Laina R.

Navarro
COA 1-L
Problem 3-5 (Installment Liquidation)
Partners O’neal and Shaq have decided to liquidate their business. The ledger shows the following account balances:

Assets Liabilities and Capital

Cash P 25,000 Accounts Payable P 20,000

Inventory 120,000 Shaq, Loan (12%) 60,000
O’neal, Capital (80%) 60,000
Shaq, Capital (20%) 5,000
Total Assets P 145,000 Total Liabilities & Capital P 145,000

The 12 percent note payable to Shaq contains a provision that interest ceases accruing at the date the business terminates as a going concern. During
the first month of liquidation, half the inventory is sold for P40,000, and P10,000 of the accounts payable is paid. During the second month, the rest
of the inventory is sold for P30,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is
completed at the end of the second month.

Required:
Prepare a statement of partnership realization and liquidation with a schedule of safe payments for the 2-month liquidation period.

SOLUTION:

3-5 Cash Inv Accounts Shaq O’neal Shaq

Payable Loan
Bal 25,000 120,000 20,000 60,00 60,000 5,000
0
Sales 40,000 (60,000 (16,000) (4,000)
)
Payment to creditors (10,000) (10,000)
Bal 55,000 60,000 10,000 60,000 1,000
44,000 (53,000) (49,000)
Payments to Partners 10,000 11,000
(4,000)
Bal 2,000 60,000 40,000 1,000
Sales 30,000 (60,000) (24,000) (6,000)
Payment to Creditors (10,000) (10,000)
22,000 -0- -0- 16,000 (5,000)
Bal 5,000
11,000
Offset (5,000)
Bal 22,000 -0- -0- 6,000 16,000 -
0-
Payment to Loan (6,000) (6,00
0)
Payment to capital (16,000) (16,000)
- 0- - 0-

Bal - 0 - - 0 - - 0 - - 0 -

Sched. 1

O’neal Shaq
80% 20%
Capital and Loan Balances 44,000 61,000
Possible loss 60,000 on remaining inventory (48,000) (12,000)

payment (P 4,000) P 49,000

 Partnership Liquidation 96

Problem 3-6 (Installment Liquidation)

Nate, Amare and Howard share profits in the ratio of 5:3:2. The following balances are obtained prior to partnership liquidation:

Nate Amare Howard

Capital balances P 60,000 P 45,000 P 20,000
Loan balances 22,500 15,000 6,500

Assets are sold and cash is distributed to the partners in monthly installments during the course of liquidation as follows:
September P 7,500
October 20,000
November 45,000
December (final distribution) 15,000

Required:
a. Prepare a program to show how cash should be distributed by the liquidator during the entire course of liquidation.
b. Using the program developed above, prepare schedules summarizing the payments to be made to partners at the end of each month.
SOLUTION:
Cash Program Bal Cash payment

Nate Amare Howard Nate Amare Howard Tot

50% 30% 20% al
Cap bal P 60,000 P 45,000 P 20,000
Loan Bal 22,500 15,000 6,500

Total Int. P 82,500 P 60,000 P 26,500

Loss Absorption P 165,000 P 200,000 P 132,500

Priority I – to Amare (P35,000) - P10,500 - P10,50
0
Bal P 165,000 P 165,000 P 132,500
Priority II – to N & A (P 32,500) (P 32,500) P 16,250 P 9,750 - P 26,000
Total P 132,500 P 132,500 P 132,500 P 16,250 P 20,250 -0- P 36,500

Any amount excess to 36,000 5s0% 30% 20% 100%

Monthly Sched
Sept. Cash Nate Amare Howard

Available For distribution P 7,500

Priority I – to Amare (P 7,500) - P 7,500 -

Payment (partners) -0- P 7,500 -0-

Oct. Cash Nate Amare Howard

Available for distribution P 20,000
Priority I- to amare (10,500- (3,000) P 3,000 -
7,500)
Priority II- To nate & amare 5:3 (17,000) P 10,625 P 6,375 -

Payment (partners) P 10,625 P 9,375 -0-

Nov. Cash Nate Amare Howard

Available for Distribution P 45,000

Priority II- to N& A (P 26k- 17k) (9,000) P 5,625 P 3,375

Excess payment 5:3:2 (36,000) P 18,000 P 10,800 P

7,200

Payment (partners) P 23,625 P 14,175 P 7,200

December Cash Nate Amare Howard

 Partnership Liquidation 97

Available for Distribution P 15,000

Excess 5:3:2 ( 15,000 ) P 7,500 P 4,500 P 3,000

Payment (partners) P 7,500 P 4,500 P 3,000

Problem 3-7 (Installment Liquidation)
Partners A, B, C and D share profits in the ratio of 3:3:1:1. The following balances are obtained just before
partnership liquidation:

A B C D
Capital balances P 70,000 P 70,000 P 30,000 P 20,000
Loan balances 20,000 5,000 25,000 15,000
Proceeds from the sale of partnership assets during March and April by the one in charge of liquidation and
distribution of cash to partners at the end of each month are as follows:

Cash Realized Cash Cash Withheld

Distributed
March P 40,000 P 25,000 P 15,000
April 35,000 40,000 10,000

Required:
a. Prepare a program to show how cash should be distributed during the entire course of liquidation.
b. Using the program above, prepare schedules summarizing the payments to be made to partners at the
end of March and April. Indicate what part of the payments is to be applied against loan balances and
against capital balances.

SOLUTION:

Bal Cash payment

A B c D A B C D Total
Cap Bal 70,000 70,000 30,000 20,000
Loan Bal 20,000 5,000 25, 000 15,000
Total Int 90,000 75,000 55,000 35,000

Loss Absorption 240,000 200,000 440,000 280,000

Priority I – to C - - 20,000 - P20,000
Bal (160,000)
240,000 200,000 280,000 280,000
Priority II – to C (40,000) (40,000) &D- - 5,000 5,000 P
10,000 240,000 240,000
Bal 240,000 200,000

Priority III – to A,C& (40,000) (40,000) (40,000) 15,000 - 5,000 5,000 P

25,000
D

Total 200,000 200,000 200,000 200,000 15,000 -0- 30,000 10,000 P

55,000

Any amount excess of 3/8 3/8 1/8 1/8 8

55,000 /
8
Sched 1 Cash A B C D

Available for distribution P25,000

 Partnership Liquidation 98

Priority I – to C (P20,000) P 20,000

Priority II – to C and P (P 5,000) P 2,500 P 2,500

Payment to Partners P 22,500 P 2,500

Apply (loan) (P 22,500) (P 2,500)
Apply (cap) -0- -0-

Cash A B C D
Avail For Distribution P
40,00
Priority II – To C And D (5,000) 2,5 P2,5
00 00
Priority III – To A, C, (25,000 15,000 5,0 5,0
And D ) 00 00
Excess (10,000 3,750 3,750 1,2 1,2
) 50 50

Payment (partners) 18,750 P 3,750 P 8,750 8,750

Apply (loan) (18,750) (3,750) (2,500) (8,750)
-0- -0- 6,250

Apply (cap) -0-

 Partnership Liquidation 99

Problem 3-8 (Installment Liquidation)

The partnership of North, South, East and West was formed several years ago. Some of the partners have
recently undergone personal financial problems and decided to terminate operations and liquidate the business.
The following Statement of Financial Position is drawn up as a guideline for this process:

Assets Liabilities and Capital

Cash P 15,000 Liabilities P 74,000
Accounts receivable 82,000 East, loan 35,000
Inventory 101,000 North, capital (30%) 120,000
Property and equipment 253,000 South, capital (10%) 88,000
East, capital (20%) 74,000
West, capital (40%) 60,000

Total Assets P 451,000 Total Liabilities & Capital P 451,000

At the time the liquidation commences, expenses of P16,000 are anticipated as being necessary to dispose of all
property.

Required:
Prepare a cash distribution plan for this partnership.

SOLUTION:

Loss absorption 400,000 880,000 545,000 150,00

0
Priority I – to South (335,000)
Bal 400,000 545,000 (250,000) 150,00
0
Priority II – to S & E (145,000) (145,000)
Bal 400,000 400,000 400,000 150,00
0
Priority III – to N, S, & (250,000) (250,00)
E
Bal Cash Payment
North South East West North South East W
est
Total interest (capital 120,000 88,000 109,000 60,000
and loan balances)
P/L ratio 30% 10% 20% 40%

33,500

14,500 29,000 -
 Partnership Liquidation 100

75,000 25,000 50,000

Total 150,000 150,000 150,000 150,000 75,000 73,000 79,000 - 0

-
B
Cash 65,600
North Capital (30% x 4,920
16,400)
South capital (10% x 1,640
16400)
East capital 3280
West Capital 6560
Accounts Receivable 82,000
To record collection of receivables with losses allocated to partners

Cash 150,000
North capital 30,900
South capital 10,300
East capital 20,600
West capital 41,200
Property and equipment 253,000
To record sale of property and equipment

North Capital 31,800

South Capital 58,600
East Capital 35,000
West Capital 15,200
Cash 140,6
00
To record cash installment to partners of 230,600 based on the cash distribution plan in part A.
First P90,000 is held to pay liabilities (P74,000) and estimated liquidation expenses of
P16,000.
Next P33,500 goes entirely to South.
Next P43,500 is split between to South (P14,500) and East (P29,000).
Remaining P63,600 is allocated to North (P31,800), South (P10,600) and East (P21,200)

Liabilities 74,000
Cash 74,0
To record payment of liabilities. 00
Cash 71,0
00
North capital (30% of P30,000 loss) 9,000
South capital (10%) 3,000
East capital (20%) 6,000
West capital (40%) 12,000
Inventory 101,0
To record inventory sold. 00

North capital 35,500

South capital 11,833
 Partnership Liquidation 101

East capital 23,667

Cash 71,0
00
To record distribution of cash according to cash distribution plan.
Although P87,000 cash is being held, P16,000 must be retained to pay liquidation expenses.
The Remaining P71,000 is divided among North, South, and East on a 30:20 basis. \

North capital (30% of expenses) 3,300

South capital (10%) 1,100
East capital (20%) 2,200
West capital (40%) 4,400
Cash 11,000
To record liquidation expenses paid.

North capital (30/60 of deficit) 2,080

South capital (10/60) 693
East capital (10/60) 1,387
West capital 4,160
To eliminate capital deficiency of West as computed below:

north south east west

Capital Balance, beginning P120,000 P88,000 P109,000 P60,0
00
Loss on account receivable (4,920) ( 1,640) ( 3,280) ( 6,56
0)
Loss on Property and equipment (30,900) (10,300) (20,600) (41,2
00)
Cash distribution (31,800) (58,600) (50,200) –0–
Liquidation expenses ( 3,300) ( 1,100) ( 2,200) ( 4,40
0)
Subtotal 4,580 1,527 3,053 ( 4,16
0)
Elimination of West deficiency ( 2,090) ( 693) ( 1,666) 4,160
Capital balances P 2,500 P 834 P 1,666 P –
0–
North capital 2,500
South capital 834
East capital 1,666
Cash 5,000
 Partnership Liquidation 102

ANSWERS:
3-14 A
3-15 A
3-16 D
3-17 D
3-18 A
3-19 C
3-20 C
3-21 A
3-22 B
3-23 A

A 3-14.The Statement of Financial Position of the firm of AR, BR, CR, and DR, just prior to liquidation shows:
AR, loan P
1,000
AR, capital 5,50
0
BR, capital 5,15
0
CR, capital 6,85
0
DR, capital 4,50
0
AR, BR, CR, and DR share profits 4:3:2:1 respectively. Certain assets are sold for P6,000 and this is distributed to partners.
How much cash should CR receive?

a. P3,283 c. P2,717

b. P 0 d. P6,000

SOL AR BR CR DR
Capital Balances P 5,500 P 5,150 P 6,850 P4500
Loan Balances P 1,000 - - -
Total Interest P 6,500 P 5,150 P 6,850 P 4,500
Possible Loss (23,000-6,000) (P 5,100) (P 3,400) (P 1,700)
Balances (P 300) P 50 P 3,450 P 2800
Additional Loss To Br, Cr, Dr, 3:2:1 P 300 (P 150) (P 100) ( P 50)
Balances - (P 100) P 3,350 P 2750
Additional Loss To Cr, Dr 2:1 - P 100 (P 67) ( P 33)
Payment To Partners -0- -0- P3,283 P 2,717
Total Liabilities P 1,000
Total Capital P 22,000

Total Assets P 23,000

Use the following date to answer questions 3-15 and 3-16 below:

The following Statement of Financial Position was prepared for the Tan, Lim and Wan Partnership on March 31, 2011:
 Partnership Liquidation 103

Assets Liabilities and Capital

Cash P 25,000 Liabilities P 52,000

Other assets 180,000 Tan, capital (40%) 40,000
Lim, capital (40%) 65,000
Wan, capital (20%) 48,000
Total Assets P205,000 Total P205,000

The partnership is being liquidated by the sale of assets in installments. The first sale of non-cash assets having a book value
of P90,000 realizes P50,000.

A 3-15 The amount of cash each partner should receive in the first installment is:

a. Tan, P 0; Lim, P 5,000 ; Wan, P18,000

b. Tan, P12,000 ; Lim, P13,000 ; Wan, P22,000
c. Tan, P27,000 ; Lim, P 5,000 ; Wan, P18,000
d. Tan, P 0; Lim, P 5,000 ; Wan, P22,000

SOL. Tan Lim Wan

Capital balances before liquidation P 40,000 P 65,000 P 48,000
Loss on realization, p 40,000 (P 16,000) (P 16,000) (P 8,000)
Capital balance before cash distribution P 24,000 P 49,000 P 40,000
Possible loss, p 90,000 (P 36,000) (P 36,000) (P 18,000)
Balances (P 12,000) P 13,000 P 22,000
Additional loss to lim and wan, 4:2 P 12,000 (P 8,000) (P 4,000)
Cash distribution P0 P 5,000 P 18,000

D 3-16 As a separate case, assume that each partner properly received some cash after the second sale of assets. The
cash to be distributed amount to P14,000 from the third sale of assets, and unsold assets with a P6,000 book value remain.
How should the P14,000 be distributed to Tan, Lim and Wan, respectively?
a. P5,600; P 6,500; P2,800
b. P5,000; P 5,000; P4,000
c. P 0; P11,200; P2,800
d. P5,600; P 5,600; P2,800

SOL Tan (14,000 X 40%) P5,600

Lim (14,000 X 40%) P5,600
Wan (14,000 X 20%) P2,800

D 3-17 Jacob, Santos and Hervas, partners, share net income and losses in the ratio of 5:3:2. The partners decided to
liquidate the partnership. Their Statement of Financial Position follows:

Assets Liabilities and Capital

Cash P 40,000 Liabilities P 60,000

Other assets 210,000 Jacob, loan 8,000
Jacob, capital 40,000
Santos, capital 72,000
Hervas, capital 70,000
Total Assets P250,000 Total P250,000
The partnership is to be liquidated by installment. The first sale of non-cash assets with a carrying amount of P120,000
realized P90,000. Liquidation expenses paid amounted to P2,000. How much cash should be distributed to each partner?
Jacob Santos Hervas
a. None P35,400 P45,600
b. P32,000 P62,400 P63,600
c. None P 9,600 P28,400
d. None P27,600 P40,400
SOL. Jacob santos hervas
Cap bal P40,000 P72,000 P 7,000
Loss on realization (120,000-90,000) ( 15,000) ( 9,000) ( 6,000)
Liquidation exp, P2,000 ( 1,000) ( 600) ( 400)
Cap bal before cash distribution 24,000 62,400 63,600
Loan bal __8,000 _____– _____–
Total int 32,000 62,400 63,600
 Partnership Liquidation 104

Possible Loss (210,000-120,000 ( 45,000) 27,000 ( 18,000)

Bal ( 13,000) 35,400 45,600
Addtlloss to Santos & Hervas _13,000 ( 7,800) ( 5,200)
Cash distribution P – P27,600 P40,400

A 3-18 A Statement of Financial Position for the partnership of Dy, Sy and Lee, who share profits in the
ratio of 2:1:1, shows the following balances just before liquidation:
Cash P 12,000
Other Assets 59,500
Liabilities 20,000
Dy, capital 22,000
Sy, capital 15,500
Lee, capital 14,000

On the first month of the liquidation, certain assets are sold for P32,000. Liquidation expenses of P1,000 are
paid, and additional liquidation expenses are anticipated. Liabilities are paid amounting to P5,400, and sufficient
cash is retained to insure the payment to creditors before making payments to partners. On the first payment to
partners, Dy receives P6,250. The total cash distributed to the partners in the first installment is:
a. P20,000 b. P12,500 c P25,000 d. P10,000
BALANCES
SOL. DY SY LEE
Total interest P22,000 P15,500 P14,000 Profit and Loss ratio 2/4
1/4 1/4
Loan absorption balances 44,00 62,000 56,00
0 0
Priority I - to Sy _____ ( 6,000) _____
– –
Balances 44,00 56,000 56,00
0 0
Priority II - to Sy & Less _____ ( 12,000) ( 12,00
– 0)
Total P44,000 P44,000 P44,00
0

CASH PAYMENTS
DY SY LE
E
Priority I - to Sy (6,000 X 1/4) – 1,500 –
Priority II - to Sy (12,000 X 1/4) – 3,000 –
to Lee (12,000 X 1/4) _____ _____– _3,0
– 00
Total P P 4,500 P
– 3,000

Cash distribution to Dy P 6,250

Divided by Dy's Profit and Loss ratio 2/4
Amount in excess of P7,560 12,500
Total payment under priority I & II __7,500
Total cash distribution to partner P20,000

C 3-19 DM, EM, and FM share profits in 5:3:2 ratio. Their capital accounts prior to liquidation (which is expected to
result in substantial gains) are as follows:

DM P18,000 Cr. Balance

EM P27,000 Cr. Balance
FM P 3,000 Dr. Balance

The partners wish to distribute cash as it becomes available so that the capital accounts may be brought into the profit and loss ratio as
rapidly as possible. Who is the partner to receive the first available cash and up to how much?
a. DM, up to P54,000 c. EM, up to P16,200
b. b. EM, up to P54,000 d. FM, up to P16,200
SOL.
Loss absorption bal.

DM
P36,000
(18000/50%
Em 90,000(27000/3
0%)
 Partnership Liquidation 105

Excess of EM 54,000
Multiply by EM's Profit & Loss ratio ____30%
Priority I to EM P16,200

C 3-20.The firm of JJ, KK, LL, and MM decides to liquidate. Partners share profits and losses as follows:
JJ, 40%; KK, 35%; LL, 15%; and MM, 10%. The partnership trial balance on October 1, 2010 the date on which
liquidation begins, follows:

Debit Credit

Cash P10,000 Accounts payable P 9,000

Other assets 255,500 JJ, loan 18,000
KK, loan 30,000
JJ, capital 60,000
KK, capital 64,500
LL, capital 54,000
MM, capital 30,000
Total P265,500 Total P265,500

Cash of P38,100 is available at the end of October. How much cash is distributed to the partners?
JJ KK LL MM
a. P7,350 P16,650 P 0 P5,100
b. P 0 P 7,350 P 0 P5,100
c. P 0 P 7,350 P16,650 P5,100
d. P 0 P 0 P16,650 P 0
SOL. BALANCES
JJ KK LL MM
Capital balances P 60,000 P 64,500 P 54,000 P 30,000
Loan balances _18,000 _30,000 ______
______–
Total interest _78,000 _94,500 _54,000
_30,000
Divided by Profit and Loss Ratio ____40% _____35% _____15% _____10%
Loss Absorption balances 195,000 270,000 360,000 300,000
Priority I to LL ______– ______– ( 60,000) ______
–
Balances 195,000 270,000 300,000 300,000
Priority II to LL, MM, 15:10 ______– ______– ( 30,000) ( 30,000
)
Balances 195,000 270,000 270,000 270,000
Priority II to KK, LL, MM, 35:15:10 ______– ( 75,000) ( 75,000) ( 75,000
)
Total P195,000 P195,000 P195,000 P195,000

CASH PAYMENT
JJ KK LL MM
Priority I to LL (30,000 X 15%) – – 9,000 –
Priority II to LL (30,000 X 15%) – – 4,500 –
to MM (30,000 X 10%) – – – 3,000
Priority II to KK (75,000 X 35%) – 1,750 – –
to LL (75,000 X 15%) – – 11,250 –
to MM (75,000 X 10%) ______– ______– ______– ___7,500
Total P – P 1,750 P 24,750 P 10,500

Further cash distribution, Profit and Loss ratio

Cash distribution to Partners (P38,100-9,000), P29,100

JJ KK LL MM TOTA
L
Priority I to LL – – P 9,000 – P 9,000
Priority II to LL, MM, 15:10 – – 4,500 3,000 7,500
Priority II to KK, LL, MM, 35:15:10
 Partnership Liquidation 106

(29,100-16,500), 12,600 _____– __7,350 ___3,150 __2,100 __12,600

Cash distribution P – P 7,350 P 16,650 P 5,100 P 29,100

A 3-21Partners Arce, Bello and Cruz share profits and losses in the ratio of 5:3:2. At the end of a very unprofitable
year, they decided to liquidate the firm. The partner’s capital account balances at this time are as follows:
Arce P 22,000
Bello 24,900
Cruz 15,000

The liabilities accumulate to P30,000, including a loan of P10,000 from Arce. The cash balance is
P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If Arce received a total of
P20,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash assets?
a. P61,900
b. P85,900
c. P73,900
d. P24,000
SOL
Cash paid to Arce P2,000
Divide by Profit & Loss ratio _____5%
Amount in excess of P7,900 40,000
Add: cash paid _7,900
Total cash distribution to partners 47,900
Cash paid to Creditor 20,000
Total 67,900
Less cash before realization _6,000
Cash realized from sale of asset P61,900

Use the following data to answer questions 3-22 and 3-23 below:

The Statement of Financial Position for Monzon and Nieva Partnership on June 1, 2010 before liquidation is as
follows:

Assets Liabilities and Capital

Cash P 5,000 Liabilities P

20,000
Other Assets 55,000 Monzon, capital (60%) 22,50
0
Nieva, capital (40%)
17,500
Total Assets P 60,000 Total Liab. & Capital P 60,000

In June, assets with a book value of P22,000 are sold for P18,000, creditors are paid in full, and P2,000 is paid to
partners. In July, assets with book value of P10,000 are sold for P12,000, liquidation expenses of P500 are paid
and cash of P12,500 is paid to partners. In August the remaining assets are sold for P22,500.

B 3-22 In June, Nieva should receive

a. P 0
b. P2,000
c. P1,000
d. P1,500
SOL. BALANCES CASH PAYMENT
MONZON NIEVA MONZON NIEVA
Total Interest P22,500 P17,500
Profit and Loss ratio _____60% _____40%
Loss absorption balances 37,500 43,750
Priority I - to Nieva ______– ( 6,250) _____– _2,500
Total P37,500 P37,500 P – P2,500

Further cash distribution - Profit and Loss ratio

All the P2,000 should be paid Nieva, since she is entitled to P2,500 under Priority I

A 3-23 In August, Monzon and Nieva should receive:

Monzon Nieva
a. P13,500 P 9,000
b. P 0 P 9,000
c. P13,500 P 0
d. P20,700 P16,300
 Partnership Liquidation 107

Cash before liquidation P 5,000

June: Cash realized 18,000
Payment to creditor ( 20,000
)
Payment to Partners __2,000
Cash balances, June 30 1,000
July: Cash realized 12,000
Payment of liquidation expense ( 500
)
Payment to Partners ( 12,500
)
Cash balances, July 31 –
Aug: Cash realized _22,500
Cash distribution for August,
Profit and Loss ratio P22,500

Distribution to Partners - August

Monzon (22,500 X 60%) P13,500

Nieva (22,500 x 40%) P 9,000

CHAPTER 14: CORPORATION: BASIC CONSIDERATION MULTIPLE CHOICE

PAGE 14-15 TO 14-16
1. B
2. C
3. D
4. D
5. B
6. C
7. C
8. E
9. B
10. B
PAGE 14-17 TO 14-20
1. E
2. A
3. A
4. D
5. C
6. B
7. A
8. C
9. C
10. E
11. D
12. B
13. E
14. D
15. A
16. B
17. A
18. E
19. E
20. A
 Partnership Liquidation 108

21. A
22. B
23. B
CHAPTER 15: CORPORATIONS: SHARE CAPITAL, RETAINED EARNINGS AND FIN. REPORTING MULTIPLE CHOICE
PAGE 15-22 TO 15-24
1. A
2. A
3. A
4. C
5. B
6. B
7. D
8. C
9. B
10. B
11. C
12. D
13. D
14. B
PAGE 15-25
1. D
2. A
3. D
4. D
5. A
PAGE 15-26 TO 15-28
1. A
2. D
3. A
4. B
5. C
6. B
7. C
8. B
9. D
10. B
11. A
12. A
13. D
14. C
15. A
PAGE 15-29 TO 15-30
1. D
2. D
3. D
4. A
5. C
6. D
7. A