

‫א‬‫א‬
٢٠٢
  ٢٠٢  ‫א‬
 ‫א‬
 ‫א‬‫א‬  

 
 
 W،،‫א‬‫א‬،‫א‬ 
 
  ‫א‬ ‫א‬ ‫א‬ ‫א‬‫א‬  ‫א‬ ‫א‬  ‫א‬ ‫א‬  
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
  ‫א‬        ،‫א‬ ‫א‬‫א‬  
‫א‬  ‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬   ‫א‬    ،  
‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬
 K‫א‬‫א‬،‫א‬
??? ‫א‬‫א‬ ?‫א‬‫א‬ 
‫א‬ ‫א‬ ‫א‬‫א‬ ‫א‬      ‫א‬ ‫א‬ ‫א‬ ‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
،‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
   W    ‫א‬ ‫א‬  ‫א‬    ‫א‬ 
 K‫א‬
 
‫א‬‫א‬‫א‬‫א‬
 
  ٢٠٢  ‫א‬
 
 ‫א‬‫א‬  

 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ 
 W‫א‬‫א‬
 WE‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 K‫א‬‫א‬W‫א‬‫• א‬
 K‫א‬‫א‬W‫א‬‫• א‬
K‫א‬‫א‬‫א‬W‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫ א‬W‫א‬‫א‬‫• א‬
 K‫א‬‫א‬‫א‬W‫א‬‫• א‬
 W‫א‬‫א‬W‫א‬‫א‬
 K‫א‬‫א‬W‫א‬‫• א‬
 K‫א‬‫א‬W‫א‬‫• א‬
 W‫א‬‫א‬‫א‬W‫א‬‫א‬
K‫א‬‫א‬‫א‬W‫א‬‫• א‬
K‫א‬‫א‬‫א‬W‫א‬‫• א‬
 K‫א‬‫א‬W‫א‬‫• א‬
 K‫א‬‫א‬W‫א‬‫א‬‫א‬
.‫א‬‫א‬‫ א‬W‫א‬‫א‬
 ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
E‫א‬‫א‬F
 ‫א‬‫א‬‫א‬‫א‬
 E‫א‬‫א‬F

١
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 ‫א‬‫א‬W‫א‬‫א‬
 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
K

 
 K٪٩٥‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 ‫א‬١W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 K٢‫א‬
  
  
-١-
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 
‫א‬‫א‬١‫א‬‫א‬
‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 W‫א‬

 K‫א‬W‫א‬‫א‬
 K‫א‬‫א‬W‫א‬‫א‬
 

‫א‬ ‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬
K‫א‬‫• א‬
K‫א‬ •
K‫א‬‫א‬‫א‬‫• א‬
K‫א‬‫• א‬
 
 W‫א‬‫( א‬١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
 J‫א‬ ‫א‬‫א‬  E٤٨F
‫א‬ ،‫א‬ ‫א‬‫א‬
 ‫א‬  E٤٩F‫א‬K
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬

‫ ﻧﻈﺎم اﻟﺸﺮآﺎت اﻟﺴﻌﻮدي اﻟﺼﺎدر ﻣﻦ وزارة اﻟﺘﺠﺎرة وﻓﻘًﺎ ﻵﺧﺮ اﻟﺘﻌﺪﻳﻼت اﻟﺘﻲ أدﺧﻠﺖ ﻋﻠﻴﻪ‬١
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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

‫א‬ ‫א‬‫א‬‫א‬  ‫א‬ 

 K‫א‬‫א‬
 
 W‫א‬ (٢
‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬E١٤٩F‫א‬
‫א‬  
K‫א‬‫א‬‫א‬
‫א‬E١٥٠F‫א‬
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬ (٣
‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬E١٥٧F‫א‬
‫א‬K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬E١٥٨F‫א‬K‫א‬‫א‬
‫א‬‫א‬
 K
 
 W‫א‬‫א‬ (٤
‫א‬‫א‬‫א‬E١٨٩F‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬  J١
‫א‬‫א‬‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬  J٢
K‫א‬
‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 
 ‫א‬‫א‬W‫א‬‫א‬
 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •

 
 K٪٩٥‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K١W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 K٢‫א‬
 
 
-٥-
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬
 W٢‫א‬‫א‬K‫א‬
 K‫א‬ K١
 K‫א‬‫ א‬K٢
 K‫א‬‫א‬‫ א‬K٣
 K‫א‬‫א‬‫ א‬K٤
 
 W‫א‬  J١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬E٤٩F‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬
 K‫א‬
 
 W‫א‬‫ א‬ J٢
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 K‫א‬
 
 

‫ م‬١٩٩٦ ‫ ﻣﺤﻤﺪ اﻟﺠﺒﺮ‬.‫ د‬،‫ اﻟﻘﺎﻧﻮن اﻟﺘﺠﺎري اﻟﺴﻌﻮدي‬٢

-٦-
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 
 W‫א‬‫א‬‫ א‬ J٣
‫א‬‫א‬‫א‬‫א‬‫א‬E٥٠F‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫ א‬ J٤
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬
 
 
 
 
 
 
 
 
 
 
 
 
 

-٧-
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 ‫א‬‫א‬W‫א‬‫א‬
 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •

 
 K٪٩٥‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 ١W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 ٢‫א‬
 
  

-٨-
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬‫א‬‫א‬E٥٣F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
‫א‬E٤٨F‫א‬‫א‬K
 K‫א‬‫א‬‫א‬
 W٣‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫ א‬-١
 K‫א‬‫א‬ -٢
 K‫א‬‫ א‬-٣
 
 W‫א‬‫א‬‫( א‬١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬E٥٢F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬K‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬ (٢
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬E٥٤F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 W‫א‬E٥٥F

.‫ م‬١٩٩٦ ‫ ﻣﺤﻤﺪ اﻟﺠﺒﺮ‬.‫ د‬،‫ اﻟﻘﺄﻧﻮن اﻟﺘﺠﺎري اﻟﺴﻌﻮدي‬٣

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 K‫א‬ K١
 ‫א‬‫א‬‫ א‬K٢
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٣
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫ א‬K٤
 K‫א‬‫א‬‫א‬‫ א‬K٥
 K‫א‬ K٦
 K‫א‬ K٧
 K‫א‬ K٨
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٩
 K
 K‫א‬‫א‬‫א‬‫א‬ K١٠
 
‫א‬‫א‬E٥٦F‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬K‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬E٥٨،٤٩F‫א‬ 
 ‫א‬‫א‬‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 
 W‫א‬‫( א‬٣
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
KE٦١F‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬ 
 K‫א‬‫א‬‫א‬‫• א‬
 K‫א‬‫א‬‫• א‬
 K‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬ •
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬E٦٤F

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 ‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •

 
 K٪٩٥‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K١W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 K٢‫א‬
 
 
 
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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫( א‬١
 K‫א‬ (٢
 K‫א‬‫( א‬٣
 
Stock W‫א‬W
 
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬KE٩٨F
K‫א‬‫א‬‫א‬‫א‬ ‫א‬
 W‫א‬‫א‬
 K‫א‬‫א‬‫• א‬
 K‫א‬‫א‬‫א‬‫• א‬
 K‫א‬‫א‬‫א‬‫• א‬
 K‫א‬‫א‬ •
 
W‫א‬‫א‬‫ א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 KE١٠٢F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 
 
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 
 W‫א‬‫א‬‫א‬‫ א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E١٠٠F
‫א‬‫א‬‫א‬
 K‫א‬
 
Common Stock & Preferred StockW‫א‬‫א‬‫א‬‫ א‬K
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬W‫א‬ K١
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫ א‬K٢
K‫א‬‫א‬‫א‬
‫א‬‫א‬W‫א‬‫א‬ K٣
K‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬ K٤
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
KE١٠٣F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬‫ א‬K١
 K‫א‬‫א‬‫א‬‫א‬‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬W‫א‬‫א‬‫ א‬K٢
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K
‫א‬W‫א‬‫א‬‫ א‬K٣
K
‫א‬‫א‬‫א‬W‫א‬‫א‬‫ א‬K٤
K‫א‬‫א‬
 
 W‫א‬‫א‬ K
‫א‬‫א‬‫א‬‫א‬E١٠٤F‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬W 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
E١١٢F‫א‬K‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ E١١٥F‫א‬
 K
 W‫א‬‫א‬W 
‫א‬‫א‬‫א‬
‫א‬‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
- ١٥ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬ 
 K
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 K‫א‬‫א‬‫א‬
  
 
 
 
 
 
 
 
 

- ١٦ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 ‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •

 
 ٪٩٥‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 ١W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 ٢‫א‬
 
 
 
- ١٧ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬
 K‫א‬‫ א‬K١
 K‫א‬‫א‬ K٢
 K‫א‬‫א‬ K٣
 
 W‫א‬‫א‬W
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫• א‬
 ‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫• א‬
 
 W‫א‬‫ א‬E١
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 
 W‫א‬‫א‬‫ א‬E٢
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬E٩١F‫א‬‫א‬‫א‬
 
 
 
 
 
- ١٨ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫ א‬E٣
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬W 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬E٦٦،٦٧F‫א‬
 K‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬W 
‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
E١٣٠،١٣١،١٣٢F‫א‬‫א‬‫א‬ 
 K‫א‬
 
 
 
 
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬  

 
 ‫א‬‫א‬
 W‫א‬‫א‬
W‫א‬‫א‬ECF‫א‬‫א‬E√F

‫א‬‫א‬‫א‬‫א‬‫א‬E  F .١
 K‫א‬ ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E F .٢
‫א‬‫א‬‫א‬‫א‬‫א‬E F .٣
 K ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬E F .٤
 K‫א‬‫א‬‫א‬‫א‬E F .٥
 K‫א‬‫א‬‫א‬‫א‬‫א‬E F .٦
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E F .٧
 K‫א‬‫א‬‫א‬‫א‬‫א‬E F .٨
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E F .٩
K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬E F .١٠
 
 


- ٢٠ -
 ‫א‬‫א‬
‫א‬‫א‬
 ‫א‬‫א‬

-١-
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •

 
 K٪٩٠‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K١٥W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 ٢‫א‬
 

- ٢١ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬E٩٨F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
‫א‬
 KNo Par Value Common Stock
‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬٪٥٠‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
K‫א‬ •
K‫א‬ •
K‫א‬‫א‬‫• א‬
K‫א‬‫א‬ •
 
 W‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬‫א‬،‫א‬‫א‬ 
‫א‬  ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬?‫?א‬‫א‬E‫א‬‫א‬C‫א‬F

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

L‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬L‫א‬‫א‬
 K
 
‫א‬‫ א‬،‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬١٠٠‫א‬‫א‬١٠٠٠٠‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬L
  ١٠٠٠٠٠٠
 ‫א‬‫א‬L
١٠٠٠٠٠٠  
 ?١٠٠‫א‬١٠٠٠٠‫א‬?
 
 W‫א‬‫א‬‫א‬
‫א‬‫א‬E٩٨F‫א‬ 
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬ ‫א‬‫א‬
 ‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
 ‫א‬K ‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬١٢٠‫א‬١٠٠‫א‬٥٠٠٠
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 E‫א‬‫א‬١٢٠C٥٠٠٠F٦٠٠٠٠٠‫א‬‫א‬‫א‬
 E‫א‬‫א‬١٠٠C٥٠٠٠F٥٠٠٠٠٠‫א‬‫א‬‫א‬
 E‫א‬‫א‬٢٠C٥٠٠٠F١٠٠٠٠٠‫א‬‫א‬
 
 W‫א‬‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬L    ٦٠٠٠٠٠
     
 ‫א‬‫א‬L  ٥٠٠٠٠٠
 ‫א‬‫א‬L  ١٠٠٠٠٠
 
 
 W‫א‬‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L   ١٠٠٠٠٠
 ‫א‬‫א‬L ١٠٠٠٠٠  
 
 
Stock subscriptionsW‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬، 
‫א‬Subscriptions‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 K‫א‬E١٠٢F‫א‬
 W‫א‬‫א‬‫א‬‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬WSubscriptions Receivable‫א‬‫א‬  J١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬L‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 
‫א‬‫א‬WCommon Stock Subscribed‫א‬‫א‬  J٢
‫א‬‫א‬E‫א‬‫א‬C‫א‬‫א‬F‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬  
K?‫?א‬‫א‬
 
 W‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
١٠٠‫א‬٨٠٠٠‫א‬‫א‬١٤٢٣L١L١
‫א‬٪٥٠‫א‬K‫א‬١٢٠‫א‬
 K‫א‬‫א‬٤L١٣L١‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬
 E‫א‬‫א‬١٢٠C٨٠٠٠F٩٦٠٠٠٠‫א‬‫א‬‫א‬‫א‬‫א‬
 E‫א‬‫א‬١٠٠C٨٠٠٠F٨٠٠٠٠٠  ‫א‬‫א‬‫א‬
 E‫א‬‫א‬٢٠C٨٠٠٠F١٦٠٠٠٠    ‫א‬‫א‬
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫ א‬
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L   ٩٦٠٠٠٠
     
 ‫א‬‫א‬L ٨٠٠٠٠٠
 ‫א‬‫א‬L ١٦٠٠٠٠
 
 
 W‫א‬‫א‬٪٥٠
 ‫א‬ ‫א‬ 
 E٦٠C٨٠٠٠F‫א‬L   ٤٨٠٠٠٠
 ‫א‬‫א‬L ٤٨٠٠٠٠  
 
 
 W‫א‬‫א‬‫א‬٣L١
 ‫א‬ ‫א‬ 
 E٣٠C٨٠٠٠F‫א‬L   ٢٤٠٠٠٠
 ‫א‬‫א‬L ٢٤٠٠٠٠  
 
 

- ٢٦ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬‫א‬٤L١
 ‫א‬ ‫א‬ 
 E٣٠C٨٠٠٠F‫א‬L   ٢٤٠٠٠٠
 ‫א‬‫א‬L ٢٤٠٠٠٠  
 
 
‫א‬ ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬  ‫א‬‫א‬L  

 ‫ א‬   ‫א‬  ‫ א‬ ‫ א‬   ‫א‬  ‫א‬
‫א‬ ‫א‬
 ١L١    ‫א‬L ٤٨٠٠٠٠  ١L١     ٩٦٠٠٠٠
 ٣L١    ‫א‬L ٢٤٠٠٠٠  
 ٤L١  ‫א‬L ٢٤٠٠٠٠
   ‫א‬  ٠
 
 
‫א‬L‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L   ٨٠٠٠٠٠
 ?‫?א‬‫א‬L ٨٠٠٠٠٠
 
 
 W‫א‬‫א‬‫א‬‫א‬L‫א‬‫א‬L
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L   ١٦٠٠٠٠
 ‫א‬‫א‬L ١٦٠٠٠٠  
 
- ٢٧ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬
‫א‬‫א‬‫א‬‫א‬ 
١٠٠٠،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K٥٠٠١٥٠٠‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 K‫א‬
 
٪١٥٠‫א‬‫א‬‫א‬،‫א‬‫א‬ 
‫א‬١٢٠٠٠‫א‬،‫א‬‫א‬
 K٤٠٠٠‫א‬‫א‬
 
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 E٦٠C١٢٠٠٠F‫א‬L   ٧٢٠٠٠٠
     
 E٦٠C٨٠٠٠F‫א‬‫א‬L ٤٨٠٠٠٠
 E٦٠C٤٠٠٠F‫א‬‫א‬L ٢٤٠٠٠٠
 
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L   ٢٤٠٠٠٠
 ‫א‬L ٢٤٠٠٠٠
   

- ٢٨ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬٤L١٣L١‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬ ‫א‬‫א‬
 
 W‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬      
 C‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬      
 
١٠٠٠٠٠‫א‬‫א‬،
٦٠‫א‬‫א‬١٥٠٠٠٠‫א‬
 W
 
 ‫א‬‫א‬      
 C‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬      
 
 ١٠٠٠٠٠     
     C٦٠Z
 ١٥٠٠٠٠     
 ٤٠Z 
 
 K‫א‬٢٠٤٠‫א‬‫א‬
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬E١١٠F‫א‬
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬K‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
٤٠٠‫א‬??‫א‬،‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬٪٤٠‫א‬،١٠٠‫א‬
 K‫א‬٪٦٠‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 E١٠٠C٤٠٠F‫א‬‫א‬L   ٤٠٠٠٠
 ‫א‬‫א‬L ٤٠٠٠٠
 
 
 WW‫א‬‫א‬??‫א‬‫א‬‫א‬٪٤٠
 ‫א‬ ‫א‬ 
 ‫א‬L   ١٦٠٠٠
 E٤٠C٤٠٠F‫א‬‫א‬L ١٦٠٠٠
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 ‫א‬‫א‬‫א‬L??‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬ E١٦٠٠٠ J٤٠٠٠٠F٢٤٠٠٠
 K‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬??‫א‬‫א‬‫א‬‫א‬ 
‫א‬٩٠‫א‬‫א‬‫א‬‫א‬٪٦٠
 K١٠٠٠‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬L‫א‬‫א‬
 W‫א‬،‫א‬‫א‬‫א‬
 
 ‫א‬ ‫א‬ 
 E١٠٠C٤٠٠F‫א‬‫א‬L   ٤٠٠٠٠
   
 ‫א‬‫א‬L ٢٤٠٠٠
 E٤٠C٤٠٠F??‫א‬‫א‬L ١٦٠٠٠
 
 
‫א‬‫א‬‫א‬ 
 W‫א‬١٠٠٠‫א‬‫א‬
 
 ‫א‬ ‫א‬ 
 ??‫א‬‫א‬L    ١٠٠٠
 ‫א‬L  ١٠٠٠
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

?‫?א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬
 
 
 W‫א‬
 ‫א‬  ‫א‬ 
     
 E‫א‬٩٠C٤٠٠F‫א‬L   ٣٦٠٠٠
 ??‫א‬‫א‬L    ٤٠٠٠
 E‫א‬‫א‬١٠٠C٤٠٠F?‫?א‬‫א‬L ٤٠٠٠٠
 
١١٠٠٠‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬
 ‫א‬  ??‫א‬‫א‬L  

 ‫א‬  ‫א‬  ‫א‬  ‫א‬

 ‫א‬‫א‬L  ١٦٠٠٠  ‫א‬L  ١٠٠٠
     ‫א‬‫א‬L  ٤٠٠٠
 ‫א‬ ١١٠٠٠
 
 ١٦٠٠٠ ١٦٠٠٠

 
 W‫א‬‫א‬‫א‬ 
 ‫א‬ ‫א‬ 
 ??‫א‬‫א‬L   ١١٠٠٠
 ‫א‬L ١١٠٠٠
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬
 ٣٦٠٠٠    E٩٠C٤٠٠F‫א‬
     W
   ٢٤٠٠٠  E٦٠C٤٠٠F‫א‬‫א‬
   ١٠٠٠  ‫א‬
 E٢٥٠٠٠F    
 ١١٠٠٠    ‫א‬‫א‬‫א‬‫א‬
 ١٦٠٠٠    E٤٠C٤٠٠F‫א‬‫א‬
 E٥٠٠٠F    ‫א‬
 
‫א‬‫א‬١٦٠٠٠‫א‬‫א‬ 
K‫א‬٥٠٠٠‫א‬١١٠٠٠‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
Nonmonetary Issuance of StockW‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬E١٠٠F‫א‬ 
‫א‬‫א‬K‫א‬‫א‬
 K‫א‬‫א‬‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬ ‫א‬
 ٣٠٠٠٠٠ ‫א‬
 ٢٠٠٠٠٠ ‫א‬
،‫א‬‫א‬‫א‬١٠٠‫א‬٥٠٠٠‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬ ‫א‬ 
     
 ‫א‬‫א‬L   ٣٠٠٠٠٠
 ‫א‬‫א‬L   ٢٠٠٠٠٠
 ?‫?א‬‫א‬L ٥٠٠٠٠٠
 
 
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬
١٠٠٠٠‫א‬‫א‬
 W‫א‬‫א‬‫א‬،١٠٠‫א‬
 ١٠٠٠٠٠،‫א‬٥٠٠٠٠٠،٦٠٠٠٠٠W‫א‬
  ‫א‬١٠٠٠٠٠٠،‫א‬٤٠٠٠٠،‫א‬١٦٠٠٠٠W‫א‬
 
 ‫א‬‫א‬Z‫א‬
 ٢٠٠٠٠٠  J١٢٠٠٠٠٠ Z    
 ١٠٠٠٠٠٠ Z    
 
 
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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
     
 ‫א‬L   ٦٠٠٠٠٠
 ‫א‬‫א‬L   ٥٠٠٠٠٠
 ‫א‬L   ١٠٠٠٠٠
   
 ‫א‬‫א‬L ١٦٠٠٠٠
 ‫א‬‫א‬L  ٤٠٠٠٠
 E١٠٠C١٠٠٠٠F?‫?א‬‫א‬L ١٠٠٠٠٠٠
 
 
 W‫א‬
‫א‬ ‫א‬‫א‬ 
K‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬K‫א‬‫א‬
 
 ‫א‬ ‫א‬ 
 ‫א‬L    CCCC
 ‫א‬L  CCCC
 
 
‫א‬٤٠‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬K٤‫א‬
 K‫א‬‫א‬‫א‬‫א‬

A.P.B. Intangible Assets, APB opinion, No 17 ٤

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬E١٠٤F‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K١
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
K‫א‬‫א‬

‫א‬‫א‬،‫א‬‫א‬ K٢
 K‫א‬
 
 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬L    CCCC
 ‫א‬L  CCCC
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬
‫א‬ ‫א‬  
 ‫א‬‫א‬L   ٤٠٠٠٠٠٠
   
 ?‫?א‬‫א‬L ٤٠٠٠٠٠٠
 ‫א‬L  
 
 
Donated Stock W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
٤٠٠٠٠٠٠‫א‬،‫א‬‫א‬‫א‬‫א‬
 K
 

 
 W‫א‬‫א‬
 
 ‫א‬ ‫א‬  
 ‫א‬‫א‬L   ٤٠٠٠٠٠٠
 ‫א‬‫א‬L ٤٠٠٠٠٠٠
 

- ٣٧ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 E‫א‬‫א‬‫א‬F
 
 ‫א‬‫א‬
 ‫א‬  
 ‫א‬ ٢٠{٠٠٠{٠٠٠
 ‫א‬‫א‬  ٦{٠٠٠{٠٠٠
 ‫א‬‫ א‬ ٣{٠٠٠{٠٠٠
 ‫א‬‫ א‬ ١{٠٠٠{٠٠٠
 ‫א‬‫א‬ ٥{٠٠٠{٠٠٠
‫א‬ ٣٥{٠٠٠{٠٠٠

 

- ٣٨ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 ‫א‬‫א‬W‫א‬‫א‬
 
 K‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
 
 
 K٪٩٠‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K٢W‫א‬‫א‬
 
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 K٢‫א‬
 

- ٣٩ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬‫א‬، 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬E٩٢F‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬
 
 W‫א‬
 W‫א‬‫א‬‫א‬E١٣٥F‫א‬
K  ‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬
 
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L    CCCC
 ‫א‬L  CCCC
 
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
K‫א‬

- ٤٠ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬ 
‫א‬‫א‬‫א‬K‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L    CCCC
 ‫א‬L  CCCC
 
 
K‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬
 W‫א‬E١٤٤F‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬
K‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٣
K‫א‬‫א‬‫א‬‫א‬ K٤
 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬
 
 ‫א‬ ‫א‬  
 ‫א‬L   ٤٠٠٠٠٠٠
 ‫א‬‫א‬L ٤٠٠٠٠٠٠
 
 
‫א‬‫א‬‫א‬ 
 K‫א‬ ‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 

٨٠‫א‬١٠٠٠‫א‬‫א‬
 W‫א‬،١٠٠‫א‬‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬L   ١٠٠٠٠٠
   
 ‫א‬L ٨٠٠٠٠
 ‫א‬‫א‬L ٢٠٠٠٠

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

‫א‬‫א‬ ‫א‬‫א‬ 
،١٤٠‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 

 ‫א‬ ‫א‬ 

     
 ‫א‬L   ١٠٠٠٠٠
 ‫א‬‫א‬L   ٤٠٠٠٠
 ‫א‬L ١٤٠٠٠٠
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

- ٤٣ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 ‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬‫א‬١٤٢٣L١L١ 
 K١٠٠‫א‬‫א‬١٦{٠٠٠{٠٠٠
 W‫א‬
‫א‬‫א‬‫א‬٪٦٠‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬٤L١٢L١
‫א‬‫א‬‫א‬،١٨٠٠٠٠‫א‬ •
K‫א‬‫א‬
 K٨٠٠٠٠‫א‬ •

 K‫א‬‫א‬‫א‬‫א‬W‫א‬
 
 W‫א‬‫א‬
‫א‬‫א‬‫א‬٧٠٦٠٠‫א‬ 
 K‫א‬٣٠‫א‬
 W‫א‬
 K١٠٠‫א‬‫• א‬
 K‫א‬‫א‬٨٠‫א‬‫א‬ •
 K١٠٠٠‫א‬ •
 
 W‫א‬
 K‫א‬ K١
 K‫א‬‫א‬‫א‬‫א‬ K٢
 
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  

 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 W٥٠٠‫א‬
 K١٠٠‫א‬‫• א‬
 K١٢٠‫א‬‫א‬ •
 
 W‫א‬
 K‫א‬‫א‬‫א‬
 

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٣
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬

‫א‬‫א‬
‫א‬‫א‬‫א‬
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 ‫א‬‫א‬‫א‬W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 K‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬

 
 K٪٩٠‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K٤W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 K٢‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬E١١٧١١٦F‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬ K١
 K‫א‬‫א‬‫א‬ K٢
 K‫א‬ K٣
 K‫א‬‫א‬‫א‬‫א‬ K٤
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬?‫א‬?‫א‬
 K٥‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬٪١٠‫א‬‫א‬‫א‬‫א‬
 
 
 
 

Nikolal & Bazley "Intermediate Accounting" ,2000 ٥

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬WRegistered Bonds‫א‬‫א‬‫ א‬K١
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬WBearer Bonds‫א‬‫ א‬K٢
 ‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬‫א‬‫א‬WSecured Bonds‫א‬‫א‬‫ א‬K٣
K
K‫א‬‫א‬‫א‬WUnsecured Bonds‫א‬‫א‬‫ א‬K٤
‫א‬‫א‬‫א‬ WConvertible Bonds‫א‬‫א‬‫ א‬K٥

‫א‬‫א‬‫א‬‫א‬ WCallable Bonds‫א‬‫א‬‫ א‬K٦
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 
‫א‬‫א‬ ‫א‬ ‫א‬ ١
‫א‬‫א‬‫א‬  K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 
‫א‬‫א‬ ‫א‬‫א‬‫א‬ ٢
‫א‬‫א‬‫א‬‫א‬  K‫א‬
 K‫א‬  
‫א‬‫א‬ ‫א‬ ٣
‫א‬‫א‬   ‫א‬‫א‬

- ٤٨ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 K‫א‬‫א‬
 
‫א‬‫א‬ ‫א‬‫א‬ ٤
 K  K‫א‬
 
 ‫א‬  ‫א‬‫א‬‫א‬ ٥
 K‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬ ٦
 K‫א‬  K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬WTerm Bonds‫א‬‫א‬‫א‬‫ א‬K١
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬

‫א‬‫א‬‫א‬‫א‬‫א‬WSerial Bonds‫א‬‫א‬‫ א‬K٢

K‫א‬‫א‬٪١٠‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬٪١٠٨٠٠٠‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬١٠٠
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬ ‫א‬  
 E‫א‬‫א‬١٠٠C٨٠٠٠F‫א‬L   ٨٠٠٠٠٠
 E‫א‬‫א‬١٠٠C٨٠٠٠F‫א‬‫א‬L ٨٠٠٠٠٠  
 ?١٠٠‫א‬٨٠٠٠‫א‬?
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬  
 W‫א‬‫א‬‫א‬‫א‬،
 ‫א‬ ‫א‬  
 ‫א‬‫א‬‫א‬L   ٨٠٠٠٠٠
 ‫א‬‫א‬‫א‬L ٨٠٠٠٠٠  
 
 
 W‫א‬‫א‬٧٠٠٠‫א‬‫א‬
 ‫א‬ ‫א‬  
 E‫א‬‫א‬١٠٠C٧٠٠٠F‫א‬L   ٧٠٠٠٠٠
 ‫א‬‫א‬‫א‬L ٧٠٠٠٠٠  
 ?
 
 W‫א‬‫א‬
 ‫א‬ ‫א‬  
 ‫א‬‫א‬‫א‬L   ٧٠٠٠٠٠
 ‫א‬‫א‬L ٧٠٠٠٠٠  
 ?
 
‫א‬١٠٠٠٠٠‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬،‫א‬
Premium on Bonds PayableW‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KMarket Rate of Interest‫א‬‫א‬‫א‬Nominal Rate of Interest‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K
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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬
 E٪٨F‫א‬‫א‬‫א‬ZE٪٨F‫א‬‫א‬E١
 ‫א‬‫א‬ Z ‫א‬‫א‬ 
 
 E٪٦F‫א‬‫א‬‫א‬<E٪٩F‫א‬‫א‬E٢
 ‫א‬‫א‬ < ‫א‬‫א‬ 
 ‫א‬‫א‬
 
 E٪١٢F‫א‬‫א‬‫א‬>E٪١٠F‫א‬‫א‬E٣
 ‫א‬‫א‬ > ‫א‬‫א‬ 
 ‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬٪١٠٤٠٠٠‫א‬‫א‬‫א‬١٤٢٣L١L١
 K‫א‬‫א‬١١٠‫א‬‫א‬١٠٠‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 E‫א‬‫א‬١١٠C٤٠٠٠F‫א‬L   ٤٤٠٠٠٠
     
 E‫א‬‫א‬١٠٠C٤٠٠٠F‫א‬‫א‬L ٤٠٠٠٠٠
 E١٠C٤٠٠٠F‫א‬‫א‬L  ٤٠٠٠٠
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬
   W‫א‬‫א‬  
 ٤٠٠٠٠٠  ‫א‬‫א‬  
 ٤٠٠٠٠  ‫א‬‫א‬W  
 ٤٤٠٠٠٠    
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬?‫?א‬‫א‬
 Straight-Line Method ‫א‬‫א‬
Effective Interest Method‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
 
=
+
 
‫א‬‫א‬ ‫א‬‫א‬ ‫א‬  ‫א‬‫א‬  ‫א‬
 ‫א‬‫א‬
 ٤٤٠٠٠٠  ٤٠٠٠٠٠  ٤٠٠٠٠   ١٤٢٣L١L١
 ٤٣٠٠٠٠ ٤٠٠٠٠٠  ٣٠٠٠٠  ١٠٠٠٠Z٤D٤٠٠٠٠ ٢٣L١٢L٣٠
 ٤٢٠٠٠٠ ٤٠٠٠٠٠  ٢٠٠٠٠  ١٠٠٠٠ ٢٤L١٢L٣٠
 ٤١٠٠٠٠ ٤٠٠٠٠٠  ١٠٠٠٠  ١٠٠٠٠ ٢٥L١٢L٣٠
 ٤٠٠٠٠٠ ٤٠٠٠٠٠    ١٠٠٠٠ ٢٦L١٢L٣٠
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 Discount on Bonds PayableW‫א‬‫א‬‫א‬‫א‬

‫א‬‫א‬‫א‬‫א‬، 
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K٩٥‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬ ‫א‬  
     
 E‫א‬‫א‬٩٥C٤٠٠٠F‫א‬L   ٣٨٠٠٠٠
 E٥C٤٠٠٠F‫א‬‫א‬L    ٢٠٠٠٠
     
 E‫א‬‫א‬١٠٠C٤٠٠٠F‫א‬‫א‬L ٤٠٠٠٠٠
 
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬
   W‫א‬‫א‬  
 ٤٠٠٠٠٠  ‫א‬‫א‬  
 E٢٠٠٠٠F  ‫א‬‫א‬W  
 ٣٨٠٠٠٠    
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 
 
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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 ‫א‬‫א‬‫א‬W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •

 
 K٪٨٥‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K٦W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 K٢‫א‬
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 
W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
 W
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬L K١
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬L K٢
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬٪١٢١٠٠٠‫א‬‫א‬١٤٢٢L١L١
 W‫א‬K‫א‬‫א‬١٠٠
 K‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬ •
 K١٢L٣٠١L١‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬ •

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬١٤٢٢L١L١
 W‫א‬
 ‫א‬ ‫א‬  
 E١٠٠C١٠٠٠F‫א‬L   ١٠٠٠٠٠
 E١٠٠C١٠٠٠F‫א‬‫א‬L ١٠٠٠٠٠  
 
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬‫א‬‫א‬C‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬‫א‬
 ٪١٢CE١٠٠C١٠٠٠FZ
 ٪١٢C١٠٠٠٠٠Z  
 ١٢٠٠٠Z   
 
 W١٤٢٢L١٢L٣٠‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 ‫א‬‫א‬‫א‬L    ١٢٠٠٠
 ‫א‬L  ١٢٠٠٠  
 
 
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬L١٢٠٠٠‫א‬‫א‬L

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬L K١
K‫א‬‫א‬‫א‬‫א‬‫א‬
 
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬L K٢
 
‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬L K٣
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 K١٢٠‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 W١٤٢٢L١L١‫א‬‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬ ‫א‬  
 E١٢٠C١٠٠٠F‫א‬L   ١٢٠٠٠٠
     
 E١٠٠C١٠٠٠F‫א‬‫א‬L ١٠٠٠٠٠
 E٢٠C١٠٠٠F‫א‬‫א‬L  ٢٠٠٠٠
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬C‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬‫א‬E١
 ٪١٢C١٠٠٠٠٠Z
 ١٢٠٠٠Z   
 
 ‫א‬D‫א‬‫א‬Z‫א‬‫א‬‫א‬‫א‬E٢
 ‫א‬٥D ٢٠٠٠٠Z     
 ٤٠٠٠Z     
 
 W١٤٢٢L١٢L٣٠‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
     
 E٤٠٠٠ J١٢٠٠٠F‫א‬‫א‬‫א‬L    ٨٠٠٠
 ‫א‬‫א‬L    ٤٠٠٠
 ‫א‬L  ١٢٠٠٠
 
 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬  ‫א‬‫א‬L 
‫א‬  ‫א‬ ‫ א‬‫א‬  ‫ א‬ ‫א‬
 ١L١  ‫א‬L ٢٠٠٠٠ ١٢L٣٠  ‫א‬L ٤٠٠٠
     ١٤٢٢L١٢L٣٠ ١٦٠٠٠
   
٢٠٠٠٠ ٢٠٠٠٠
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬‫א‬L‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬
 ١٤٢٢L١٢L٣٠
   W‫א‬‫א‬  
 ١٠٠٠٠٠  ‫א‬‫א‬  
 ١٦٠٠٠  ‫א‬‫א‬W  
 ١١٦٠٠٠    
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬L K١
K‫א‬‫א‬‫א‬‫א‬‫א‬
 
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬L K٢
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ W‫א‬‫א‬‫א‬L K٣
K‫א‬‫א‬‫א‬‫א‬
 K٩٠‫א‬‫א‬‫א‬‫א‬،
 ١٤٢٢L١L١‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

- ٦٠ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W
 ‫א‬ ‫א‬  
     
 E٩٠C١٠٠٠F‫א‬L    ٩٠٠٠٠
 E١٠C١٠٠٠F‫א‬‫א‬L    ١٠٠٠٠
 E١٠٠C١٠٠٠F‫א‬‫א‬L ١٠٠٠٠٠
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬C‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬‫( א‬١
 ٪١٢C١٠٠٠٠٠Z
 ١٢٠٠٠Z   
 
 ‫א‬D‫א‬‫א‬Z‫א‬‫א‬‫א‬‫( א‬٢
 ‫א‬٥D١٠٠٠٠Z     
 ٢٠٠٠Z     
 
 W١٤٢٢L١٢L٣٠‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 E٢٠٠٠H١٢٠٠٠F‫א‬‫א‬‫א‬L    ١٤٠٠٠
   
 ‫א‬‫א‬L  ٢٠٠٠
 ‫א‬L  ١٢٠٠٠
 ‫א‬‫א‬‫א‬١٠٠٠٠‫א‬‫א‬L
 W‫א‬٨٠٠٠
 
 

- ٦١ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 ‫א‬  ‫א‬‫א‬L 

‫א‬  ‫א‬ ‫ א‬‫א‬  ‫ א‬ ‫א‬
١٢L٣٠ ‫א‬‫א‬‫א‬L ٢٠٠٠  ١L١  ‫א‬‫א‬L ١٠٠٠٠
   ١٤٢٢L١٢L٣٠ ٨٠٠٠    
 
١٠٠٠٠ ١٠٠٠٠
 
‫א‬‫א‬‫א‬‫א‬L‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬
 ١٤٢٢L١٢L٣٠
   W‫א‬‫א‬  
 ١٠٠٠٠٠  ‫א‬‫א‬  
 E٨٠٠٠F  ‫א‬‫א‬W  
 ٩٢٠٠٠    
 
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬ 
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬٥L١‫א‬‫א‬
 K‫א‬
 
 
 

- ٦٢ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬
١٤٢٢L٤L١‫א‬‫א‬‫א‬،‫א‬‫א‬ 
 K‫א‬‫א‬١٠٠٠٠‫א‬٩٠‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W١٤٢٢‫א‬‫א‬‫א‬‫( א‬١
 ‫א‬‫א‬C‫א‬‫א‬C‫א‬‫א‬‫א‬Z
 E١٢D٩FC٪١٢C١٠٠٠٠٠
 ٩٠٠٠Z
W‫א‬‫א‬‫א‬‫( א‬٢
 ‫א‬‫א‬C ‫א‬‫א‬
 ١٥٠٠ZE١٢D٩FC  ٢٠٠٠
 
‫א‬‫א‬‫א‬‫א‬‫א‬١٤٢٢L١٢L٣٠‫א‬ 
 W‫א‬‫א‬
 ‫א‬ ‫א‬  
 E١٥٠٠H٩٠٠٠F‫א‬‫א‬‫א‬L    ١٠٥٠٠
   
 ‫א‬‫א‬L  ١٥٠٠
 ‫א‬‫א‬‫א‬‫א‬L  ٩٠٠٠
 
 
 
  ‫א‬‫א‬‫א‬‫א‬‫א‬١٤٢٢‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬‫א‬L
‫א‬‫א‬١٤٢٣L٤L١١٤٢٢L٤L١‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

١٤٢٢‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬L‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬‫א‬
 ١٤٢٢L١٢L٣٠
   W‫א‬‫א‬  
 ٩٠٠٠ ‫א‬‫א‬‫א‬‫א‬  
   W‫א‬‫א‬  
 ١٠٠٠٠٠  ‫א‬‫א‬  
 E٨٥٠٠F  ‫א‬‫א‬W  
 ٩١٥٠٠    
 
 W‫א‬‫א‬١٤٢٣L٤L١‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬ ‫א‬  
     
 E٥٠٠H٣٠٠٠F‫א‬‫א‬‫א‬L    ٣٥٠٠
 ‫א‬‫א‬‫א‬‫א‬L    ٩٠٠٠
   
 ‫א‬‫א‬L  ٥٠٠
 ‫א‬L  ١٢٠٠٠
 
 
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 ‫א‬‫א‬W‫א‬‫א‬
 K‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •

 
 K٪٩٠‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K٤W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 ٢‫א‬
 
 
 
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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 
 W‫א‬‫א‬
K‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٣
 
 W‫א‬‫א‬‫א‬ (١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
٪٨١٠٠٠‫א‬‫א‬١٤٢٠L١L١، 
‫א‬‫א‬‫א‬‫א‬‫א‬١١٢‫א‬‫א‬١٠٠‫א‬‫א‬
 K١٤٢٣L١L١‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W١٤٢٣L١L١‫א‬
 ‫א‬‫א‬١٠٠ C ١٠٠٠ Z ‫א‬‫א‬‫א‬
 ١٠٠٠٠٠ Z    
‫א‬٢٢٢١٢٠‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 

- ٦٦ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W١٤٢٣L١L١‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 ‫א‬‫א‬L   ١٠٠٠٠٠
 ‫א‬‫א‬L ١٠٠٠٠٠
 
 
 ‫א‬‫א‬L‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬L
 ‫א‬ ‫א‬  
 ‫א‬‫א‬L   ١٠٠٠٠٠
 ‫א‬L ١٠٠٠٠٠
 
 
 W‫א‬‫א‬‫א‬ (٢
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K٦FASB
 
 W‫א‬‫א‬‫א‬‫א‬
 

FASB, Statement of Financial Accounting Standards No. 4,1975 ٦

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

١٠٠‫א‬‫א‬٪٦١٠٠٠‫א‬‫א‬١٤١٩L١L١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K١٠٥‫א‬
 W‫א‬
K١١٥‫א‬‫א‬ ƒ
K‫א‬١٠‫א‬‫א‬ ƒ
K‫א‬‫א‬‫א‬‫א‬‫א‬ ƒ
K١٤٢٢L١L١‫א‬‫א‬‫א‬ ƒ
 
‫א‬‫א‬‫א‬‫א‬‫א‬  ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬
 ‫א‬‫א‬‫א‬ Z ‫א‬‫א‬‫א‬‫א‬ (١
 
 
 ‫א‬‫א‬‫א‬ < ‫א‬‫א‬‫א‬‫א‬ (٢
 
 
 ‫א‬‫א‬‫א‬ > ‫א‬‫א‬‫א‬‫א‬ (٣
 
 
‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬١٤٢٢L١L١‫א‬‫א‬‫א‬
 W١٤١٩L١L١‫א‬‫א‬‫א‬‫א‬ K١
 ١٥٠٠٠ Z E‫א‬F١٥ C ١٠٠٠ 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬K٢
 ١٥٠٠ Z ‫א‬١٠ D ١٥٠٠٠ 
 
  ١٤٢٢L١L١  ٢١L١L١   ٢٠L١L١  ١٤١٩L١L١
   ١٥٠٠  ١٥٠٠  ١٥٠٠
 ١٤٢١‫א‬  ١٤٢٠‫א‬  ١٤١٩‫א‬ ١٥٠٠٠

 
 ‫א‬     ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ٤٥٠٠ Z ‫א‬٣ C‫א‬١٥٠٠
 
W‫א‬‫א‬‫א‬ K٣
 ١٠٥٠٠ Z ٤٥٠٠٠  J١٥٠٠٠
 W١٤٢٢L١L١‫א‬‫א‬‫א‬‫א‬‫א‬
 ١٠٠٠٠٠  E‫א‬‫א‬١٠٠C١٠٠٠F‫א‬‫א‬
 ١٠٥٠٠   ‫א‬‫א‬W
 ١١٠٥٠٠  ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬     ‫א‬‫א‬‫א‬‫א‬ 
 E١٠٥C١٠٠٠F١٠٥٠٠٠   <   ١١٠٥٠٠   
 
 K٥٥٠٠‫א‬‫א‬‫א‬
 
L‫א‬‫א‬L‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W١٤٢٢L١L١‫א‬
 ‫א‬ ‫א‬  
     
 ‫א‬‫א‬L   ١٠٠٠٠٠
 ‫א‬‫א‬L    ١٠٥٠٠
     
 ‫א‬L ١٠٥٠٠٠
 ‫א‬‫א‬‫א‬L  ٥٥٠٠
 
 W‫א‬‫א‬‫א‬‫א‬E٣
‫א‬‫א‬‫א‬‫א‬‫א‬ 
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ١٠٠‫א‬‫א‬٪٥١٠٠٠‫א‬‫א‬١٤١٩L١L١
 W‫א‬
 K٩٥‫א‬‫א‬ ♦
 K‫א‬‫א‬‫א‬‫א‬ ♦
 K‫א‬‫א‬‫א‬‫א‬‫א‬ ♦
 K١٠٨‫א‬١٤٢٣L١L١‫א‬‫א‬‫א‬ ♦
 W١٤٢٣L١L١‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬‫א‬‫א‬ C‫א‬‫א‬‫א‬‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 ‫א‬٤  C E‫א‬٥ D ٥٠٠٠F

      ٤  C  ١٠٠٠
 ٤٠٠٠ Z
  ٤٠٠٠  J٥٠٠٠ Z ‫א‬‫א‬‫א‬‫א‬‫א‬
 ١٠٠٠ Z       
 W١٤٢٣L١L١‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ١٠٠٠٠٠  E‫א‬‫א‬١٠٠C١٠٠٠F‫א‬‫א‬
 E١٠٠٠F  ‫א‬‫א‬W
 ٩٩٠٠٠  ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬     ‫א‬‫א‬‫א‬‫א‬ 
 E١٠٨C١٠٠٠F١٠٨٠٠٠   >  ٩٩٠٠٠   
 K٩٠٠٠‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
     
 ‫א‬‫א‬L   ١٠٠٠٠٠
 ‫א‬‫א‬L    ٩٠٠٠
     
 ‫א‬L ١٠٨٠٠٠
 ‫א‬‫א‬L  ١٠٠٠
 
 K‫א‬‫א‬‫א‬‫א‬‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 ‫א‬‫א‬
 W‫א‬‫א‬
‫א‬٪١٠١٥٠٠٠‫א‬‫א‬‫א‬١٤٢٣L٨L١ 
‫א‬‫א‬٣٠‫א‬‫א‬‫א‬‫א‬‫א‬١٠٠
 K‫א‬
 W‫א‬
 K‫א‬‫א‬‫א‬ ƒ
 ١٤٢٣L٨L١‫א‬‫א‬‫א‬ ƒ
 
 W‫א‬‫א‬
‫א‬٪١٢٢٠٠٠‫א‬‫א‬١٤٢٢L٥L١ 
 K‫א‬‫א‬١٠٠‫א‬
 W‫א‬
 K١٣٠‫א‬‫א‬ •
 K٥L١‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬ •
 K١٢L٣٠١L١‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬ •
 
 W‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ o
١٤٢٣L٥L١‫א‬‫א‬‫א‬‫א‬ o
 
 
 
 
 
- ٧٢ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬
١٠٠‫א‬‫א‬٪٦٥٠٠٠‫א‬‫א‬١٤٢٠L١L١ 
 K١٠٢‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
K٩٥‫א‬‫א‬ ƒ
K‫א‬١٠‫א‬‫א‬ ƒ
K‫א‬‫א‬‫א‬‫א‬‫א‬ ƒ
K١٤٢٣L١L١‫א‬‫א‬‫א‬ ƒ
 
K١٤٢٣L١L١‫א‬W‫א‬
 

- ٧٣ -
 ‫א‬‫א‬
‫א‬‫ א‬ 
 ‫א‬‫א‬

٤
  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •

 
 K٪٩٠‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K٣W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 K٢‫א‬
 
 
 
 
- ٧٤ -
  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
K?‫א‬‫?א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬E١٢٣F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 
 W‫א‬‫א‬
K‫ א‬K١
K‫א‬ K٢
K‫א‬ K٣
K‫א‬‫א‬ K٤
K‫א‬‫ א‬K٥
 
 W
 
 W‫( א‬١
‫א‬?‫א‬?‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 
 
 

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  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬
 W‫א‬‫א‬ E١
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬ E٢
‫א‬‫א‬ ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬ E٣
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬
 
 W‫א‬‫א‬
‫א‬‫א‬٪١٠‫א‬‫א‬‫א‬E١٢٥F‫א‬
‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
 
 W‫א‬‫א‬
‫א‬‫א‬E١٢٥F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

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  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬E٢
‫א‬‫א‬‫א‬‫א‬E١٢٧F‫א‬ 
‫א‬‫א‬٪٥‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ K‫א‬‫א‬‫א‬‫א‬
‫א‬ ،‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬ E٣
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬  
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬٪١٠‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

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  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬ E٤
‫א‬‫א‬‫א‬‫א‬E٧٤F‫א‬ 
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬٪١٠‫א‬
 K‫א‬٪٥‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫ א‬E٥
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 
‫ א‬‫א‬  
      
 
‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ 
‫א‬٪٥   ‫א‬
 
    ٪١٠
 

‫א‬‫א‬ ‫א‬
٪١٠‫א‬٪١٠

‫א‬‫א‬

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  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W
 ‫א‬
 ‫א‬  
 
 ‫א‬‫א‬L    CCCC
 ‫א‬L  CCCC  
 
 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
 ‫א‬L    CCCC
     
 ‫א‬‫א‬L  CCCC
 ‫א‬‫א‬L  CCCC
 
 
 
‫א‬‫א‬‫א‬L 
 K‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 ‫א‬L    CCCC
 ‫א‬L  CCCC  
 

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  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 
 ‫א‬ ‫א‬  
 
 ‫א‬L    CCCC
     
 ‫א‬L  CCCC
 ‫א‬‫א‬L  CCCC
 
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
 ‫א‬L    CCCC
 ‫א‬‫א‬L  CCCC  
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W١٤٢٢L١٢L٣٠
‫א‬
 ‫א‬ ١٨{٠٠٠{٠٠٠
 ‫א‬‫ א‬ ٦٠٠{٠٠٠
 ‫א‬‫ א‬ ٣٨٠{٠٠٠
 ‫א‬‫ א‬ ١٨٤{٠٠٠
 ‫א‬‫א‬ ٢{٠٠٠{٠٠٠

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  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
    K‫א‬٪١٠
 K‫א‬‫א‬٪٦
   K٪٥
 K‫א‬‫א‬٪١٠
 K٪٣
 K‫א‬‫א‬
 
 W‫א‬
 ‫א‬‫א‬  J١
‫א‬‫א‬  J٢
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬  J٣
 

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  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
 

 
 ‫א‬
 ‫א‬
 ٢{٠٠٠{٠٠٠    ‫א‬‫א‬
     W
   ٢٠٠{٠٠٠  E٪١٠C٢{٠٠٠{٠٠٠F‫א‬‫א‬
   ١٢٠{٠٠٠  E٪٦C٢{٠٠٠{٠٠٠F‫א‬‫א‬
 E١{٢٢٠{٠٠٠F  ٩٠٠{٠٠٠  E٪٥C‫א‬١٨{٠٠٠{٠٠٠F‫א‬‫א‬
 ٧٨٠{٠٠٠    
   ٧٨{٠٠٠  E٪١٠C٧٨٠{٠٠٠F‫א‬‫א‬
 E٦١٨{٠٠٠F  ٥٤٠{٠٠٠  E٪٣C‫א‬١٨{٠٠٠{٠٠٠F‫א‬‫א‬
 ١٦٢{٠٠٠    ‫א‬‫א‬
 ١٨٤{٠٠٠    ‫א‬‫א‬‫א‬‫א‬W
 ٣٤٦{٠٠٠    ‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬
 W‫א‬L‫א‬‫א‬L
 
 ‫א‬ ‫א‬  
 
 ‫א‬‫א‬L   ٢{٠٠٠{٠٠٠
 ‫א‬L ٢{٠٠٠{٠٠٠  
 
 

- ٨٢ -
  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬ ‫א‬  
 
 ‫א‬L   ١{٨٣٨{٠٠٠
   
 ‫א‬‫א‬L ٢٠٠{٠٠٠
 ‫א‬‫א‬L ١٢٠{٠٠٠
 ‫א‬L ١{٤٤٠{٠٠٠
 ‫א‬‫א‬L  ٧٨{٠٠٠
 
 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬L   ١{٤٤٠{٠٠٠
 ‫א‬‫א‬L    ٧٨{٠٠٠
 ‫א‬L ١{٥١٨{٠٠٠
 
 
 W‫א‬‫א‬L‫א‬L
 ‫א‬ ‫א‬  
 
 ‫א‬L   ١٦٢{٠٠٠
 ‫א‬‫א‬L ١٦٢{٠٠٠  
 

- ٨٣ -
  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
 

 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬  
 ‫א‬ ١٨{٠٠٠{٠٠٠
 ‫א‬‫א‬  ٨٠٠{٠٠٠
 ‫א‬‫א‬  ٥٠٠{٠٠٠
 ‫א‬‫א‬ ٣٤٦{٠٠٠
‫א‬ ١٩{٦٤٦{٠٠٠

 

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  ‫א‬‫א‬‫א‬  ٢٠٢  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
 

 ‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W١٤٢٢L١٢L٣٠
 ‫א‬  
 ‫א‬ ١٥{٠٠٠{٠٠٠
 ‫א‬‫ א‬ ١٩٨{٠٠٠
 ‫א‬‫ א‬ ٨٠{٠٠٠
 ‫א‬‫ א‬ ٣٤٥{١٦٠
 ‫א‬‫א‬ ١{٤٠٠{٠٠٠

 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
    K‫א‬٪١٠
 K‫א‬٪٦
    K‫א‬٪٥
 K‫א‬٪٤
 K‫א‬‫א‬٪١٠
 ‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬
 W‫א‬
 K‫א‬‫א‬  J١
.‫א‬‫א‬  J٢

- ٨٥ -
 ‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬

- ٧٩ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 
 W‫א‬‫א‬
 W‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬

 
 K٪٩٠‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 
 K٣W‫א‬‫א‬
 
 W‫א‬‫א‬
K‫א‬ •
K •
K‫א‬ •
K •
 
 
 W‫א‬‫א‬
 K٢‫א‬
 
 
 
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

‫א‬‫א‬‫א‬E١٤٧F‫א‬
 W
K‫א‬‫א‬‫א‬ E١
K‫א‬‫א‬‫א‬ E٢
‫א‬‫א‬‫א‬‫א‬‫א‬ E٣
K‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ E٤
 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬ ♦
‫א‬‫א‬‫א‬‫א‬‫א‬ ♦
K‫א‬
‫א‬‫א‬‫א‬‫א‬ ♦
K
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ♦
K‫א‬L‫א‬ ♦
‫א‬‫א‬‫א‬‫א‬‫א‬ ♦
K‫א‬‫א‬

- ٨٧ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 ‫א‬L،‫א‬L‫א‬L ♦
 ‫א‬‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬L‫א‬L‫א‬ ♦
K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬١٤٢٣L١٢L٣٠ 
‫א‬‫א‬‫א‬K‫א‬‫א‬
 W‫א‬
     
 W‫א‬‫א‬  W‫א‬‫א‬
 ٦{٥٠٠{٠٠٠  ‫א‬‫א‬  ٩{٣٠٠{٠٠٠    ‫א‬
       ٣٨{٢٠٠{٠٠٠  ‫א‬
 
 W‫א‬‫א‬  ٣٨{٠٥٠{٠٠٠  E١٥٠{٠٠٠F ‫א‬‫א‬ W
 ١٢{٠٠٠{٠٠٠  ‫א‬‫א‬  ١٢{٦٥٠{٠٠٠    ‫א‬
 ١٨{٥٠٠{٠٠٠  ‫א‬  ٦٠{٠٠٠{٠٠٠    ‫א‬‫א‬
     
 ‫א‬  W‫א‬‫א‬
 ٨٠{٠٠٠{٠٠٠  ‫א‬  ٧{٠٠٠{٠٠٠    ‫א‬
 ٤{٥٠٠{٠٠٠  ‫א‬‫א‬    ٢٤{٠٠٠{٠٠٠  
 ١{٢٠٠{٠٠٠  ‫א‬‫א‬  ٢٣{٥٠٠{٠٠٠  E٥٠٠{٠٠٠F  ‫א‬W
 ٢{٣٠٠{٠٠٠  ‫א‬‫א‬    ١٦{٢٥٠{٠٠٠  ‫א‬‫א‬‫א‬
 ٨٨{٠٠٠{٠٠٠ ‫א‬  ١٦{٠٠٠{٠٠٠  E٢٥٠{٠٠٠F  ‫א‬W
         
 ١٠٦{٥٠٠{٠٠٠ ‫א‬  ١٠٦{٥٠٠{٠٠٠    ‫א‬
 ‫א‬
 

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬
W‫א‬‫א‬ K١
١٠{٤٠٠{٠٠٠ ‫א‬ ƒ
٢٢{٠٠٠{٠٠٠  ƒ
١٤{٥٠٠{٠٠٠‫א‬ ƒ
K‫א‬‫א‬‫א‬٣٥{١٥٠{٠٠٠ K٢
K١١{٥٠٠{٠٠٠‫א‬ K٣
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٤
K٣٥٠{٠٠٠ K٥
K‫א‬‫א‬ K٦
 W‫א‬
‫א‬ ƒ
‫א‬L،‫א‬L،‫א‬LW‫א‬‫א‬ ƒ
 
‫א‬L‫א‬‫א‬‫א‬ 
‫א‬‫א‬L‫א‬،‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬
 
 W‫א‬‫א‬ (١
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬،‫ א‬L‫א‬
‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬L‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬L،‫א‬
 K‫א‬

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  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬
 ‫א‬
 ‫א‬  
 
     
 ‫א‬L   ٤٦٩٠٠٠٠٠
 ‫א‬‫א‬L    ٥٠٠٠٠٠
 ‫א‬‫א‬‫א‬‫א‬L    ٢٥٠٠٠٠
   
 ‫א‬L ٧٠٠٠٠٠٠
 ‫א‬L ٢٤٠٠٠٠٠٠
 ‫א‬‫א‬‫א‬L ١٦٢٥٠٠٠٠
 ??‫א‬L  ٤٠٠٠٠٠
 
 
 W‫א‬ (٢
‫א‬‫א‬‫א‬‫א‬L‫א‬ 
‫א‬‫א‬L،‫א‬L‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬L   ٣٥١٥٠٠٠٠
 ‫א‬‫א‬L    ١٥٠٠٠٠
 ??‫א‬L   ٢٩٠٠٠٠٠
 ‫א‬L ٣٨٢٠٠٠٠٠
- ٩٠ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬ (٣
‫א‬L‫א‬‫א‬ ‫א‬‫א‬L 
 K‫א‬L
 
 W‫א‬
 
 ‫א‬ ‫א‬  
 
     
 ‫א‬L   ١١٥٠٠٠٠٠
 ??‫א‬L   ١١٥٠٠٠٠
 ‫א‬L ١٢٦٥٠٠٠٠
 
 
 W‫א‬‫א‬‫א‬ (٤
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬‫א‬L   ٦٥٠٠٠٠٠
 ‫א‬‫א‬L   ١٢٠٠٠٠٠٠
 ‫א‬L ١٨٥٠٠٠٠٠
 
 
 
 
 
- ٩١ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬E٥
 ‫א‬L‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬L
 
 W‫א‬
 ‫א‬ ‫א‬  
 
 ?‫א‬?‫א‬L   ٣٥٠٠٠٠
 ‫א‬L ٣٥٠٠٠٠
 
 
 W‫א‬
‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬L   ٨٠٠٠٠٠٠٠
 ‫א‬‫א‬L   ٤٥٠٠٠٠٠
 ‫א‬‫א‬L   ١٢٠٠٠٠٠
 ‫א‬‫א‬L   ٢٣٠٠٠٠٠
 ‫א‬L ٨٨٠٠٠٠٠٠
 
 
 ٤٠٠٠٠٠٠‫א‬ ‫א‬‫א‬L‫א‬‫א‬‫א‬

- ٩٢ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬
 
 ‫א‬  ‫א‬L  
‫א‬  ‫א‬  ‫ א‬‫א‬  ‫א‬  ‫א‬
    ٤٠٠٠٠٠     ٢{٩٠٠{٠٠٠
      ١{١٥٠{٠٠٠
     ‫א‬L ٣٥٠{٠٠٠
  ٤٠٠٠٠٠٠  
٤٤٠٠٠٠٠ ٤٤٠٠٠٠٠
 
 W‫א‬‫א‬‫א‬L
 
 ‫א‬ ‫א‬  
 
 ‫א‬L   ٤٠٠٠٠٠٠
 ‫א‬L ٤٠٠٠٠٠٠
 
 
 K‫א‬
 
 ‫א‬L‫א‬L‫א‬‫א‬ 

- ٩٣ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 W‫א‬ ‫א‬
 ‫א‬  ‫א‬L  
‫א‬  ‫א‬  ‫ א‬‫א‬  ‫א‬  ‫א‬
    ٨٨{٠٠٠{٠٠٠    ‫א‬L ٤{٠٠٠{٠٠٠
       
     ‫א‬ ٨٤٠٠٠٠٠٠
  ٤٠٠٠٠٠٠
٨٨{٠٠٠{٠٠٠ ٨٨{٠٠٠{٠٠٠
 
 ‫א‬  ‫א‬L  
‫א‬  ‫א‬  ‫ א‬‫א‬  ‫א‬  ‫א‬
    ١٨٥٠٠٠٠٠    ١٢L٣٠‫ א‬ ٩{٣٠٠{٠٠٠
 ‫א‬L  ٣٥٠٠٠٠   ٤٦{٩٠٠{٠٠٠
     ‫א‬L ٣٥{١٥٠{٠٠٠
     ‫א‬L ١١{٥٠٠{٠٠٠
  ٨٤{٠٠٠{٠٠٠    
١٠٢{٨٥٠{٠٠٠  ‫א‬ ١٠٢{٨٥٠{٠٠٠
 
 W‫א‬‫א‬‫א‬L‫א‬L
 ‫א‬  ‫א‬  
 
 ‫א‬L   ٨٤{٠٠٠{٠٠٠
 ‫א‬L ٨٤{٠٠٠{٠٠٠
 
 
 K‫א‬

- ٩٤ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

 
 ‫א‬‫א‬
 W‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬١٤٢٣L١٢L٣٠ 
 W‫א‬‫א‬‫א‬‫א‬
     
 W‫א‬‫א‬  W‫א‬‫א‬
 ٢٠{٠٠٠  ‫א‬‫א‬  ٨٠٠{٠٠٠    ‫א‬
 ٣٦{٠٠٠  ‫א‬  ١٩٨{٠٠٠    ‫א‬
       ٥٧٠{٠٠٠  ‫א‬
 
 W‫א‬‫א‬  ٤٧٠{٠٠٠  E١٠٠{٠٠٠F ‫א‬‫א‬ W
 ١٥٠{٠٠٠ ‫א‬‫א‬  ٦٥٠{٠٠٠    
 ٢٠٦{٠٠٠  ‫א‬  ٢{١١٨{٠٠٠    ‫א‬‫א‬
     
 ‫א‬  W‫א‬‫א‬
 ٣{٨٠٠{٠٠٠  ‫א‬  ٣٨٨{٠٠٠    ‫א‬
 ٦٠٠{٠٠٠  ‫א‬‫א‬    ٩٢٠{٠٠٠  ‫א‬‫א‬
 ٢٠٠{٠٠٠  ‫א‬  ٧٠٠{٠٠٠  E٢٢٠{٠٠٠F  ‫א‬W
 ٤٠٠{٠٠٠  ‫א‬‫א‬    ٢{٢٥٠{٠٠٠  ‫א‬‫א‬‫א‬
 ٥{٠٠٠{٠٠٠ ‫א‬  ٢{٠٠٠{٠٠٠  E٢٥٠{٠٠٠F  ‫א‬W
         
 ٥{٢٠٦{٠٠٠ ‫א‬  ٥{٢٠٦{٠٠٠    ‫א‬
 ‫א‬
 W‫א‬
W‫א‬‫א‬ K١
٤٥٨{٠٠٠ ‫א‬ ƒ
٦٥٠{٠٠٠ ‫א‬‫ƒ א‬
١{٨٧٠{٠٠٠‫א‬ ƒ
- ٩٥ -
  ‫א‬‫א‬  ٢٠٢  ‫א‬
‫א‬‫א‬  ‫א‬‫א‬  
 

K‫א‬‫א‬١٦٦{٠٠٠‫א‬‫א‬‫א‬٣٥٤{٠٠٠ K٢
K٨٤٠{٠٠٠‫א‬ K٣
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٤
K٢٠٠{٠٠٠ K٥
K‫א‬‫א‬ K٦
 
 W‫א‬
‫א‬ ƒ

- ٩٦ -
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 ‫א‬
 ‫א‬‫א‬
 W‫א‬‫א‬
 E C F K١
 E√ F K٢
 E C F K٣
 E√ F K٤
 EC F K٥
EC F K٦
 E CF K٧
 E √ F K٨
EC F K٩
E√ F .١٠
 
 
 
 
 
 
 
 
 
 
 
 
 
 
-٩٧-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 ‫א‬‫א‬
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L   ١٩٢٠٠٠٠٠
     
 ‫א‬‫א‬L ١٦٠٠٠٠٠٠
 ‫א‬‫א‬L ٣٢٠٠٠٠٠
 
 
 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 E٦٠C١٨٠٠٠٠F‫א‬L   ١٠٨٠٠٠٠٠
     
 E٦٠C١٦٠٠٠٠F‫א‬‫א‬L ٩٦٠٠٠٠٠
 E٦٠C٢٠٠٠٠F‫א‬‫א‬L ١٢٠٠٠٠٠
 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 ‫א‬‫א‬L   ١٢٠٠٠٠٠
 ‫א‬L ١٢٠٠٠٠٠
   
 W٢L١‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 E٢٠C١٦٠٠٠٠F‫א‬L   ٣٢٠٠٠٠٠
 ‫א‬‫א‬L ٣٢٠٠٠٠٠  
 
-٩٨-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 W‫א‬٤L١‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 E٢٠C١٦٠٠٠٠F‫א‬L   ٣٢٠٠٠٠٠
 ‫א‬‫א‬L ٣٢٠٠٠٠٠  
 
 W‫א‬‫א‬‫א‬‫א‬L
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L   ١٦٠٠٠٠٠٠
 ?‫?א‬‫א‬L ١٦٠٠٠٠٠٠
 
 ‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬L   ٨٠٠٠٠
 ‫א‬L ٨٠٠٠٠
 
 W‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 ٤٨٠٠٠    E٨٠C٦٠٠F‫א‬
     W
   ١٨٠٠٠  E٣٠C٦٠٠F‫א‬‫א‬
   ١٠٠٠  ‫א‬
 E١٩٠٠٠F    
 ٢٩٠٠٠    ‫א‬‫א‬‫א‬‫א‬
 ٤٢٠٠٠    E٧٠C٦٠٠F‫א‬‫א‬
 ١٣٠٠٠    ‫א‬
 

-٩٩-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 E١٠٠C٦٠٠F‫א‬‫א‬L   ٦٠٠٠٠
   
 ‫א‬‫א‬L ١٨٠٠٠
 E٧٠C٦٠٠F‫א‬‫א‬L ٤٢٠٠٠
 
 
 W‫א‬١٠٠٠‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L    ١٠٠٠
 ‫א‬L  ١٠٠٠
 
 
 W‫א‬
 ‫א‬  ‫א‬ 
     
 E‫א‬٨٠C٦٠٠F‫א‬L   ٤٨٠٠٠
 ‫א‬‫א‬L   ١٢٠٠٠
   
 E‫א‬‫א‬١٠٠C٦٠٠F?‫?א‬‫א‬L ٦٠٠٠٠
   
 
 
 
 

-١٠٠-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 W‫א‬٢٩٠٠٠
 ‫א‬ ‫א‬ 
 ‫א‬‫א‬L   ٢٩٠٠٠
 ‫א‬L ٢٩٠٠٠
 
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ 
     
 ‫א‬L   ٥٠٠٠٠٠
 ‫א‬‫א‬L   ١٠٠٠٠
 ‫א‬L ٦٠٠٠٠
 
 ‫א‬‫א‬
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬١٤٢٣L٨L١‫א‬‫א‬
 ‫א‬ ‫א‬  
 
 E‫א‬‫א‬١٣٠C١٥٠٠٠F‫א‬L   ١٩٥٠٠٠٠
     
 E‫א‬‫א‬١٠٠C١٥٠٠٠F‫א‬‫א‬L ١٥٠٠٠٠٠
 E٣٠C١٥٠٠٠F‫א‬‫א‬L ٤٥٠٠٠٠
 
 

-١٠١-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 ١٤٢٣L٨L١‫א‬‫א‬
   W‫א‬‫א‬  
 ١٥٠٠٠٠٠  ‫א‬‫א‬  
 ٤٥٠٠٠٠  ‫א‬‫א‬W  
 ١٩٥٠٠٠٠    
 
 W‫א‬‫א‬
 W١٤٢٢L١٢L٣٠‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 E٨٠٠٠ J١٦٠٠٠F‫א‬‫א‬‫א‬L    ٨٠٠٠
 ‫א‬‫א‬L    ٨٠٠٠
 ‫א‬‫א‬‫א‬‫א‬L  ١٦٠٠٠  
 
 
 W‫א‬١٤٢٣L٥L١‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 E٤٠٠٠H٨٠٠٠F‫א‬‫א‬‫א‬L    ٨٠٠٠
 ‫א‬‫א‬‫א‬‫א‬L    ١٦٠٠٠
 ‫א‬L  ٢٤٠٠٠  
 
 

-١٠٢-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬‫א‬L   ٥٠٠٠٠٠
 ‫א‬‫א‬‫א‬L    ٢٧٥٠٠
   
 ‫א‬‫א‬L  ١٧٥٠٠
 ‫א‬L ٥١٠٠٠٠
   
 

-١٠٣-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 ‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬E١
 ١{٤٠٠{٠٠٠    ‫א‬‫א‬
     W
   ١٤٠{٠٠٠  E٪١٠C١{٤٠٠{٠٠٠F‫א‬‫א‬
   ١١٢{٠٠٠  E٪٨C١{٤٠٠{٠٠٠F‫א‬‫א‬
 E١{١٥٢{٠٠٠F  ٩٠٠{٠٠٠  E٪٦C‫א‬١٥{٠٠٠{٠٠٠F‫א‬
 ٢٤٨{٠٠٠    
 E١٢{٤٠٠F    E٪٥C٢٤٨{٠٠٠F‫א‬
 ٢٣٥{٦٠٠    
 E٢٣{٥٦٠F    E٪١٠C٢٣٥{٦٠٠F‫א‬‫א‬
 ٢١٢{٠٤٠    ‫א‬‫א‬
 ٣٤٥{١٦٠    ‫א‬‫א‬‫א‬‫א‬W
 ٥٥٧{٢٠٠    ‫א‬‫א‬‫א‬
 
 ‫א‬L‫א‬‫א‬L
 ‫א‬ ‫א‬  
 
 ‫א‬‫א‬L   ١{٤٠٠{٠٠٠
 ‫א‬L ١{٤٠٠{٠٠٠  
 
 
 
 

-١٠٤-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
 ‫א‬L   ١{١٨٧{٩٦٠
   
 ‫א‬‫א‬L ١٤٠{٠٠٠
 ‫א‬‫א‬L ١١٢{٠٠٠
 ‫א‬L ٩٠٠{٠٠٠
 ‫א‬L  ١٢{٤٠٠
 ‫א‬‫א‬L  ٢٣{٥٦٠
 
 
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬L   ٩٠٠{٠٠٠
 ‫א‬‫א‬L    ٢٣{٥٦٠
 ‫א‬L ١{٥١٨{٠٠٠
 
 
 W‫א‬‫א‬L‫א‬L
 ‫א‬ ‫א‬  
 
 ‫א‬L   ٢١٢{٠٤٠
 ‫א‬‫א‬L ٢١٢{٠٤٠  
 
-١٠٥-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 ‫א‬‫א‬
 W‫א‬‫א‬
 W‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬L   ٢٩٧٨٠٠٠
 ‫א‬‫א‬‫א‬L   ٢٢٠٠٠٠
 ‫א‬‫א‬‫א‬‫א‬L   ٢٥٠٠٠٠
 ??‫א‬L   ١١٠٠٠٠
  ٣٨٨٠٠٠
 ‫א‬‫א‬L ٩٢٠٠٠٠
 ‫א‬‫א‬L ٢٢٥٠٠٠٠
 ‫א‬‫א‬‫א‬L ٤٠٠٠٠٠
 

 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬L   ٥٢٠٠٠٠
 ‫א‬‫א‬L   ١٠٠٠٠٠
 ??‫א‬L   ١٤٨٠٠٠
   
 ‫א‬L ٥٧٠٠٠٠
 ‫א‬‫א‬L ١٩٨٠٠٠

-١٠٦-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 W‫א‬
 ‫א‬ ‫א‬  
 
 ‫א‬L    ٨٤٠٠٠٠
   
 ‫א‬L  ٦٥٠٠٠٠
 ??‫א‬L  ١٩٠٠٠٠
 

 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬‫א‬L    ٢٠٠٠٠
 ‫א‬‫א‬L    ٣٦٠٠٠
 ‫א‬‫א‬L    ١٥٠٠٠٠
 ‫א‬L  ٢٠٦٠٠٠
 

 W‫א‬
 ‫א‬ ‫א‬  
 
 ?‫א‬?‫א‬L   ٢٠٠٠٠٠
 ‫א‬L ٢٠٠٠٠٠
 

 
 
-١٠٧-
  ٢٠٢  ‫א‬
‫א‬
 ‫א‬‫א‬  
 

 W‫א‬‫א‬
 ‫א‬ ‫א‬  
 
     
 ‫א‬L   ٣٨٠٠٠٠٠
 ‫א‬‫א‬L   ٦٠٠٠٠٠
 ‫א‬L   ٢٠٠٠٠٠
 ‫א‬‫א‬L   ٤٠٠٠٠٠
 ‫א‬L ٥٠٠٠٠٠٠
 

 W‫א‬‫א‬‫א‬L
 ‫א‬ ‫א‬  
 
 ‫א‬L   ٢٦٨٠٠٠
 ‫א‬L ٢٦٨٠٠٠
 

 W‫א‬‫א‬‫א‬L‫א‬L
 ‫א‬ ‫א‬  
 
 ‫א‬L   ٤٧٣٢٠٠٠
 ‫א‬L ٤٧٣٢٠٠٠
 

-١٠٨-
  ٢٠٢  ‫א‬
 ‫א‬‫א‬
 ‫א‬‫א‬  
 

 ‫א‬‫א‬
 
 ‫א‬‫א‬،W ‫א‬،‫א‬،‫• א‬
‫א‬‫א‬،
 K١٤١٣
 
 ، •
،‫א‬‫א‬،‫א‬‫א‬W ‫א‬‫א‬،، 
K١٤٠٨
 
‫א‬W ‫א‬‫א‬،  ،‫א‬‫א‬  ، •
KE١٤١٧،‫א‬‫א‬W‫א‬F،‫א‬
 
،‫א‬،‫א‬‫א‬،‫א‬‫א‬W‫א‬،، •
K١٤١١
 
،‫א‬‫א‬‫א‬‫א‬، ،‫א‬،‫• א‬
K‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬
• Slater, Jeffrey, "College Accounting: a Practical Approach" 7th ed,
(Prentice Hall, 1998).
• Nikolai & Bazley, " Intermediate Accounting", 8th ed, (South – Western
College Publishing, 2000)
  ٢٠٢  ‫א‬
 ‫א‬
 ‫א‬‫א‬  
 

‫א‬

Stock  ‫א‬
Common Stock & Preferred Stock  ‫א‬‫א‬‫א‬‫א‬
No Par Value Common Stock  ‫א‬‫א‬
Stock subscriptions ‫א‬‫א‬‫א‬
Subscriptions Receivable  ‫א‬‫א‬
Common Stock Subscribed  ‫א‬‫א‬
Nonmonetary Issuance of Stock  ‫א‬
Donated Stock  ‫א‬‫א‬
Registered Bonds  ‫א‬‫א‬‫א‬
Bearer Bonds ‫א‬‫א‬
Secured Bonds ‫א‬‫א‬‫א‬
Unsecured Bonds ‫א‬‫א‬‫א‬
Convertible Bonds ‫א‬‫א‬‫א‬
Callable Bonds ‫א‬‫א‬‫א‬
Term Bonds ‫א‬‫א‬‫א‬‫א‬
Serial Bonds  ‫א‬‫א‬‫א‬
Market Rate of Interest  ‫א‬‫א‬‫א‬
Nominal Rate of ‫א‬‫א‬
Interest
Straight-Line Method  ‫א‬‫א‬
Effective Interest Method ‫א‬‫א‬
Discount on Bonds Payable  ‫א‬‫א‬‫א‬
Premium on Bonds Payable  ‫א‬‫א‬‫א‬
Stockholders Equity  ‫א‬
  ٢٠٢  ‫א‬
 ‫א‬
 ‫א‬‫א‬  
 

 ‫א‬
 
 ‫א‬‫א‬
 ١  K K K K K K K K K K K K WE‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬
 ١  K K K K K K K K K K K K K K K K K K K ‫א‬‫א‬W‫א‬‫א‬
 ٥  K K K K K K K K K K K K K K K K K ‫א‬‫א‬W‫א‬‫א‬
 ٨  K K K K K K K K K K K K K K K K‫א‬‫א‬‫א‬W‫א‬‫א‬
 ١٢ K K K K K K K K K K K K K‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 ١٧ K K K K K K K K K K K K ‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 ‫א‬‫א‬
٢١   ‫א‬‫א‬
  K K K K K K K K K K K K K K K K ‫א‬‫א‬W‫א‬‫א‬
 ٣٩ K K K K K K K K K K K K K K K K‫א‬‫א‬W‫א‬‫א‬
 ‫א‬‫א‬
 ٤٦        ‫א‬‫א‬‫א‬
 ٤٦ K K K K K K K K K K K K K K K K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 ٥٥  K K K K K K K K K K K K K K K K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 ٦٩ K K K K K K K K K K K K K K K K K K ‫א‬‫א‬W‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 ٧٤ K K K K K K K K K K K K K K K K K K K K K K‫א‬‫א‬
 ‫א‬‫א‬
 ٨٦ K K K K K K K K K K K K K K K K K K K K‫א‬‫א‬‫א‬
 ٩٧ K K K K K K K K K K K K K K K K K K K K K K K K K K ‫א‬
 KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK‫א‬‫א‬
 KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK‫א‬
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