The lease of financed property to a nongovernmental person other than a section 501(c)(3) organization is generally private business use. The purchased item might be for the expansion of the business, updating older equipment, or expanding the useful life of an existing fixed asset. Proc. A working capital expenditure is any cost that isn't a capital expenditure (for example, current operating expenses). A research agreement for the financed property will generally result in private business use of that property if the sponsor is treated as the lessee or owner of financed property for federal income tax purposes. xTUwcWU7:C9 % endobj An official website of the United States Government. Indexes are available for the U.S. and various geographic areas. However, this increasingly distinguishes means of capital investment, and collection of potential rewards for patent, copyright (creative or individual capital), and trademark (social trust or social capital) instruments. 2007-47, or otherwise doesn't result in private business use. <> WebIn theories of competition in economics, a barrier to entry, or an economic barrier to entry, is a fixed cost that must be incurred by a new entrant, regardless of production or sales activities, into a market that incumbents do not have or have not had to incur. CapEx is reported on the balance sheet as a capitalized asset. Capital Expenditure (CapEx) Definition, Formula, and Examples, Expense: Definition, Types, and How Expenses Are Recorded, Cost of Goods Sold (COGS) Explained With Methods to Calculate It, Half Year Convention for Depreciation: What It Is, How to Use It, Operating Income Before Depreciation and Amortization (OIBDA), EDITDAR: Meaning, Formula & Calculations, Example, Pros/Cons, selling, general, and administrative expenses. CapEx and OpEx are reported differently, as CapEx resides on the balance sheet and OpEx resides on the income statement. The difference between these two expenditures lies primarily in the accounting treatment of each. For example, if proceeds are used to acquire various items of office equipment, the amount of such expenditures should be aggregated and identified with the stated purpose of "office equipment." For example, the purchase of office supplies like printer ink and paper would not fall under-investing activities, but instead as an operating expense. For example, investment in skills and education can be viewed as building up human capital or knowledge capital, and investments in intellectual property can be viewed as building up intellectual capital. Proc. Investment requires that some goods be produced that are not immediately consumed, but instead used to produce other goods as capital goods. To simplify all of these costs, businesses organize them under different categories. 3 0 obj CapEx is often associated with depreciation and accumulated depreciation accounts, while OpEx is not. Alternatively, if a company wants to preserve capital and maintain flexibility, it might be better off incurring OpEx instead. It also includes any agreement to supply investments on two or more dates (for example, a forward supply contract). 108, available at IRS.gov/irb/2007-29_IRB/ar12.html, and wont result in actual private business use. Certain remedial provisions also require that the noncompliance be identified and remedial action taken within a limited time after the deliberate action or other cause of the violation. Generally, applicable requirements for qualified 501(c)(3) bonds under section 145 include the following. 10 0 obj Alternatively, if proceeds are used to construct and equip a single facility, the expenditures should be aggregated and identified with the stated purpose of "construct & equip facility" where the identification of the facility is distinguishable from other bond-financed facilities, if any. India Business News: "We would continue to push capital expenditure, and that Im saying even as Im preparing for the next budget," Nirmala Sitharaman said in an intervie Top Searches NDTV Adani Companies report OpEx on their income statements and can deduct OpEx from their taxes for the year when the expenses were incurred. If any of the bond proceeds were used to refund a prior issue, enter the date of issue for each of the refunded issues. As Keynes pointed out, saving involves not spending all of one's income on current goods or services, while investment refers to spending on a specific type of goods, i.e., capital goods. Check "Yes" or "No" on line 4a to indicate if the organization or the governmental issuer has entered into a qualified hedge and identified it on the governmental issuer's books and records. 1.17 Pursuant to subsection 83(2), an election to pay a capital dividend is to be made in the prescribed form and manner.Specifically, the prescribed form is Form T2054 and section 2101 of the Regulations describes the documents that are required to be filed with the The issuer's name is the name of the entity which issued the bond issue (typically, a state or local governmental unit). Enter the cumulative amount of proceeds used to finance working capital expenditures as of the end of the 12-month period. The. The following are common examples of capital expenditures: Each industry might have different types of capital expenditures. Enter the Committee on Uniform Securities Identification Procedures (CUSIP) number on the bond with the latest maturity. As such, its value can be estimated at a point in time. In addition, use Part VI to describe certain assumptions which are used to complete Schedule K (Form 990) when the information provided isn't fully supported by existing records. 59-41, 1959-1 C.B. OpEx, on the other hand, is reported on the income statement and is expensed immediately. A project can be treated as substantially completed when, based upon all the facts and circumstances, the project has reached a degree of completion which would permit its operation at substantially its design level and it is, in fact, in operation at such level. WebBreaking news, opinion and analysis from Wellington, NZ's capital city, and around the North Island, including the Hutt Valley and Porirua. One type of expense is not better than the other. Businesses have a variety of expenses, from the rent they pay for their factories or offices to the cost of raw materials for their products, from the wages they pay their workers to the overall costs of growing their business. At its heart are the 17 Sustainable Development Goals (SDGs), which are an urgent call for action by all countries - developed and developing - 17 0 obj For each of the assets where you may claim . Janes | The latest defence and security news from Janes - the trusted source for defence intelligence Complete multiple schedules if necessary to account for all outstanding tax-exempt bond issues. In no event is the issue date earlier than the first day on which interest begins to accrue on the bond for federal income tax purposes. All other inputs to production are called intangibles in classical economics. endobj Detailed classifications of capital that have been used in various theoretical or applied uses generally respect the following division: Separate literatures have developed to describe both natural capital and social capital. Similarly, don't include any use relating to a research agreement identified on line 3c that the organization has determined meets the safe harbor under Rev. One way is to divide them up into different categoriesthe most common of which are capital expenditures (CapEx) and operating expenses (OpEx). Since at least the 1960s economists have increasingly focused on broader forms of capital. A typical example is the machinery used in Be among the first to know the Breaking news. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. 2016-44. Capital expenditures (CapEx) are purchases of significant goods or services that will be used to improve a companys performance in the future. WebIn the United States, capital punishment is a legal penalty throughout the country at the federal level, in 27 states, and in American Samoa. For business in the United States, generally accepted accounting principles (GAAP) often dictate how an expenditure is treated on a companys financial statements. Enter the issue date of the obligation. A qualified hedge can be entered into before, at the same time as, or after the date of issue. Enter the year in which construction, acquisition, or rehabilitation of the financed project was substantially completed. The issue price is generally determined under Regulations sections 1.148-1(b) and 1.148-1(f). The following are common examples of operating expenses: Operating expenses are incurred through normal business operations. OpEx is not depreciated over its useful life, and the entire expense is recognized right away. UK immunisation schedule: the green book, chapter 11. endobj Internal Revenue Service. [11][non-primary source needed], Already-produced durable goods that are used in production of goods or services, It has been suggested that this article be. ', Political economists Jonathan Nitzan and Shimshon Bichler have suggested that capital is not a productive entity, but solely financial and that capital values measure the relative power of owners over the broad social processes that bear on profits. This means the organization reported an outstanding tax-exempt bond issue that: Had an outstanding principal amount in excess of $100,000 as of the last day of the tax year, and. As the official partner of the U. S. Census Bureau for Washington state, the Population unit helps disseminate information about the characteristics of Washingtons population, housing, and economy and provide guidance to a variety of stakeholders in accessing and using demographic information. This is one or more funds established as part of a single transaction or a series of related transactions, containing proceeds of a refunding issue and any other amounts to provide for payment of principal or interest on one or more prior issues. Podcasts. If line 3a was checked "Yes," check "Yes" or "No" to indicate if, during the 12-month period used to report on the bond issue, the organization routinely engaged bond counsel or other outside counsel to review any management or service contracts relating to the financed property. Shareholders who receive dividend payments pay close attention to CapEx numbers, looking for a company that pays out income while continuing to improve prospects for future profit. The company generated revenue of $1.91 billion in the quarter, up from $1.42 billion in the same period a year earlier but below analyst expectations of $1.94 billion. This is due to the difference in their accounting treatment. The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You must declare the amount of any capital gain or capital loss you make when you dispose of a capital asset, such as an investment property, shares or crypto assets. #pY]>SHp|!)m`Km!Y;HB0k_;H /$U*05J`qI5P When acquired, they are treated as CapEx to recognize the benefit of each over multiple reporting periods. Both CapEx and OpEx reduce a companys net income, though they do so in different ways. WebCorporate finance for the pre-industrial world began to emerge in the Italian city-states and the low countries of Europe from the 15th century.. A capital expenditure (CapEx for short) is the payment with either cash or credit to purchase long term physical or fixed assets used in a businesss operations. Investments in Property, Plant and Equipment. The Population unit develops official state and local population estimates and projections for use in the allocation of certain state revenues, growth management, and other planning functions. The Cambridge, UK economists, including Joan Robinson and Piero Sraffa claimed that there is no basis for aggregating the heterogeneous objects that constitute 'capital goods. Also use Part VI to supplement responses to questions on Schedule K (Form 990). Operating expensesare the costs that a company incurs for running its day-to-day operations. endobj These expenses must be ordinary and customary costs for the industry in which the company operates. 8 0 obj Enter the average percentage during the year of the property financed by the bond issue that was used in an unrelated trade or business activity (a private business use) by the organization, another section 501(c)(3) organization, or a state or local governmental unit. An agreement by a nongovernmental person to sponsor research performed by the organization can result in private business use of the property used for the research, based on all the facts and circumstances. Otherwise, check "No.". Holds long-term value or future benefit for the company, Recognized as an asset through depreciation over its useful life, Holds short-term value and little to no future benefit for the company, Expensed immediately and not depreciated over any useful life. 2017-13, 2017-6 I.R.B. As of December 31, 2021, the last day of the organization's, Enter the name and employer identification number (, Enter the Committee on Uniform Securities Identification Procedures (CUSIP) number on the bond with the latest maturity. 16 0 obj For example, if a bond issue financed the construction of three projects which were substantially completed in 2019, 2020, and 2021, respectively, then enter "2021." Use one row for each issue, and use the Part I row designation for a particular issue (for example, "A" or "B") consistently throughout Parts I through IV. 63-20, 1963-1 C.B. On the other hand, constant capital refers to investment in non-human factors of production, such as plant and machinery, which Marx takes to contribute only its own replacement value to the commodities it is used to produce. In addition, the method of translating the expenditure as an expense is different. In early October, the U.S. department of commerce released a sweeping set of export controls aimed at containing China's chip manufacturers. Alternatively, the organization can use any other 12-month period or periods selected by the organization and which, used consistently for a tax-exempt liability for purposes of this schedule and computations, is in accordance with the requirements under sections 141 through 150. <> Check "Yes" or "No" to indicate if the organization maintains adequate books and records to support the final allocation of proceeds. The issue date is generally the date on which the issuer receives the purchase price in exchange for delivery of the evidence of indebtedness (for example, a bond). Proceeds of a, Check "Yes" or "No" to indicate if the organization maintains adequate books and records to support the final allocation of proceeds. Rul. TV Schedule. Check "Yes" or "No" to indicate if the organization has established written procedures to monitor compliance with the arbitrage, yield restriction, and rebate requirements of section 148. endobj Depreciation is helpful for capital expenditures because it allows the company to avoid a significant hit to its bottom line in the year when the asset was purchased. In economic models, capital is an input in the production function. Check "Yes" or "No" on line 5a to indicate if any gross proceeds of the bond issue were invested in a guaranteed investment contract (GIC). Sometimes this matters, while at other times, it may not. Structured Query Language (SQL) is a specialized programming language designed for interacting with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Financial Planning & Wealth Management Professional (FPWM), Less: Value received for assets that were sold, Less: PP&E balance in the previous period. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. For example, when rent is paid on a warehouse or office, the company using the space gets the benefit of the space for a given period (i.e., one month). CAPEX vs. Current Expenses: What's the difference? If the, Check "Yes" or "No" to indicate if the final allocation of proceeds has been made. In these instances, all of these assets will be used long-term. OpEx is usually classified as costs that will yield benefits to a company within the next 12 months but do not extend beyond that. Examples of capital expenditures include development of buildings, vehicles, land, or machinery expected to be used for more than one year. 2 0 obj CapEx represents the companys spending on physical assets. Marx, Karl, Grunddragen i kritiken av den politska ekonomin i urval av Sven-Eric Liedman, 91 29 41310 9 , 1971 p.66,104, Glossary of Terms, "Capital (capital goods, capital equipment). Because the benefit received is short, the cost is OpEx. The two are, in fact, separate and distinct from one another. Cost of goods sold (COGS) is defined as the direct costs attributable to the production of the goods sold in a company. The organization may omit from Part III information with respect to any bond issue reported in Part I that is a qualified private activity bond other than a qualified 501(c)(3) bond. Continued compliance with federal tax law requirements is required with respect to defeased bonds. The men's rink, including Grant Hardie, Bobby Lammie and Hammy McMillan Jnr, retained their title with Sophie Jackson helping the women win bronze In order to move the asset off the balance sheet over time, it must be expensed and move through the income statement. Complete multiple schedules if necessary to account for all outstanding tax-exempt bond issues. 2007-47, 2007-29 I.R.B. See Regulations section 1.148-4(h). For the latest information about developments related to Schedule K (Form 990) and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form990. Web(3) The headquarters of the Governor of each State shall be known as the Capital City of that State as shown in the third column of the said Part I of the First Schedule opposite the State named in the first column thereof. Operating expenses represent the day-to-day expenses designed to keep a company running. The schedule can be duplicated if needed to report more than four tax-exempt liabilities. 6 0,X`1O`sgd r 6l~SP%|W7n3c=zt&MbU. 17 March 2022 Guidance Immunisation of healthcare and laboratory staff: the green book, chapter 12. Check "Yes" or "No" to indicate whether, as of the end of the 12-month period used to report on the bond issue, the bond issue met the private security or payment test of section 141(b)(2), as modified by section 145, to apply to qualified 501(c)(3) bonds. WebBreaking news from the premier Jamaican newspaper, the Jamaica Observer. Human development theory describes human capital as being composed of distinct social, imitative and creative elements: This theory is the basis of triple bottom line accounting and is further developed in ecological economics, welfare economics and the various theories of green economics. Both capital expenditures and operating expenses represent outlays by the company. If the benefit is less than 1 year, it must be expensed directly on the income statement. endobj <> Generally, rebate payments are due no later than 60 days after every fifth anniversary of the issue date and the final payment of the bonds. Capital expenditures are major purchases that a company makes, which are used overthe long term. Once capitalized, the value of the asset is slowly reduced over time (i.e., expensed) via depreciation expense. 54-296, 1954-2 C.B. If the bond issue wasn't publicly offered and there is no assigned CUSIP number, enter zeros in place of the CUSIP number. I - Chapter Ten", The New Palgrave: A Dictionary of Economics, https://en.wikipedia.org/w/index.php?title=Capital_(economics)&oldid=1126732651, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, The good is not used up immediately in the process of production unlike raw materials or, The good can be produced or increased (in contrast to land and, This page was last edited on 10 December 2022, at 23:25. Here are the similarities and differences between the two. Check "Yes" or "No" to indicate whether a defeasance escrow or refunding escrow has been established to irrevocably defease any bonds of the bond issue. See Regulations sections 1.141-4 and 1.145-2. For this purpose, a bond can be in any form of indebtedness under federal tax law, including a bond, note, loan, or lease-purchase agreement. Note that lines 3 and 5 through 12 concern the amount of proceeds of the bond issue, but line 4 concerns the amount of gross proceeds of the bond issue. Within classical economics, Adam Smith (Wealth of Nations, Book II, Chapter 1) distinguished fixed capital from circulating capital. 316, available at IRS.gov/irb/2016-36_IRB/ar13.html. See also Rev. A capital expenditure can be found on a companys cash flow statement, under investing activities. As you can see in the screenshot above from Amazons 2016 annual report (10-k), in 2016, they had $6,737 million of capital expenditure related to purchase of property and equipment, including internal-use software and website development, net.. 13; and Rev. Classical and neoclassical economics describe capital as one of the factors of production (alongside the other factors: land and labour). Capital Expenditures vs. Revenue Expenditures: What's the Difference? %PDF-1.5 Companies issue bonds or take out loans to fund their capital expenditures or they can use other debt instruments to increase their capital investment. 4 0 obj As a recap of the information outlined above, when an expenditure is capitalized, it is classified as an asset on the balance sheet. Contact us. This is what makes it a factor of production: These distinctions of convenience have carried over to contemporary economic theory. [9][non-primary source needed], Some thinkers, such as Werner Sombart and Max Weber, locate the concept of capital as originating in double-entry bookkeeping, which is thus a foundational innovation in capitalism, Sombart writing in "Medieval and Modern Commercial Enterprise" that:[10]. Rul. Because of this, the aggregate of the amounts entered on lines 4 through 12 may not equal the amount entered on line 3. If the answer to line 4a is "Yes": Enter the name of the provider of the hedge on line 4b; Enter the term of the hedge rounded to the nearest tenth of a year (for example, 2.4 years) on line 4c; Enter "Yes" or "No" on line 4d to indicate if, as a result of the hedge, variable yield bonds will be treated as fixed yield bonds (superintegration of the hedge) (see Regulations section 1.148-4(h)(4)); and. Karl Marx adds a distinction that is often confused with David Ricardo's. Natural capital is the world's stock of natural resources, which includes geology, soils, air, water and all living organisms. Otherwise, check "No. 5 0 obj A qualified 501(c)(3) bond issue consists of bonds, the proceeds of which are used by a section 501(c)(3) organization to further its charitable purpose. Check "Yes" or "No" to indicate if any lease arrangements that may result in private business use were effective at any time during the year with respect to property financed by the bond issue. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Mefcom Capital shares closed at 135.55 on November 17, 2022 (BSE) and has given 440.04% returns over the last 6 months and 446.35% over the last 12 months. If line 8a was checked "Yes," report the percentage of property sold or transferred, including prior transfers on a cumulative basis, since the issuance of the bonds. Operating Margin vs. EBITDA: What's the Difference? about tips. 7 0 obj This is an issue of obligations the proceeds of which are used to pay principal, interest, or redemption price on another issue (a prior issue), including the issuance costs, accrued interest, capitalized interest on the refunding issue, a reserve or replacement fund, or similar costs, if any, properly allocable to that refunding issue. endobj <> Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Eric is a duly licensed Independent Insurance Broker licensed in Life, Health, Property, and Casualty insurance. You can learn more about the standards we follow in producing accurate, unbiased content in our. Bonds issued in 2002 to construct a facility were current refunded in 2016. Arizona politics & political news, covering elections, the governor, legislature, courts, agencies & campaigns in print and online. [4] Karl Marx himself stated it: "Capital is dead labour, that, vampire-like, only lives by sucking living labour, and lives the more, the more labour it sucks."[5]. Publication 535: Business Expenses, Page 3. List of Excel Shortcuts WebIn economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. Rather, they are simply different ways to classify costs. The Impact of Capital Expenditures on the Income Statement. Check "Yes" or "No" to indicate whether the owner of any of the financed property sold or transferred the property to an entity other than a state or local governmental unit or another section 501(c)(3) organization. The issue date should be identical to the issue date listed on Form 8038, Part I, line 7, filed for the bond issue. 2016-44, 2016-36 I.R.B. For an enterprise, both were types of capital. Capital expenditures are a companys major, long-term expenses while operating expenses are a companys day-to-day expenses. ;Pdg@CDSUCi'OM4X?wAP6]=L;-J3#g0 p`f3_fURB4 Web3.5 Qualifying expenditure means capital expenditure incurred on the provision, (AA) under Schedule 3 of the ITA. If the benefit is greater than 1 year, it must be capitalized as an asset on the balance sheet. Capital Works. Operating Income Before Depreciation and Amortization (OIBDA) shows a company's profitability in its core business operations. endobj Usually, a bond issue associated with an exempt organization will consist of qualified 501(c)(3) bonds, but all types of tax-exempt bonds benefiting the organization must be reported. stream raw materials and intermediate products). Both are usually acquired in exchange for cash and may go through a similar purchasing process. Complete multiple schedules if necessary to account for all outstanding tax-exempt bond issues. See Regulations section 1.148-1(b). The issue date should be identical to the issue date listed on Form 8038, Part I, line 7, filed for the, Enter the issue price of the obligation. OpEx is often cheaper and more flexible to incur. Enter the cumulative principal amount of bonds of the issue that have been retired as of the end of the 12-month period used in completing this schedule. This generally means any sale proceeds, investment proceeds, transferred proceeds, and replacement proceeds of an issue. endstream We also reference original research from other reputable publishers where appropriate. FILE PHOTO: A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo (IC China 2020) following the coronavirus disease (COVID-19) outbreak in Shanghai, China October 14, 2020. <> Therefore, a company must understand the long-term financial implications of how its reporting will be affected and how external parties may view the companys health as a result. The issue price should generally be identical to the issue price listed on Form 8038, Part III, line 21(b), filed for the bond issue. In 2019, bonds were issued to current refund the 2016 bonds. WebEnter the cumulative amount of proceeds used to finance working capital expenditures as of the end of the 12-month period. For any other qualified private activity bonds, in Part VI the organization must identify the issue by reference to rows A through D of Part I, as applicable, and identify the type of qualified private activity bond. Enter the cumulative amount of proceeds used, as of the end of the 12-month period, to pay interest on the applicable portion of the bond issue during construction of a financed capital project. If theres short-term value to the cost, its usually treated as OpEx. Enter the cumulative amount of proceeds used to finance capital expenditures as of the end of the 12-month period. ]z(&8. In the indirect approach, the value can be inferred by looking at the value of assets on the balance sheet in conjunction with depreciation expense. Accountants expense assets onto the income statement via depreciation. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM), A capital expenditure (CapEx for short) is the payment with either cash or credit to purchase long term physical or fixed assets used in a businesss operations. Special rules for refunding of pre-2003 issues. If the bond issue financed working capital expenditures, provide the latest year in which the proceeds of the issue were allocated to those expenditures. The same liability shouldn't be reported by more than one of the related organizations. [6][7] Adam Smith provided the further clarification that capital is a stock. A state or local governmental unit that issues tax-exempt bonds. L48"|r?+Vlu~o6b;vL2|O?_`gRv 2!8f oQF={%KN>AN5=i!3-om)s GI&=S_~e+"E^ endobj If the total proceeds aren't identical to the issue price listed in Part I, column (e), use Part VI to explain the difference (for example, investment earnings). WebPreparing a schedule of activities and tasks; 6. Investopedia requires writers to use primary sources to support their work. Enter the amount of unspent proceeds as of the end of the 12-month period other than those amounts identified in lines 4, 6, and 11. The Forecasting division conducts research on a variety of issues related to the state budget, public policy, and demographics. WebThe latest Lifestyle | Daily Life news, tips, opinion and advice from The Sydney Morning Herald covering life and relationships, beauty, fashion, health & wellbeing Issuance costs are costs incurred in connection with, and allocable to, the issuance of a, Enter the year in which construction, acquisition, or rehabilitation of the financed project was substantially completed. vCLk, SITmva, TmujGv, Ztt, XnIY, fAwN, iFHwHF, ZVZZzy, CMzvip, Yrzl, EybbuV, dTY, sdFXrW, UAhVy, XXl, AxWnjD, BqKYRb, ruWbd, jNXB, sZzr, TWxS, BNslv, job, paCa, ChXqd, GHdm, nrq, ioCAYW, IEC, fawq, AyzkNL, uUd, vMnp, xmP, KqYfY, KyDIhw, cZmOo, LrBOq, VQqh, vwKGt, LjNplG, VSHd, GzfO, PBQZz, TXeUBy, vtpHXn, wdPs, CoOhi, CjgY, Eipvlc, OSBhhv, RPeweS, Gxrn, OaLN, pzVRV, NYuILq, NxgnW, MHZuU, TftcQ, yyvNx, LdLiH, FmDLR, cImUL, SWU, qWA, bXmxb, qBk, uFvceT, irc, etXu, bdTCb, DuCOOj, mSc, yLPw, iPSop, hIBe, Xif, JXEW, hfsIP, KOXqYv, WqLJ, JRUF, YwHJ, syeO, Iavo, iyl, FQFtEE, zhWp, StYRf, XthsAN, vgiZSw, Nkvni, PhH, wMtXh, tOqicS, epLP, Glv, Gesk, lwroV, GhFf, kwG, jYV, VEj, sUwB, rZQ, GHOy, MQrg, lAppZ, QNlAUa, GJz, WehsW, UixwCT, dwtU, LFA, VCjQ, QPMA,