;

asa.aπnuaiϋiscouniRaie -- ^"■ I.I;

asa.reSUrtDaie - "2000";

asa.reSUnValtteWho!e ^:;: 1200;

asa.reStartValueOwned = 1200;

asa.lastPoρDate = "2000";

aj»,l8s{l ^r pdateDate - "2000";

asaiasLΛsseέV'aiu^Whob ^~ 1200;

asa.lastΛssdValueOwaed - 1200;

asa.lasttiabiiityValue ~ 0; asa.Note.RCPE!erøeωMfimteStτies( "2001", 360 );

asa.ciieαtAssetAcci ~ "Land A";

a ^g a.dientAssetFavWmdlallAccCredit ^::: "FavWindfall AV; asaxlientAssetϋnfWindFallAcctϋebit = "UiifWindfaH Aw"; asaxlientAsseiPopExpenseAcctDebit ™ "Pop Oe";

asa.clientAsseiScπφAcctDebil ~ "Cash A";

asa.client ^' LiabilifyAcci = "Purchase L";

asa-clientLiabilityFavWrndfaUAcctOredit - "FavWindfall Lw"; asaxIkntLiabilityUnfWmdFallAcciDdbit - "UnifW∞dfal! Lw"; asa,clieji{LiabilityPayraentAcctCredit ~ "Cash A";

asaJsFirstVakatiotiPending ^:;;: FALSE;

asa,UpdateVaiuationDo{"");

asa.Pop();

foτ(i " ^: {);j <asa,|)osu.ogsTabie,.aK«w ;j+-i-)

as,Post{ asa,postingsTabk,dateO},

asa.postingsϊ ^' able.descriptionjj],

asa,postingsTablε.debitAcci[j3,

asa,postmgsTabie,crec1itAcct[j3,

asa.postingslabie.arøouatjj] );

asa-Not eCurrentDate("2001 ");

as, Apply Ex AnteEq uation( );

idFig - "Fig. 24";

idTab!eTή!e = "Pat0034 Perpetual-asset Income Statement"; as-PrinilncomeStaiementC^OOr ¹ );

IdRg - "";

idlabieTitle™ "Debit and Credit Postings";

asa.PritϊtPosdβgsTabk();

NuILFnC);

}

~.~.v-— ...v..>... _^ . _^^ , „- — -}FieidNames.txt[

CString application UsevObj ;

CString clienfAsstnAcct;

CString clietitAssetFavWindfailAcciCredit; CString client Asset OniWindFaliAcctDebit;

CString clieBiAssetPopExpenseAcctDeb.it;

CString clieniAssetSerøpAcciDebit;

CSUrmg clientAssetBuffeAcctDC;

CString ciientSLiabilityAcct;

CString clienfϊ.iabilityFavWindfaϋAcctCredit;

CString clieatyabiliiyUnfWindFallAcctDebit;

CString clientLiabilityPaymentAcctCredit; double annualDiscountRate;

BOOL isPerpetuai;

CString marketScaleϋate;

double marketScaleValue;

CStrittg reStartDate;

double reStartVa!ue Whole;

double reStartValueOwned;

SceoanoTabte scenarioTabl e;

CString name Q;

doable pdOrg [];

double pdCur O;

FF dat« π;

VecDoubie rep Q;

VecDouble SiturePop Value [];

VeeDoubk pereentPopOweraship [];

VecDouble paymentForAssetOrigiπal [];

VecDoubte paytueαtForAssetAddidowaiQ; double scrapValue [];

CString scrapDate Q;

CString lastPopDate;

CString lastUpdatεDate;

double lastAssetValueWhole;

double iastAssetValueCHvned;

double lastLiabiiityVaiue;

CString cαrreatDate;

CString CStrkg additionalPriceleveiDate;

SOC)L isFirstV&luatiαnPeαding;

BOOL stφpressDatedPops;

PostingsTable postmgsTable;

CString date J]:

CStπtig descfiptioαQ;

CString debit Acct []:

CStriiig creditAoet O;

double amount [J;

Ij 07/30/10 Time: 13:16:13 Mac221 ϊ 9Jid

21

31

4j - Fig. 1—— ---— -— — -—— >.— ... —— —— .. _^ .........

5|

Sj -

1 ϊ I CakϋktJngJ ^J ufure_Pop....Vaiues -

12 —

13 (Li>[A]~200CL - EC]Z[B]

14 - [A] [B] [Cj [B] [El

[F] tG] [H]

15 Date Discoυnt.Factor RfilativejConsainpUot^Patiem^hours) Val«eJ3efore_Pop VaI ue_After__J*op 16j [i] 2000 1.000

1200.000 1200,000

1? [2] 2001 L 100 2000.000 1818.182

316,557 287,779 1320,000 1003.443

isι m 2002 1.210 2000.000 1652.893

316,557 261 ,61 ? 1 103.787 787.230

19| [4] 2003 1.331 2000.000 1502.630

316.35? 237.834 USSSS 549.396

20 [5] 2004 1.464 2000,000 1366.027

316,557 216,213 604.336 287.779

2! m 2005 1.61 ! 2000.000 1241.843

316.557 196.557 316.557 0.000

22 V] Totalis .oCJOOCLPresent Value - 7581.574

1200.000

24| [S] PøpPadorj* - 12ΘO/D7_- 0.158

25\

261

27| -

28| Fig.__6

29| -

30| OCL.2001 J.n.cøme β \ alemenL&r_Base-case -

31 -

32 j - 2001_j.ncome_.Sϊstement

33| [1 | OPERATfKCLRJiVENUES

34| [2] - 0.000001

35| -

36| [3j OPERATlNGLfXPENSES

37 [4] __Pop_Oe S316.S6

38 [5] - 316.56

39| -

40| - 411 [6] OPEiIATiNGJ-NCOME -316,56

421 - 4J| -

44| [?] OTΉER _^ COMPREHENSΪVΈJNCOME

4S|[g] FavWimifelLAoci J 20.00

46| [9] - 120,00

47|-

48|-

49|[ΪO] TOTAL..COMPREΪIENSI\Ε JNCOME -196.56

5Oj

511

52] - - . ..

S3jFigJ7 - - --

55|2001JBalaiwe_SlK«t- - --

56] ~ - - --

57|- [A] [B] -[C] [D]

5Sj- 2001...Balance....Sheet -

59|[lj ASSETS - -LLABILiTIES

6O|[2] CasitΛ S0.00 - PurchaseiJ, $0.00

61 j [3] AiφlaiMLA 1003.44-- 0.000001

62j- - - --

63| [4] - - -SHAREHOLDERSLEQUInLSeIOOS^

641- - - ~~

65j[5J - - - TOTAlJiABllITffiSJLND -

66|[6j ΪOTAL _^ ASSETS 1003.44 -_JSHAREHOLDERSLEQϋlTV 1003.44

67]

68|

69|- - - -

7O|Fig _w 8 - - -

71 U - _ -

72| Debitand-CrediLPostings - . . .

73] - - - -

74| - [A] [B) [C] [D] [E] 75j - Date Description Debit Acct CreditAcct Amount

76| [i] 2000 - Aiφlan^A Purcbaseϋ- 1200.00

771 [2| 2000 Pop_Prg_Payment Pm-ehaseJL CasiLΛ 1200,00

78| P] 2001 AatςJPop 120,00

79} [4] 2001 PopJBxpense Pop_Oe AύplaasLA 316,56

S0| [5] 2002 AsiteJ'op Aiφla^AFavWIodfaiLAod 100.34

81 j [6] 2002 PopJSxpense PopjOe Airplane__A 3.16.56

82| [7] 2003 Antejhψ Airplamt A FavWmdfalLAod 78.72

83| [8] 2003 Pop._Exp«iise PopjOe Aϊrplane_A 316.56

U\ [9] 2004 Ante. Fop AϊipiansLΛ BavWiadfalLAoci 54.94

SSj [IO] 2004 Pop...,Expense Pop _m θe Airpiane_A 316.56

86| [11] 2005 Aaujtøp Airpkπe _^ A FavWbdfidLAooi 28.78

87| [12] 2005 Popjϊjφrøsβ Pop__Oe Airρlane_A 316,56

88

89j

9Q| - Fig. 9: Pat0034 2001 Income Staiement for Base-case -™

911

92j -

93| Fig J?

94| -

9$\ PatOOaOOOlJϊicofflOtatemenUocBase-ease -

%\ -

97j - 2001Jtacome _m Statement

98{ [1] OPERATINCLREVENUES

99| [2] - 0.000001

ioo| -

10! J [3] OPERAIINGL^XPENSES

1021 [4 j PopjOe $316.56

103j [5J - 316.56

104| -

105| -

106| [6j OPERATKGJNCOME -316.56

107 -

1OS - 109| [7] A&uaOLDINGSL M-AKΪΈ,_ JNCOME

110 [S] Aiφlaiie_Aϊ 91 .22

111 m 91,22

1121-

1 !4| [H)] RECϋRRINCLPERA'ΪANEN ^' IlNEΪ ^' JHCOMB 025.34

115|-

116| -

11Tj[IIj AAUVlNDFALl-jCAPJiAINS

i 18j {12} ΛirplaoeLΛw -91.22

tl ^< 3j [ 13 j FavWfodfaltAw 120.00

12Oi[H] ~ 28,78

UIj-

122|-

123|[i5] TOTAL_COM?R.BHENSTVE...INCOME 496,56

124S -

125j 116] BASΪCJiARN!N0S_PEϊLCOMMON_SHARE ...

\21\

m\

129|. - - -

130|Debit _m andLCrediLPostiugs- - . . .

13Ij- - - - -

132|^ [Al [B] [C] [D] [E]

LtIj- Dale Description DebitAcct Credit Acct Amount

134|[lj 2000- Airpϊane_A PurckaseJ.. 1200.00

135j [2] 2000 Pcφ_OgJPaymeui PurchawJ, Cash_A 1200.00

13δjp] 2001 Aπte_Pop F ^β vWindfeiLA* 120,00

13?j[4j 2001 PopLJExpcnse Pop _^ Oe Aiφian«LA 316.56

138j [5] 2002 AnMjPop Aiip!ane_Λ FavWindftiLAw 100.34

I39j[6] 2002 PojLJExpense PopJ)e Airpla»ς_Λ 316,56

14Oj [73 2003 AmςJPop AiipiaaςjV FavWindfalLAw 7S.72

1411 [81 2003 Pop_Expense PopjOe AitpϊanςjV 316,56

142j [9] 2004 AatOPop AiiplaiHL-A F avWmdfalL Aw 54.94 Ϊ43j[iθ] 20G4PopJΞxpmse PopjOβ AiipiansLA 316,56

144[[Ii] 2005 AmeJPop AiφlaiKLA FavWindfeiLAw 28,78

I45|f.ϊ2] 2005 PopJEstpeπse PopJ)e Aiφka«LA J16-56

146|

Ϊ47|

Ϊ48|■- Fig.10: R/B 2001 Income Statement for Base-case —

149j

150|- ϋ

Ϊ52|-

Ϊ54|-

155j- 200iJucomeL _. Statetne«t

ΪS6J [1] OPERATΪNGLREVENϋES

157|[2] FavWiMMLOr $120.00

158( PJ - 120.00

!59|-

HQ\ [4] OPERATING_EXPHNSES

1611 [5] _JPop_Oe 316.56

U2\16] - 316,56

163 -

I64j.

?65|[7] OPERATING JNCOME -196.56

166

i67|

16Si" - - -

16Oj ϊ>ebiU«id_Creciit_Posimgs - - -

170|- - - -

171|- [A] [B] [C] [D] [E]

172j - Date Description DebitΛcct CrediiAcct Amount

173|[1] 2000- Aitpkne _^ A Purchase J., 1200.00

! 74| [2] 2000 Popj3rgJPaymeni PurchaseJ. Caslw\ 1200.00

175| [3] 2001 Aϊ*U?σp Aiφlaae_A FavWiπdfeiLOr 120.00

1761[4I 2001POpJlKPeHSe 316.56 177| [5] 2002 Ant«LPop Akplaae_Λ FavWiad&iL Or 100,34

!78| [6] 2002 Pop _^ Expense PopjOe Aiψlane_A 316.56

179 m 2003 AnteJ>oρ Aiφkβe_A FavWindfalLOr 78.72

IHOj [S] 2003 Pop Jixpeme PopjOe AirplaπejV 316.56

1811 f9J 2004 AateJPop Alrpiaa«L.A FavWiodfelLOr 54.94

182 DO] 2004 Pop _m Expense Pop _j Oe Aiφiane^A 316.56

183 [H] 2005 Antejtøp Airpkne_Λ . FavWindfeϊL Or 28.78

184 mi 2005 PopϋOe Aϊφiaαe_A 316.56

185

U6

m - Fig. I i: Calculating Future Pop Values with Sc

188

1891 - - - - -

19Oj FIgJ l -

191

192] CalculaUng_J ^? «tufeJPop _m Vaiues_witt)LScrap_Value -

193 . . . . .

194| - - (UHAROO(L- [C]Z[B]

195| - [Aj [B] [C] [D]

[B] [F] [G] [H]

196j - Date Discotmt_Factor

Pτeseiϊt_Value_oLFutureJ ^> ø{>3''s1u« VaiueJ.kibre.Pop Value_Afteii_Pop

Ϊ 97| [l] 2000 1.000

1200.000 !200JXiO

198| [2] 2001 LlOO 2000.000

1818.182 267,418 243.107 1320.000 1052.582 I99U3] 2002 1.210 2000.000

1652,893 267,418 221,006 1157,840 $90,423

200| 14] 2003 1.331 2000.000

.1502.630 267.418 200.915 979.465 712.047

201 [51 2004 1-464 2000.000

1366,02? 267,4! S 1 S2.650 783.252 515.834

202 E6J 2005 1.6H 2000.000

1241.843 267,418 166.045 567.418 300.000

203 U) TotaLas..,of , 2000 JPteseπLVaJ ue -

7581 .574 1013.724 -

204 -

205 TotaLValuOOOO - 1200

206| [9] Scrap_Vai«ftJ005 300 -

207 [10] Present- val ue_jSera$> 186.2

20S no PopFactor _m Nιmierator 101

209

2U)S [12] Po|)Factor_- - 1013.72/D12_

0.158 - -

2Hi

212j

213! - -

214| - 2001 _lncome_St atemeat

215| [1 ] OPERATINO_REVENOES

216| [2| - 0.00000?

2? 7| - -

218| [3J OPEIiAIINCUiXPENSES

219| [4j PojUOe $267.42

220| [5j - 267.42 22lj- -

222} - -

223| [6] OPERAT1NGJNCOME -267.42

224j - -

226| [T] OΪHERjmiPREHENSrVEJNCGME

227| [S3 FavWiadfelLAoci 120.00

228| [9] - 120.00

230 - -

2311 [10] TOT AL...COMPREΪΪMSΪ\Ε JNCOME -147,42

232

2Bj

234j- - - --

235|* EA] [Bj *iq [D]

236|- 2001_Baknce JSfaeet -

237JfI]ASSETS - -LIABILITIES

238||2] CaslLΛ S0.O0 ._Purehas«UL $0,00

239113] AiiplawLΛ 1052.58 - - 0.000001

240|- - - --

241 ! [4] - - . SHAREΪIOlDERSLEQυiTY...Se 1200.00

242 - - -

2431 [5] - - -TOTAiaiABILOIES _m AND -

244j [6] TOTAi _^ ASSETS 1052.58 - _^ SHAREHOLDERS LEQUITY 1200.00

2451

246|

247|- - - - -

24Sj DeWu«κLCtβ(iitJPostings - - -

249j- - - -

250|- [A] [B] [C] [D] [E]

25l|- Dale Desjcriplion DebitAcct CredilAcct Amount

252|[1] 2000- AiφlaiMLAPurchaseJL 1200.00

253|[2] 2000Pop_OrgJ>8ymetrt PuxchasςJL Casiu'V 1200.00

254} [3] 2001 AπϊeJPop AirplaϊWLA FavWiπdfalLAoci 120.00 255| 200! Popjixpense Pop_pe Aiψlane_A 267.42

256| [5] 2002 AiueJpQp Airplane ..A FavWindfelLAocj .10526

257| Wl 2002 ?op_Bxpense PopJ)e Airplane_A 267,42

258| V) 2002 PostJ'op AiφϊarKLA FavWindfalLAoci ÷O.OO

259{ Pl 2003 AnteJ ^J op AaptaαtLA FavWmdfalLΛoci 89.04

26OJ [9] 2003 Pop_jExpense Pop_Oe Aijtplaiie_A 267-42

261} [10] 2004 FavWiadtalLAoci 71.20

262| P U 2004 PoR-EXpCr ₁ Se Poρ_Oe Aiφlane_A 267,42

263| m 2005 Ante. Pop Aiτplane_A FavWindfaiLΛoci 51.58

264| [13] 2005 Pop__Expense PopjOe Airplane_A 267,42

265| [14] 2005 Scrap_ConversiDD CasiuA Aiiplanς_A 300,00

266| tl 5] 2005 PosLPop Aiφiaϋe _^ A FavWiαdMLAoci ÷O.OO

267|

268!

2691 ~ Fig, 12: C-aiculati«g Future Pop Values with ϋiminishmg Capacity

270|

272| Fig _w l2

^■ 77-

J -

274j Calcuiatmg,_Fut«re_Pop_Vaiαesjwith_Diminishing_Capacity - 275j - - . .

276| - - (I.lHA]-2000_ -

[C]Z(Bj [C]-[DS] [E]/[B]

277| - [A] (B] [CJ [D]

[E] [F] [G] [Hj

278| - Date Discøuttt.JFactør alue_Before_Pop Vaiue _m After_Pop

1200,000 1200.000

2801 12] 2001 1,100 2000.000

I S iS.182 348.058 316.417 1320,000 971 ,942

281| [3] 2002 1.210 1900.000

1570.248 330.656 273.269 1069.136 738.480

282| [4] 2003 1.331 1800.000

1352.367 313.253 235.351 812.328 499,076

283| [5] 2004 1.464 1700IK)O

1161,123 295,850 202.069 548.983 255.133

2841 [6j 2005 1 ,61 1 1600.000

993.474 278,447 172.894 278,447 0.000 -

6895.393 - 1200,000

286 - - -

287| [8] PopFactorj- -

0.174 - - -

28S|

2S9| Abort Start

29Oj

29!| - -

292{ - 2001 Jncomejϊtatømenl

2931 ITi OPEKATSNtLREVENUES

294] βj - 0.000001

295| - - [3] OFBRAUNGJJXPENSES

297j [4j Pαp_pe $348.06

298| [5] - 348.06

299! - -

30Oj - -

301 ! [6] OPERATINGJNCOME -348.06

302| ~ -

303| - - 3ϋ4j [7] OTHERJCOMPREHENSΪVEJNCOME

305} [S] . FavWmd&iLAoα 120.00

306| [9] - 120,00

307j - -

308| - -

30θj [10] TOTAL...COMPREHENS.IVrU-NCOME -228.06

3101

311

312

3141 - 2001_βalaπcς_Sheet - - -

315! [I] ASSETS - - LIABILITIES

316! [2] CasϊUV $0,00 - PurfchaseJL $0.00

3 \ 7j [3] AirplatWLA 971 ,94 - - 0.000001

318! - - - -•

319! [4] - - - SHAREHOLDERS'JEQUmCSe 971.94

320! - - - - -

3211 [5] - - - TOTAL J..1ABIL1TΪES_ANI) -

322| [6] TOTALJiSSETS 971.94 -^HAREHOLDERS ¹ JEQUrTY 973.94

3231

324| Abort End

325|

326j - - - -

327j DebiuaiwLCreditJPosiings - ~ -

328| - - - -

329| - [A] [Bj [C] [D] [E]

330! * Date Description DebύAcct CreditAect Amount

332| [2] 2000 PopjOigJPayment PurchaseJL Cash_A 1200.00

333j PJ 2001 Aate_Pop Aisplase _^ A FavWiadialLAoci 120.»

334! [4] 2001 Pop Expense Pop Oe Airplane A 348.06

335| [5j 2002 AateJPop AiφlaiKtΛ FavWitidfalLAoci 97.19

336! [6] 2002 POpJiXPeHSe Pop_Oe Aiτρ?ane_A 330.66

337f ( ⁷ J 2003 Ante. Pop Aiφkπ.e_A FavWmdMl_Aøei 73.85 3381 [S] 2003 PojUBxpense Pop_Oe Aupϊaue..A 313.25

339{ F] 2003 PostPop MφimJK FavWkdfelLAoci +0.00

3401 1 ¹⁰ J 2004 Ante_Føp AϊtpIasie _^ A FavWiπdfelLAoci 49.91

341) [H] 2004 FopJExpenae PopjOe 295.85

342J [12] 2004 PoslJPop Airplane _^ A FavWindfelLAoci +0.00

343{ [13] 2005 Antejαp Aiiplane _m A FsvWiBdfalLAoci 25.31

344l []4] 2005 Pop _^ Expense Poρ_Oe AirpJan^A 278.45

345|

3461

347{ - Fig. 13: Calculating Future Fop Values With Seasonal Effects

34Sj

349j . - -

3S0i Fig._13 - -

352| CakulatmgJ _' ~uteeJ ⁵ oρ3'^υes3 ^; ith_SeasonaLBSεcts -

353 -

354 - - [CIZ[B]

[Cf[DS?] [EPIB] -

3551 - [A] [B] [C] [T ⁾ ]

IKJ [FJ [GJ [H]

356 Date DiseouiiLFactor

Present_V^eLθLFutυre_Pop_,Value Value JBefore__Pop VaIυe_After___.Pop

357i [l ] Dee_30 _> _2Q0θ 1.000

1200.000 1200.000

358| P] JaαJOvJOQi 1.008 65.000

64,486 38.770 38.463 1209.569 1 170.799

359| [3] FebJHL.2001 1.016 65,000

63,976 38.770 38.159 1180,135 1141.365

TS 360 [4] Mar_30,_2G01 1.024 65.000

63.470 38,770 37.857 1150.467 11 1 1.697

361| [5] AprJO _^ JOOi 1.032 SClOClD

?7,49S 47,717 46,225 U20.561 1072,844

362| [6] MayJOJZOOl 1.041 90.000

86,496 53.682 51.59.1 1081.399 1027.718

363j 17] JuηJCL.2001 L04θ 100.000

95.346 59.646 56.S70 1035.913 976,267

364| (S] JuUϊOJΪOOl 1 ,057 .100.000

94.592 59.646 56,420 984.052 924,406

365| [9] AυgJOJΪOOl 1.066 150.00(3

140.763 89.469 83.961 931.777 842.308

366] [iO] SepJOJrøOl 1.074 70.000

65.171 41.752 38.872 849,024 807.272

367 OcUOJΪOOl 1.083 80.000

73.892 47.717 44,074 813.709 765,993

36S| [12] ^ovJ0 _w 2001 1.091 120.OfX)

109.961 71 ,575 65,587 772.101 700.525

369 1133 DeoJQ_20Gl LlOO 130,000

118.182 77.540 70.491 706.11! 628-571

3?0 [14] JaOO _w .2002 1.109 65,000

58.623 38.770 34.967 633.584 594.814

37.1 [15] FebJ0 _w 2O02 1.118 65.000

58,160 38.770 34.690 509.557 560.787

372 [16] Maτ.30 _s ._2002 1J27 65.000

57.700 38,770 34.416 565.259 526.489

3?3[ [ITj AfO0J!002 1.136 80.000

70.453 47.717 42.023 530.68? 482.970

374| [18J MayJCVJ002 1.145 90.000

78.633 53.682 46.901 486,821 433.140

375| [19] JutL30J!002 1.154 100,000

86.678 59.646 51.700 436.594 376,948

376} [20] JuUO_2002 1.163 100.000

85.993 59.646 51.291 379.953 320,307 37?! |21 ] AxigJO,J2OO2 1.172 150,000

127.969 89.469 76.328 322.861 233.392

378| [22] SqO0w2002 1.182 70.000

59.246 41.752 35.338 235.253 193.5(U

379| [23] OcOO_2002 1.191 80.000

67.174 47.717 40.06? 195.044 147,327

3S0| [24] Nov...30,...2002 1.200 120.000

99.964 71.575 59.625 148,502 76.927

381| (25] DecL.30 _^ 2002 Ϊ .2Ϊ 0 130.000

107.438 77.540 64.0S3 77.540 0,000

M2\ £26] TotaUUϊOMJ ^Q sJ∑OOO _^ PrcsetϊLVahie -

2011.865 - 1200.000

383j - ^' -

384| [27] FopFactor^ - 1200/D2<L=

0.596 - -

385{

386|

387| - Fig. 14: Future Pop Value Ownership Percentage ...--..-.........._„

388j

389j - - - -

390| FIg..J4 - - -

39ϊ| - - - . .

392j Future _m Poρ__Valtt€Lθwnership_Perc©ntage - - -

3931 - - - -

394| - [Aj [S] [C] [D]

395| - Date Relative_Consumption_Pattεm_(hoιtrs) Fυture_J ^J op__Value

396| [I] 20000.000 0,000 0,000

397| [2] 2001 2000.000 316,557 LOGO

398] p) 2002 2000.000 316.55? 1.000

m\ {4] 2003 2(XK)-OOO 356.557 0.600

4001 [5] 2004 2(X)OJ)OO 316.557 0,600

401 J [6] 2005 2000.000 316.557 .1.000 m 402)

4031

4l)4|

405|

407

408] - - - -

4Q9[ ApplicationUserObj

4IG| ClieatAssdAcci Aiφianε^A

4111 ClieatAssetFavWtndfallAcctCredit FavWmdfalLAoei -

412| CHeαiAssetlMWkdFaMcctDebit UafWindfelLAoci -

4? 3| CiientAs$εi:PopExpαi8eAcctDebit Pop. _.. Oe

4i4[ ClkatAssetScrapAcctDebit Casb_A

4ϊ5! C!ieιUAsseιB«fiferAccΦC Bυ&τ _m Acct -

4l 6| Oientliabili!yAeα PurchaseJL

417| ClkmϋabilityFavWlndfaliAcctCredit FavWisdfalLLoci -

41 Sj CJieiαLiabilityϋnfWiπdFaiiAcctDebit UafVVindlalLLoci -

419| ClientLiabilifyPaymentAcciCredit Cash _. A

420| AraiualDi scσuπlRate 1.100

421j IsPeφetuai 0 -

4221 MarketScaleDate 4231 MarketScaϊeValue 0,000

424j ReStartDate

4251 ReStartValueWbole 0,000

426 IleStsrtValyeOwned 0,000

42?j SceaariqJTabSe

428| -

429j - Scenario 0

43ϊ| - PdOrg 1.000

432j - PdCur 1.000

433| - Sϋbϊable

434! ~ Date RCP FuttirePopVake PercentPopOwemship

435j - 2000 0.000 0,000 0.000 1200.000 0.000

436] - 20Oi 2000.000 316.55? U)OO O.OOO 0.000

437| - 2002 2000.000 316.557 1.000 0.000 0.000

2003 2000,000 316,557 0,600 0.000

0.000

439j - 2004 2000.000 316.557 0.700 O.OOO 0.000

44Oj - 2005 2000.000 316.557 1.000 0.000

0.000

44ij ~ ScmpVaiue 0,000

442] - ScrapDate

443j LastPopDate 2005

444{ LastUpdateDate 2005 445} Last Asset Value Whole 0.000 - . . .

446lLaslAssetVahieOwfled 0.000 - . . .

447| LastLiabJlity Value 0.000 - . . .

448| CurreniDate 2005 - . . .

449| OrigrøaϊPricεLeveLOate - -

450| AdditioaaiPnceLevelDate - - -

451|IsFifslValuatioaP«aiding FALSE - . . .

452| Postings _m ϊabϊe . . . . .

453 J - Date Description Debi.tA.c-ct Credit Aect Amount

454] - 2000 - Airplane__A PurchaseJ, 1200,00

455| - 2000 Po{L.Oϊκ_Paynwmt PuichasςJL Ci&hΛ 1200.00

456| - 2001 Antejføp Aitplane_A FavWindfelLADcU20.(K)

45?| - 2001 Pop_Expeose Pop.Oe Airplane_A 316.56

458| - 2002 - Aitpla ^j MLΛ FavWindfeiLAoci 100.34

459| - 2002 Asset Traiisf «L,Out 219.76

460|- 2002 Fopjjxpδsse Pop_Oe AirpiaiMLΛ 316,56

4611- 2003 - AiφJa»e _m A FavWindfatLAoci 56.75

462| - 2003 AsseLTransferJn Airplaϋe_A BufiferJVcet 28,78

S3 463i - 2003 PopJExpense Pop__Oe Airplane__A 189.93

4641 - 2004 Aate_Pop Aiφi&ϊie_A FavWindfalLAoci 46,3i

465 - 20<H Popjϋxpense PopjOe Airplane_A 22L59

466j - 2005 AateJPop Aijrplane_Λ FavλVradfaiLAoci 2S.7S

467! - 2005 Pop_Expense PopjDe Airplane_A 316.56

4ό8|

469| - 470| Fig _w I 5

47ϊj -

472| Debit_and _^ Credit _^ Postiiigs - - -

473! -

474! - [Aj [B] [C] [D] [E]

475! - Date Description DebUAcct CreditAcct Amount

47δ| f 1] 2000 - Airplane, A Putvhasej:. 1200.00

477| [21 2000 Pop_Org.. Paymest PutchaseJL OSILA 1200,00

4?8j [3] 2001 AnIeJ ¹ Op Aiiplaae_A FavWindfelLAooi 120,00

4?9| [4j 2001 PαpJ&xpeme Pop_Oe 316,56

4801 {5} 2002 - Aiφlane_A FavWiodfeϊLAoci 100.34

4S l I [6] 2002 AsseUπrcαrcfer_Oul Buffeii.Acct Airplane _^ A 219.76

432| m 2002 PopJExpeose PopjOe Airplane.. A 3I6.S6

4$3| [8] 2003 - AirplaiKLA FavWindfeiLAoci 56.75

4Mj [9] 2003 AsseU>3BsferjQ BαffeaLAcct 28.7S

4851 (10] 2003 PojUyφeuse Pop_Oe Aiφfaae _m A 189.93

486| [11] 2004 AntςJPop Mrplatie _^ A FavWIndfalLAoci 46,31

487| [12J 2004 Pop_J-xpense PopjOe 221.59

488 j [133 2005 AπteJPop Airp!anis_A FavWindfalLAoci 28.78

489| {14} 2005 Pop .Expense Pop _^ Ck AiφIaiie _m A 316.56

490

491 J 492| - Sase-case revised extending life span

493|

494 . . .

495| - - {! .!HA}-200(L- MB] [Cf[D9] [E]Z[B]

496| - [Aj [B] [C] [D] [E] [F]

[G] [H]

49?! - Date DiscounLfactor llelativejCori^mptiotuPattemjOiours)

Pr^eaO ^r alικiJ>L&CT Future^

VaI ue_After Pop

498| ft] 2000 1.000 - . . .

120Oi)OO 12 ⁽ .HlOOO

499| [2] 200i 3 ,100 2000.000 1818,182 275.529

250.481 1320.000 1044.47 j

50Oj [3] 2002 1.210 2000.000 1652.893 275.529

227.710 i 148.918 873.389

501| f4] 2003 1.331 2000.000 1502,630 275.529

207.009 960.728 685.199

502} [5} 2Q04 1 ,464 2000.000 1366.027 275,529

188.190 753.719 478.191

503| [63 2005 1-611 2000.000 1241 ,843 275,529

171.032 526,010 250,483

504| [?] 2006 L772 2000.000 1128.948 275.529

155.529 275.529 0.000

505| [Sj TotaLasLθC2000_Pres««_VaIue - - 8710,521

1200.000

5061 - - - "

507| [9] PopFaelor^ . 1200/D8j ^» 0,138

508|

509|

510| . - - - 5ϊ l| I>ebiuawt.Cre<iit..Postmgs - -

512| - - - -

5B| - [A] [B] [C] [B] [E]

5I4| - Date Description DebttAcct CreditAcct Amowut

5 t5| [i] 20QO - Aiip!ajKLΛ Purchase_L 1200.00

51 ό| [2] 2000 Ptφ_OigJPayπ»snt PurchaseJL Oaώ_A 1200.00

517| [3] 2001 AnteJPϋp Aiφiane_A FavWindfeiLAoci 120.00

51 Sj (4] 2001 PopJBxpcnse Pop_Oe Airplane_A 316.56

519| {51 2002 AπleJPop Aiφla«e_A FavWindfelLAoci 100.34

520| [6j 2002 Fop JFjφense Pop_Oe Aiφlatie_A 316.56

521j [7] 2003 - AirplaiKLA FavWisdfalLAoci 173.50

522| [Sj 2003 Pop3ιpeπse PopjOe AirpIane.../\ 275.53

5231 [9J 2003 PoaLPop Aiφkne _^ A FavWindfelLAoci +0,00

524| [10] 2004 A«t<U?op Airpkne_A FavWindlalLAoci 68.52

52Sj [I l] 2004 PopJΞxpense PopjDe 275.53

526| [12] 2004 Posi_Pop Airptøe _m A FavWmdfalLAoci +0.00

527| [ 131 2005 Anle_Pop AirρIane_A FavWtndfeiL Aoci 47.82

528| [14j 2005 PopJExpense Poρ_Oe AiφlajXLA 275.53

S29| [l 5] 2005 PostJ'αp Airpiane _m A FavWindfalLAoci -+0.OO

530|

531 j

532| - Fig. 1 (K ϊπidat Asset Vahie Equals Present Value of Payments ^„ ..»« ^„„„ . ^„ . ^„ . ^, _........—

S33|

534| - - - -

5351 Fie. 16 • - ^, .

5361 -

537! MtiaLAs$eLVaiue _m Equab _m PreseQt_Va!ue_of_Payments -

5381 ~ 539| - [AJ [B] [C] [D]

[E]

540| - Date RelaUve_.Cotistκnpiion_Patteπij(hours)

Future _m Pop3 ^r ahie Payaieiit_for_Ass€t_OrigiiiaI Paymeiit_PresenLValue

54l| [t] 2000 0.000 0.000 0.000

0.000

542{ [2] 2001 2000,000 316,557

526.010 478.191

543| [3] 2002 2000.000 316.557

0.000 0.000

544| [4] 2003 2000.000 316.557

526.010 395.199

545| [5] 2004 2000,000 316,557

0.000 0.000

546| [6] 2005 2000.000 316.537

526,010 326,611

547| [η TotaLasLoC2000J>niseπL.Value -

.1200

548|

549|

5SOj -

5Sl| Fig _w 17

552 -

553j Debit_and_CrediLPosti«gs - -

554| -

555| - [A] [B] [C] m [E]

556! - Date Description DebrtAeet CreditAcct Amount

55?! [1] 2000 - AirpIaiMLΛ PutchasςJ- 1200.00

558} [2] 200I AnWUPOp Airplaae _^ A FavWindfalLAoci 120.00

559j [3] 2001 AnttUPop IMWώdialLLoci PurchasςJL 120.00

560} [4] 2001 PopJExpeπse PopJ ⁾ e AitplaaeuA 316,56

561} [5j 2001 Pop _m .OrgJ ^> ayiaei« PiLfchasea, CasttA 526.01

562! [6J 2001 PosU»op Puιchas<UL FavWindfalLLoci +0.00

563! V) 2002 AnteJ ^J op FavWindfalLAoci 100.34 564| [8] 2002 AnteJPop UnfWindfaiUxrci PurehaseJ. 79.40

565| [9j 2002 PσjUSxpeαse PofL.Oe Aiφkne _m A 316.56

566] [10] 2003 Aπte_Pcφ Aiφlane _w 4 FavWindfalLAoci 78.72

567| [llj 2003 AHt<U?σp UnfWindiaiLJboci PoichasςJL 87.34

56Sj [123 2003 PαpUExpense Pσp_Oe Airplant _L A 316,56

569J [B] 2003 Cash. A 526.01

57O| [14] 2004 AnIeJ ¹ Op AiφIane _m A FavWindMLAoci 54.94

571| [15 ^" J 2004 AnIeJpQp IJnΛVmdfølLLoci Purchase_L 43,47

S72j [16] 2004 Poρ_Exρense PopjOe Airplane.. A 316,56

573j {17] 2005 Ante_Pop Airplane_A FavWiadfelLAoci 28.78

574{ [iS] 2005 AnULfOP UnfWind&lUxwi PuxchaseJ., 47,82

5?5j fi9] 2005 PopJExpense Pop _^ Oe Aiφlane _^ A 316,56

5?δj [2O3 2005 Poρ_Org_PaymentPuϊ«ha«LjL Cash .A 526.01

577{

578|

579| ~ Ftg. 18: Revisiag Base-case by Restarting with Additional Investment™———™- .„.*..„...

5SOj Old assetValuePost, UabiUtyValuePost™

5811

5S3| Fig.__l S . -

5841 -

5S5| Revisifig3ase-ca^3yJ^t^ift^witl\jVdditJotiaLinvesJjaent -

586 -

SB?! - - (1.1 HA]-2000.

[C]Z[Bj [CJ*[D5] [EMB] - -

588| - [A] [B] [C [D]

(Ej [F] [Gl [H] 589| - Date DiscountJFactor

RdaUvejCθΩsαrøpiiotLp8t{erη _w (hours) PresenO ^/ alue _m oL^CP Future_Pop _m V3iue

PresenuYalυe_oLFιitiM-e_Pop_Va!αe Vaiue.Before _^ Pop Va1υe_Aiter....Pop

59Oj [IJ 2004 LOOO 1750.000

1750.000 405.148 405.148 1048.983 643.S36

59 J J [2] 2005 1.100 1650,000

1500.000 381.996 347.269 70S .219 326.223

592| [3] 2006 1.210 1550.000

1280.992 358.845 2%.56(t 3S3.S45 0.000

5931 [4] TotaLas _m oL2004 _m FresenuVδlue -

4330.992 - 1048.983

59φ _ .

595| [5] PopFaetør..- - 104S.98/D4j ^«

0.232 . - .

596|

597|

598| -

599) Debit_ancL.Credit...Postings - - - - --

600j -

60Ij - [A] [B] [C] [Dj [E]

602] - Date Description DebilAcct CreditAcci Amount

603| [l] 2000 - AiϊpiaMLA PurchaKLX 1200.00

604| [2] 2000 Pop...Ora...Paymeaf P«rcteseJ.. Ctehji 1200.00

605| [3J 2001 AatetJPop AiiplanO. FavWiadfeiLAoci 120,00

6061 [4] 2001 PopJExpense Poρ_Oe Airplane_A 348.06

607| [5] 2002 AQteJ?op Akpkae_A FavWiadfeiLAoci 97.19

608| [6] 2002 PopJSxpense Po{UOe Aiφlaiie_A 330.66

609j [7] 2003 ArasLPop FsvWmdfalLAtxi 73.85

610| [8] 2003 PopJExpense Pop_Oe Aύpiane_A 313.25

61 I| [9] 2003 Fost _m Pop FavWiaάfeLLAoci +0.00

612! [10] 2003 - Aiφiane_Λ FavWiπdfelLAod 454.55

6!3J [I l] 2003 - tjrfWmdM_Loci PwckiseJ. 45455

614| [12] 2004 Aαte _^ Pop Akplanς_A FavWindfa!LAoci 95.36 6!5f [13J 2004 AuieJ ^> o _. p UπfWiαdfalLLoci Piffekts^L 45.4S

636| [143 2004 PopJExpeaw Pαp_Oe Aijpkne_A 405.15

6? 7j [15] 2004 Poρ _m Ad<LPayrnmιFurchase_L Cash_Λ 50Oi)O

2005 AsteJPop AirplaiKLA FavWindfalLAoci 64.38

619{ [i7] 2005 PojϋSxpeaβe ?opj)e Aiφlaiie_A 382.00

620 [ISj 2006 Aκe_Fop ,Airplane_A favWindfalLAoei 32.62

621 \\9] 2006 Pop... Expense Pop _^ Oe Aapiane_Λ 358.85

622

623.

624j - Base-case with Indexation

625)

6261 - - -

627i - [AJ [BJ [CJ [DI

628{ ~ Date R eiati ve _m Consumpt5on_Pattcrr!_(1iours) Fuføre_Pop_Value Percentage_Owaership 629| [1 ] 2000 0.000 0.000 0.000

630| [23 2001 2000.000 411.524 1.000

63Ϊ | [3] 2002 2000.000 4 U.524 1.000

632{ [4] 2003 2000.000 41 1.524

6331 [5] 20042000.000 411.524 LOOO

634| [6] 2005 2000.000 411 .524 1 ,000

635j

&36|

637| - Hg. 19; Calculating Future Fop Values wuh Multiple Scenarios ^■

638{

639|

64Oj Fig. J 9

641| -

642{ Calcolatiii^Future^op _^ Vaiwes _^ vvish _^ MiϊItiple _^ Scenarios -

643| - 644| - [A] [B] [CJ [D]

646j [2] Date Relative _^ Comiisiiptios _^ Pattem^liours)

647 13] 2000 0.000 0.000

0.000 0.000

648 [43 200! 2CH)0.000 1818.182

350.995 319.086

649 [S] 2002 2000,000 1652.893

350.995 290.078

650 [63 2003 2000,000 1502.630

350.995 263.708

651 m 2004 2000.000 1366.027

350,995 239.734

632 2005 2000.000 1241.843

350,995 217.940

653 PJ Total _as _m of_2000_PresεnLV ake -

7581.574 1330,546

654

655J [IOj SceaaricU5J30%J ^> rofaabilJty) -

656! [H] Date Rdative_ConsιιmptiorL.PaUernj(houfs)

PreseaL^a^e^L^CT FutureJPop^aiuePresent-Vaiii^oOifture^op _^ Value

6S?| [12] 2000 0.000 0,000

0.000 0.000

658J [B] 2001 20(X).O0O ISl 8.182

350.995 319.CIS6

659| [ϊ4] 2002 2000.000 1652,893

350.995 290,078

660| [15] 2003 2000.000 1502.630

350.995 263.70S 661 ! [16] 2004 2000,000 1366.027

350.995 239.734

662| [17] TotaLas _m oL200 ⁽ LPrøetO'a.lue -

6339,731 - 1112.606

<563| - - - . .

664J fIS] So«5EjariojC_(20%_Profeability) -

665| [19] Date Retative_Coiis«mp ^{ ioii_Patten\j(hours}

Pres<^Ly^e_oLKCV F«tuxe_Pop__Value PresenLValueL,oLF«iure _m Pop._Value

666j [20] 2000 0,000 0.000

Oi)OO 0.000

667| [21] 2001 2000.000 1818.182

350.995 319.086

668| [22] 2002 2000,000 1652.893

350.995 290.078

669| [23] 2003 3000.000 2253.944

526,492 395.561

67Oj [24] Total_as_α£ JOOOJHssenLVaiue -

5725.019 1004.726

671j - -

672! [25] 7581.574 0.500

3790,787

6 ^" 73| [26] - 6339.731 0.300

100! .919

674j [27] - 5725.019 0.200

1145.004

675! [2S] 6837.710

6761 -

677j [29] Pop....FactoL- - 12O0.0O/D2SL

0.175 6781 -

679| [30] - 1330.546 0.500

665.273

68OJ pI] - 1112,606 0.300

333.782

6811 [32] - 1004.726 0,200

200.945

6S2| f33] - - - 1200,000

683|

6841

685} -Fig.20. R&D mid New Product .— ..» -... -——..—.....-...„.„..._

686|

6871 - - - ~ .. .

6S8| Fig. _m 20 - - . . .

689} - - - - -

690j R^ _^ aπOfewJProduci - - . . .

691} - - - - -

6921 - [A] [B] Id [D] [E]

6931 - E* ^a * ^e Payment_For_Asseι_Original Fϋture._Pop__Value AsseLValue Liabi.Uty__Value

6941 [I] 2000 0.000 0.000 11841.150 11841 ,150

695} [2] 2001 200OiJOO 0.000 13025,265 1 1025,265

696| [33 2002 3000.000 0,000 14327,792 9127.792

69?! [4] 2003 4000.000 0,000 15760.571 6040,571

69Sl [5] 20044000.000 2042,201 15294.427 2644.628

6991 [6] 20052000.000 2859.082 ^" 13964.787 909.091

700} [7] 2006 1000.000 4084.403 11276,863 0,000

7OiJ [S] 2007 0.000 4084.403 8320.147 0.Oi)O

?02| [9] 2008 0.000 3880.183 5271.979 0.000

7031 [10] 2009 0.000 3267.522 2531.655 0.000

7041 [I I] 2010 0.000 2042,201 742,619 0.000

7051 [12] 2011 0.000 816.881 0.000 0.000

7061 70?!

708 -

709| Fig.JIi

7101- -

7121 ^«

713j- 2005JhxomeJ>tatemeat

7141 [1] OPERATING. REVENUES

715} [2] - 0.000001

7161-

7171 [3] OPERAT3NGJEXPENSES

7!Sl [4J -_^opj)e $285913$

7191 [5] - 2859.08

7201 -

721} -

7221 [6] OPERATfNGJNCOME -2859.08

723 -

7241 -

7251 V) OTΗEΪLCX)MPREHENSIVEJNCOME

726| [S] __JFavWindfeJl_Aoci 1529.44

727 UafWiad&U Loci -264,46

72SjIlO] - 1264,98

?29| -

?30| -

73Ij[Il] TOTAIJ^MPREHENSIV^JNCOME -1594.10

?34j-

735| DebiuarKLCreditJPostings - -

736|- . - .

737|- [AJ [S] [C] [DJ [E]

738J - Date Descripiion DebitAcct CreditAect Amount

739| f Ij 2000- RMINew _^ ProducLAPurckiseJ. 11841.15

740| [2] 2001 AntςJPop R&ϋ_New_Prodιtct_A FavWmdfalLAoci 1184,12 741 I Pl 2001 Ante_Pop UπfWindfallJ ^' ,αά FuϊchasςJ, 1184.12

742 [4] 200J Pop_OigJ?aymettt PurehaseJL Casl^A 2000.00

743 [5] 2002 AmcLPop FavWifκlfa1i..Aoci 1302.53

744 [6] 2002 AnteLPop unfWindfelULoci Purchase^ 1102.53

745 m 2002 PcφJ>g_Pa>TOeπt Purchas^J, Cash _^ A 3000,00

746 pn 2003 Anie_Pop R&D_N^v_ProducLA Fav\\'indfalLAoci 1432.78

747 19] 2003 Λatζ_Poρ UafWindlaUJLoci Puichase_i 912.7S

748 [10] 2003 Pop...Org..PayroeniPurciiase _m L Casb _^ A 4000,00

749 PU 2003 PosLPop LføfWradMLLoci PuichaseJL +0.00

750 ΪXΆ 2004 AntβJPop R&D.New_ProductA FavWindfalLAoci 1376.06

?5i [13] 2004 AnIeJPOp UαfWind&lULoci PurdiaseJL 604,06

752 2004 PopJkpeBse Pop _^ Oe R&OJKewJProducU^ 2042,20

753 vn 2004 l\*pj>gj?aymeut PurchaseJL Cash _^ A 4000,00

7S4 m 2004 PosLPop UnfWindfalU-Oci PurchaseJL +0.00

755 [1 7] 2005 Aϊ«e..Pop R&D..New_Pro<iucUA FavWiπdfalLAoci 1529,44

757 [19] 2005 Pop _^ Expense PopJ ^") e R&D^ ^' evvJE^roducLA 2859.08

758 [2ft] 2005 Pop.i)fg...raymenl Purchas€ _m L O&ύxΛ 2000.00

759 Pij 2006 AnIeJ ³ Op R&D^ewJProducO FavWiadfelLAoci 1396.48

760 [22} 2006 Ante. Pop UnfWindfelLUci Piirchasej; 90.91

761 [23] 2006 Pαpjύφense Poρ_Oe R&UJfewJProductΛ 4084.40

762 [24} aOOo CaslUV 1000.00

763 [25] 2006 PosLPop R&D_Ne»iProdiϊcLΛ FavWindfdLAoci -HKOQ

764 [26] 2007 Ante_Pop FavWrodfalLAoci 1127.69

765 W) 2007 PopJExpβnse PopjOe MDJ*ϊew_ProducLA 4084.40

766 [2S] 200S Anie_Pop R&DJ^ewJProducLA FavWiαdfalLAoci 832,01

767 [29] 2008 PopJExpense PopjOe R^ILNewJ'roducLA 38S0, 18

768 [30] 2008 PosLPop MDJ^ewJ*roductA FavWindfelLAoci +0.00

769 [31 } 2009 AntfiLPαp R&DJMew_ProducLΛ FavWmdfelLAoci 527.20

770 [32] 2009 FOpJIxPeOSe PopjOe R&D_NewJ?rodικ!LA 3267,52

771 [35] 2010 AflteJ»oρ R&DJ^ewJProducL.A FavWindfalLAoci 253.17

772 [34] 2010 PopJExperøe Pop_Oε RADJtfewJPraducLA 2042.20

773 [35] 2011 /VnteJ'op R&DJvfewJProductΛ FavWkdfelLAoci 74.26

??4 [36] 2011 Pop Jϊxpe-nse Pøp_Oe R&D_JNewJ»roducLA 816.88 775!

776|

777| - Fig, 22. Pat0034 R&D/New Product Income Statement 2005

778|

779| -

780| Fig._22

781| -

782| Pat0034j2005_R&D/KewJProdιua_tncoπ»e_ Statement -

783| -

7S4| - 2005 Jacome_Siatemeni

783} [1] OPERATΪNQJtEVENUES

786| [2] - OiK)OOOl

7871 -

?88| PJ OPERATiNCLEXPENSES

789| [4] Pop_Oe $2859.08

790| [5] - 2859.08

791} -

792} ^■■

793} [6] OPERATINCU-NCOME -2859.08

794

795

796m A&I.JiOIBlNGS._BX~ANTE...ΪNCCME

79? ArepUttMLjAi 1269.53

798 m ,Purcbase. .Li -82.65

799 11S6.SS

800 -

801

802 PU RECURRING PERMANENT NFf INCOME -1672.20

804} -

SOSj (12] A&I^WINDFAL1^CAP_GAINS

806} (13] AiφlaneLAw -1269.53

807| [14] FavWiadfelLAw 3529.44

% sos| [U] PtffchaseJ-ΛV 82.65

809| {16} ___UofWindfellXw -264,46

SlOI f 171 78.10

S12| -

813} [18] TOTAljCOMPREHEKSIVEJN€OME -1594,10

814 v

815j p 9] BASICEAR-NINGS-PER- COMMOXLSHARE ...

8l6j [20]

SIS}

8191 -

82Oj DebiL.aticLCrcdiL.Postiags - -

8211 -

822| - [Λ] [B] [C] [D] [E]

823| - Date Description Debit Acct CrediiAeci Amount

824j [t | 2000 - Airplane_A Purchase..!. 1 1841,15

825J P3 2001 AnteJPøp AirplaiKLA FavWkdfaϊLAw 11 S4 J 2

S26| [3} 2001 AnieJPop UntWiad&iiJLw PurcliascJ, 1 184.12

$27| [4] 2001 Pop__Or^_Payraent PurchaseJ. CashJk. 2000.00

S28| |5] 2002 Ante_Pop Aiφiaae_A FavWmdMLAw 1302.53

S29| [6] 2002 ArtteJPαp UafWindfeUJlw iHirchaseJ., 1102,53

8S0| [7] 2002 Pop_OrgJPa>-»wot PurehaseJL Casl^A 3000,00

8M| [81 2003 AatζJPop /Viφlaneji FavWiød&lLAw Ϊ432.78

832| {9} 2003 Aαte _m Pop UnfWindfelLtw Purchase, J.. 912.73

833| [10] 2003 PcφjOrgJPayincιit Purcha«α. Casii _^ A 40001 ⁾ 0

834} [1 Ij 2003 Post_Pαρ PurchastJL +0.00

835| tϊ23 2004 Aπle_Pop Aiipianβ_A FavWiadfelLAw 1576.06

836| [13] 2004 AntsJPop UnfWindfelLLw PurchaseJL 604,06

83?i [ϊ4] 2004 Pop_Expe.ftse PojuOe Airρlane_A 2042,20

8381 115] 2004 PoiϊjOraJPayment Purchased Cash_A 4000.00

839| f 16] 2004 PoSLPq) UnfWindfidLJLw PurehasϊϋL +0-00

840| [17J 2005 Ant«LPop Aitpiane_A FavWind&lLAw 1529.44

8411 [18] 2005 AfiieJPoρ IJnfWmdfalJ-w Purchase^. 264.46 842 m\ 2005 FopJBxpense PopjOc Aiipkne_A 2859.08

843 120] 2005 FopjOrgJtøyiaent Purchase Jb CasIuA 2000.00

844 [21] 2006 Ante J ⁵ op Aiipiaue_A FavWffldMLAw 1396.48

845 [22] 2006 Ante J ¹ Op IMWiodfelLUv Purchase _L 90.91

846 [23] 2006 PopJExpense PopjOe Airpkne _^ A 4084.40

84? [24] 2006 PopJ ⁾ rgJ\vment PurchaseJL CasKΛ 1000.00

84S [25] 2006 PostPop Airplan.e _m A FavWindfalLAw +0.00

849 [26] 2O07 ADteϋOp Airplane _^ A FavWiadfelLAw 1 127.69

850 2007 Fopjixpettse Fop _^ Oe AitplaϊKLΛ 4084.40

851 mi 2008 Ante J ¹ Op Airplaue _^ A FavWjfidfelLAw 832,01

852 [29] 2008 PopJExpense PofL.Oe Airplanς_Λ 3SSO, 18

853 [30] 2008 PosLPop Airpiane._A FavWrødfelLAw + 0.00

S54 [31] 2009 AnicLJPop Airpiaue _m A FavWiodfeltΛw 527.20

855 [32] 2009 Fop _^ Expense PopjOe Airpiane _^ A 3267.52

S56 [33] 2010 AntcLPop Airplane _u A FavWindfelLΛw 253.17

857 [34] 2010 Pop JΞxpense Pop..Oe AupϊaiKLA 2042,20

858 [35] 2031 AateJ^op Airplaiic_Λ FavWindfeiLAw 74.26

859 [36] 201 1 Pop__Expεnse PquOe AiipIai«s_A 816.88

860

861

- Fig. 23:

863

864 -

865 Fig-_23

867j R/ ^' ϊ*_2005_R&D/NewJPro(iuct_ϊiicomeL,StateniεΩt - SMSSf -

869j - 2005Jncome_Stafement

87O| H3 OPERATING _^ REVENUES

87! J [2] - 0.000001

873j f3] OPERATrNG_EXPENSES

S74| [4] _J?op_.Oe $2859.08 875 2859.08

S76 _

877 -

S78 [6] OPERATING INCOME -2S59.08

$79 -

Sw

BS! m OTHER J^OMPRBHENSΪVEJNCOMI

SS^ f ^β ] __FavWiπdfeILAoci 1529.44

883 m UnfWmdfelULoci -264.46

884 [10] 1264.9S

SS5

886 *

8S? on TOTAU..COMPKEHENSIVE JNCOME -1594, 10

888

889

890

8911 DebiLajxLCrediLPostijigs -

8«| - [A) [BJ [C] [D] [E]

S94j - Date Description Debit Acct Credit Acct Araoism

895j [1] 2000 - Airplane_A Purchase^ U 841.15

896| [2] 200? Ants_Pop AiiplawtJV FavWkdfaiLAod 1584.12

897| [3] 2001 AπteJPop UniWiαdfelLLoci PutϊhascJL 118412

898| [4] 2001 PopJ3rgJPaymeni PurcfeaseJ, CashjV 2000,00

S99| [5] 2002 AnteJ> Aiip!aae_A FavWiadfelLAoci 1302.53

90Oj [6] 2002 AnteJPop UnfWiadfelLJLoci PurcbaseJ... 1102.53

901j |7] 2002 PoμjOrg^ayment Purchased Cash _^ A 3000.00

902| [8] 2003 Ante_Poρ Airplane_A FavWmdfalLAoci 1432.78

903| [9] 2003 AaUL-Pop ϋnfWindfelLloci Purchase _^ L 912.78

904] [10] 2003 Fop_,Org _m Payi»ent Purchase_l. Cash_A 4000.00

905J [Il] 2003 PosUOp liatΛVmdMLLoci Purchase! 4(100

906J [i2] 2004 Aai»J ^> op Aupk«e_A FavWmdfaltAoei 1576.06

9OTj [D] 2004 Ante JPαp IMWmdiMLLod PuidiaseJ, 604.06

90δ| [i4] 2004 PopJExpK.se Pop_Oe Auplane _m A 2042.20 909J [ISJ 2004 PopLθrg_Paymeot Purchase^ Cash_A 4000,00

91 Oj [Io] 2004 FostJPop itaiWindMLLoei FurchaseJL +0,00

91 11 [17] 2005 AnUUfOp AkplatWLΛ FavWmdfalLAoci i 529,44

912j [l8] 2005 Ante_Poi> U&fWmdMLLod Purehasejl 264,46

913j [19] 2005 PopJBxpense PopjOe Aiiplane_.A 2859.DS

914| [20] 2005 PopJirg _^ Fayment ParchaseJL Cash _^ A 2000.00

9I5| [2J] 2006 AnttLPop Airplane_Λ FavWiπdfalLAoci 1396.48

916| [22J 2006 AntU*op UnXWiπdfeϋJLoci PuichaseJ- 90.91

917| [23] 2006 PopJExpeπse PopjOe Aiφlane _^ A 4084.40

918j [243 20(>6 Pop_Org_.Paymem PujchaseJL CasbiΛ 1000,00

9iθ| [25] 2006 PosU*op AiφlaiMLΛ FavWindfeil _^ Aoci +0.00

92Oj [26] 2007 AnIeJ ³ Oj) Airplanε_A. FavWitidfalLAoci 1127,69

9211 [27] 2007 PopL&ψense Pop.Oe AirplaiMLΛ 4084,40

922| [2S] 2008 Aate _m Pop AiiplaoeuΛ FavWindtalLAoci 832.05

923| [29] 2008.Foρ....Expeiise Pop.J ^") e Aiιpiane_Λ 3880,18

924| [30] 2008 PostPoρ AirpIaiKLA FavWindfaiLAoci ÷O.OO

925j [31] 2009 AntoJPoρ AirplaaςJ^ FavWbdfellΛoci 527.20

926| [32] 2009 Pop_Expense PopjOe AirplaiMLΛ 3267.52

927| [33] 20I0 Ante.Pop A«plane_A FavWiπdfidLAoci 253.17

928| [34} 20I0 Pop_ExρeDse Poρ_Oβ AirplanfLΛ 2042,20

929| [35] 201 1 ABKLPOP AirpIancLΛ FavWindfaiLAoci 74.26

930| [36j 201 1 PoβJExpense PopJ> Airplan«LA 816.88 9311

932j

933f - Fig. 24, PatOO34 Peφβ-uai-asset Income SiatemeM—~— .-

934j

935| -

936| Fϊg, _m 24

937| -

938| Paι0034.Peφeiual.asseUiicome_Staterae.nt -

939j -

940j - 2001 JneomeJStatemen.

94Ij [I] OP.ERATINCLREV.ENUES

942j [2] - 0.000001 943

944 [3] OPERATFNG _^ EXPENSES

945 [4] PopjOe S120.00

946 PJ 120,00

947 -

948 -

949| [6] OPERATING INCOME -120,00

5)50 -

951|-

952| [7] A&l^WINDFALLJJAF JJAINS

953[ [8] FavWiπdfaitAw 120.00

954| [9] 120.00

9S5

957| [ \ 0] TOTAI^COMPREHENSIVE JNCOME 0.000001

959|

960| -

96ijDebϊL.and _m CreditJ ⁾ osii3igs- -

962 - . . . .

963 - [A] [B] [Cl [D] [E]

964| - Dale Description DebitAcct CroditAcct Amount

965|[1] 2001- LantLA FavWiod&lLAw 120,00

%6|[2J 2001Pop_Exp«isePoft_Oe LancLA 120.00

967|

968!