ACCA

SBR (INT/UK)

Strategic Business Reporting

ANSWERS

Mock A

We're not sure whether it is Becker's mock exam or

Kaplan's, or someone else's. Whomever it is, we are
grateful to them.
1 IBADAN
(a) Cash flow statement
(i) Ibadan extracts

Cash flows from investing activities $m

Proceeds of sale of PPE (15 + 3) 18
Payment to buy PPE (W) (588)

Cash flows from financing activities

Proceeds share issue (200 – 50) 150
Dividends paid (20)
Dividends paid to NCI (5)

WORKING
$m
Opening balance PPE 400
Less depreciation (100)
Less impairment loss (50)
Less carrying value of disposal of PPE (3)
Add PPE on acquisition of subsidiary 30
Less carrying value on disposal of subsidiary (20)
257
Outstanding liability 5
Cash paid to buy new PPE: balancing figure 588
Closing balance 850

(ii) Usefulness to investors

The purpose of publishing a group statement of cash flows (and other financial
information) is to provide information which is useful to parties who use and rely on the
information.
The primary users of the accounts of Ibadan include investors, both current and
prospective, and lenders. Useful information requires that the information is both relevant
(predictive or confirmatory) and is faithfully represented (complete, neutral and free from
error).
The measurement of Ibadan’s profit cannot be neutral (i.e. unbiased) as it depends on
judgements and policies. Profit therefore may not faithfully represent the performance of
Ibadan.
Cash flow information is more reliable, capable of verification and neutral. Statements of
cash flows do not require judgements over the application of the accruals concept or
reflect accounting policies such as depreciation. Cash movements record funds paid or
received. This is simple and, therefore, easier for users to understand. Cash movements
are also less likely to be manipulated than accounting judgements.
Investors will be interested in the cash flows of the group as this provides some indication
of the likely ability of the group to repay capital invested and to pay dividends in the
future. Dividends are normally paid in cash, although not all group cash flows are
available for distribution as dividends.
Investors, like all stakeholders are interested in assessing the ability of the entity to
continue as a going concern. The ability to continue to trade depends on the ability to
have enough cash to meet the entities obligations as and when they fall due.

2
 Limitations
Statements of cash flows are based on historical information. Investors are much more
interested in future cash flows. Future cash flows may not follow the same pattern as
historic cash flows.
There is some scope for use of techniques intended to present a more favourable position.
For example, a business may delay paying suppliers until after the year end or structure
transactions so that the cash balance is favourably affected (e.g. a sale and lease back
transaction or raising finance by issuing zero coupon bonds which are redeemable at a
large premium).
The group is not a legal entity; investments are made in individual companies. Just
because the group cash flow statement looks healthy does not necessary mean that all of
the individual companies within the group have a healthy cash flow.
Generally, cash flow statements are recognised as being more factual and less prone to
manipulation than the other financial statements.
(b)(i) Disposal of subsidiary in consolidated statement of changes in equity
On the disposal of an overseas subsidiary, the parent’s share of the foreign exchange
translation difference in equity/other components of equity/other reserves is reclassified to
the group statement of profit or loss, to form part of the gain or loss on the disposal of the
subsidiary.
For the Ibadan group, the entry would have been:
Dr OCI $10m
Cr Profit and loss $10m
On the loss of control of any subsidiary with a non-controlling interest the balance of the
NCI is derecognised. It is transferred to the statement of profit or loss to form part of the
gain or loss on the disposal of the subsidiary.
For the Ibadan group, the entry would have been:
Dr NCI $9m
Cr Profit and loss $9m
(ii) Investment in equity shares of quoted company
Ibadan recognised this shareholding as a cash equivalent because of the liquidity of the
investment.
To be recognised as a cash equivalent an investment must be short-term, highly liquid and
readily convertible to a known amount of cash.
Cash equivalent investments must not be subject to any significant risk of changes in
value.
The listed shares purchased by Ibadan are a highly liquid investment. However equity
investments cannot be regarded as cash equivalents as they are exposed to a not-
insignificant risk of a change in value.
The purchase of the shares is a cash outflow in investing activities.

3
(c) Loan notes
Initial recognition
Ibadan is receiving cash that it is obliged to repay. Therefore, this financial instrument is
classified as a financial liability. As the loan notes are not held for trading and have not
been designated at fair value through profit or loss, they are classified as measured at
amortised cost. With both a discount on issue and transaction costs, the first step is to
calculate the initial measurement of the liability.
$000
Cash received – nominal value less discount on issue ($20m × 90%) 18,000
Less the transaction costs (1,000)
Initial recognition of the financial liability 17,000

Subsequent accounting
In measuring at amortised cost, the finance cost to be charged to the statement of profit
or loss is calculated by applying the effective rate of interest (12%) to the opening balance
of the liability each year ($17m). The finance cost $2,040,000 (12% × $17m) will
increase the liability.
Interest is paid at the end of the reporting period and is calculated by applying the coupon
rate (6%) to the nominal value of the liability ($20m). The annual cash payment of $1.2m
(6% × $20m) will reduce the liability.
The workings for the liability being accounted for at amortised cost can be summarised and
presented as follows. All figures in the table below are in $000.
Opening balance Finance charge Less cash paid (6% Closing balance
@ 12% × 20,000) (liability in SoFP)
Year 1 $17,000 $2,040 ($1,200) $17,840

Because the cash paid each year is less than the finance charge, each year the outstanding
liability grows. As a consequence, the finance charge increases year-on-year.
The cash paid within 12 months is made up of interest that has not yet accrued. This
explains why all of the year-end liability is a non-current liability.
Extracts from the financial statements
Statement of financial position $000

Non-current liabilities 17,840

Statement of profit or loss

Finance cost (2,040)

Statement of cash flows

Operating activities
Add back finance cost (non-cash expense) 2,040
Less interest paid (1,200)
Financing activities
Proceeds from the issue of loans 17,000

4
2 MANDING
(a) Accounting treatments
Share based payments
The share option plan should be accounted for under IFRS 2 Share-based Payment. As the
share options vest in the future, it is assumed that the equity instruments relate to future
services and recognition is therefore spread over that period. Therefore, the finance
director is incorrect. The equity-settled share based payments for staff must be expensed
to profit or loss, as staff costs, over the three-year vesting period.
The measurement of these equity-settled payments (the options) should be based on their
fair value at the grant date. This is a subjective and complex valuation made by an
actuary.
If the share price ($8) has fallen below the exercise price ($10), this will affect the
subsequent value of the options. However, for accounting purposes this is not relevant, as
the fair value of equity instruments (the options) used to measure a share-based payment
transaction is not re-measured. The expense is based on the fair value of the options at
the grant date. Shareholders’ equity will be increased by an amount equal to the charge in
profit or loss.
Pension fund surplus; asset ceiling test
Since there is a surplus on a defined benefit pension fund, Manding can potentially
recognise an asset. However, this is subject to the asset ceiling test. As defined in the
Conceptual Framework for Financial Reporting, an asset is a resource controlled by the
entity as a result of past events and from which future economic benefits are expected to
flow to the entity. The ceiling or maximum amount to be recognised is the present value
of any economic benefits.
There are two ways that the company can gain potential economic benefits from a pension
fund surplus; one is by refund and the other by reducing future payments.
The asset that the company can recognise relating to the pension fund surplus is the
higher of the amount that can be refunded at present value (nil) and the present value of
the reductions in future contributions ($250 million).
Accordingly, the asset of $300 million should be written down by $50 million to recognise
an asset of $250 million; the maximum future economic benefit.
Revaluations and deferred tax
Revaluation gains are recognised in OCI and accumulated in a revaluation surplus in equity
– unless they are the reversal of losses previously recognised in profit or loss. However,
IAS 16 Property, Plant and Equipment prohibits the reclassification of such gains to profit
or loss on disposal of the related asset.
The argument that revaluation gains do not create a present obligation to pay tax as there
is no present obligation to sell the related asset does appear logical, based on the
definition of a liability in the Conceptual Framework. However, IAS 12 Income Taxes is
specific in requiring the recognition of a deferred tax liability, and corresponding expense,
when the carrying value of an asset exceeds its tax base. A typical example of this is
when the tax base of an asset remains unchanged as the result of a revaluation.
Where there is a conflict between the Conceptual Framework and an accounting standard,
the standard must prevail. In conclusion, deferred tax should be accounted for on the
revaluation gain as it creates a taxable temporary difference.

5
(b) Ethical issues
In each of the above situations the accounting treatment adopted by the finance director in
the draft financial statements in not in accordance with accounting standards.
That so many errors have been made is a cause for concern. Central to the ethical code
and ethical behaviour is the principle of professional competence. This means that
accountants should be up to date and not make errors.
However, there is a discernible pattern to the accounting errors in that they all overstate
profit and assets and understate liabilities and expenses. For example, not charging profit
for the share-based payments (staff costs), overstating the pension surplus and failing to
recognise the deferred tax liability.
As such it may be reasonable to imply that the errors are a deliberate attempt to overstate
profit and understate liabilities, perhaps to meet the profit forecasts the market was
expecting. If so, this is dishonest, an attempt to deceive and shows a lack of integrity. A
lack of integrity is a more serious ethical breach than lack of professional competence.
Courses of action
Initially, Kwasi should discuss his concerns with the financial director. This may resolve
the issue. However, it is wise to consider other courses of action.
Kwasi should consider whether there are any other suitable third parties that he could
discuss these matters with, for example, an independent non-executive director or the
auditors.
Kwasi should also consider taking legal advice and consult with his professional body. As a
last resort, Kwasi may need to consider resigning, rather than be a party to an unethical
attempt to manipulate the financial statements.
Impact on stakeholders
When it comes to light that accountants responsible for preparing the annual accounts
have acted unethically, serious consequences often follow for many stakeholders. For
example, the company’s share price is likely to fall, resulting in losses for investors and for
any staff who have rewards linked to the share price.
The auditors can be affected. It may be that they will not be reappointed by the
shareholders. The individuals who are deemed to have acted unethically may well have to
resign. It is possible that they can be sanctioned by their professional body and subject to
criminal charges.
The reputation of the company will also suffer. This may lead to a loss of confidence in the
business and deter customers from entering into contracts. It may mean also mean the
company will find it more difficult to raise finance, as lenders may not trust the accounts
and representations from management.

6
3 WADER
(a) Revenue from the contract with Vehiclex
IFRS 15 Revenue from Contracts with Customers requires that before revenue can be
recognised five steps must be met; they are:

 Identify the contract with a customer;

 Identify the performance obligations in the contract;
 Determine the transaction price;
 Allocate the transaction price to the performance obligations in the contract; and
 Recognise revenue as the entity satisfies a performance obligation.
Wader has entered a contract to sell car seats. The car seats are a series of distinct goods
that together form one performance obligation. It is presumed that the car seats will be
delivered over the five years of the contract. Revenue will be recognised over that period.
When a performance obligation is satisfied over time, either an input or an output method
should be used to determine how much revenue to recognise (IFRS 15). An output
method would be appropriate in this situation, based on the delivery of car seats to the
customer. Revenue cannot be recognised in advance of the completion of the contract.
Cost of constructing machinery
The machine which will be constructed for the manufacture of the car seats will be owned
by Wader and, in line with contract cost guidance provided in IFRS 15, should be
accounted for under IAS 16 Property, Plant and Equipment.
Once the machine has been completed and manufacture of the car seats has commenced,
any depreciation of the machine can be included in the cost of the car seat in accordance
with IAS 2 Inventories. This will be part of inventory cost until the revenue is recognised
and inventory is transferred to cost of sales.
As there is no commitment to a minimum order from Vehiclex, consideration must be
given to whether the cost of the machinery will be recovered through the sale of car seats.
If there is doubt about the recovery of the cost then the machine must be tested for
impairment, either as a single asset or as part of a cash generating unit.
(b) Revaluation of buildings
IAS 16 Property, Plant and Equipment requires the increase in the carrying amount of an
asset to be credited to other comprehensive income (OCI) and then to equity under the
heading “revaluation surplus”. The increase should be recognised in profit or loss to the
extent that it reverses a revaluation decrease of the same asset previously recognised in
profit or loss.
If an asset’s carrying amount is decreased as a result of a revaluation, the decrease shall
be recognised in profit or loss. However, the decrease is debited to OCI and then to equity
(revaluation surplus) to the extent of any credit balance existing in revaluation surplus in
respect of that asset.
The buildings would be accounted for as follows:
Year ended 31 March 20X7 20X8
$m $m
Cost/valuation 10 8
Depreciation ($10m ÷ 20); ($8m ÷ 19) (0.5) (0.42)
9.5 7.58
Impairment to profit or loss (1.5)
Reversal of impairment loss to profit or loss 1.42
Gain on revaluation – revaluation surplus 2
Carrying amount 8 11

The maximum revaluation loss (impairment) reversal is the amount that would bring the
asset to the depreciated cost at the reporting date had no impairment occurred.

7
 The reversal of the impairment in 20X8 of $1.42m represents the impairment charged in
20X7 of $1.5m, adjusted for additional depreciation of $0.08 million (1.5 ÷ 19) that would
have been recognised in 20X8 had the impairment loss not been recognised.
Alternative working for impairment loss reversal at 31 March 20X8:
$m

Carrying amount based on original historical cost (10 × 18/20) 9

Less: Carrying amount based on revalued amount (8 × 18/19) 7.58
Therefore, maximum reversal through profit or loss (9 – 7.58) 1.42

Although no tax information is given, the revaluation will create a temporary difference
assuming that the tax base of the property remains the same. A revaluation decrease will
create a deductible temporary difference and a revaluation increase will create a taxable
temporary difference.
(c) Closure of overseas branch and onerous contract
A provision under IAS 37 Provisions, Contingent Liabilities and Contingent Assets can only
be made in relation to an entity’s restructuring plans where there is both a detailed formal
plan in place and the plan has been announced to those affected or the plan has
commenced. The plan should identify areas of the business affected, the effects on
employees and the likely cost of the restructuring and the timescale for implementation.
The restructuring should begin as soon as possible and be completed in a timeframe that
makes significant changes to the plan unlikely.
As a formal and detailed plan has been made by the board of Wader and letters outlining
the plan have been sent to customers, suppliers and employees before the year end, the
criteria of IAS 37 have been met and a restructuring provision should be recognised at 31
March 20X8.
The provision should only include direct expenditure arising from the restructuring. It
should not include costs associated with on-going business operations. Costs of retraining
staff or relocating continuing staff or marketing or investment in new systems and
distribution networks, should also be excluded. A breakdown of the $8 million is required
to assess which costs can be included in the provision and which must be excluded.
The supply contract is an example of an executory contract. These contracts are outside
the scope of IAS 37, unless the contract is onerous. An onerous contract is one where the
unavoidable costs of performing the contract exceed the benefits expected to be earned
from the contract. Wader has taken legal advice and identified this contract as onerous.
Wader has the option to pay an immediate cancelation fee of $2.4 million or to continue to
pay the supplier $1.5 million each year for the next two years. The payments should be
discounted to present value using the relevant discount rate of 5%. The calculation gives
a present value of the two payments of approximately $2.8 million ((1.5 ÷ 1.05) + (1.5 ÷
1.052)).
A provision of $2.4 million, as the least cost option, should be recognised for the onerous
contract.

8
(d) Allocation of costs – segment reporting
IFRS 8 Operating Segments does not prescribe how centrally incurred expenses and
shared assets should be allocated to segments. However, the basis for allocating costs
and expenses can have a significant effect on the segment results.
IFRS 8 does, however, require that amounts be allocated on a reasonable basis. For
example:

 Head office management costs could be allocated on the basis of turnover or net
assets.

 Pension expense may be allocated on the number of employees or salary expense of

each segment. But, clearly, allocating the expense to a segment with no pensionable
employees would not be reasonable.

 The costs of managing properties could be allocated on the basis of the type, value
and age of the properties used by each segment. Different bases may be applied to
each type of cost; they are not required to be consistent.
Segment information presented must be measured on the same basis on which it is
reported internally, even if that does not comply with IFRS or the accounting policies used
in the consolidated financial statements. Examples of such situations include segment
information reported on a cash basis (as opposed to an accruals basis) and reporting on a
local GAAP basis for segments that are comprised of foreign subsidiaries.
Although the basis of measurement is flexible, an explanation of the following must be
provided:

 the basis of accounting for transactions between reportable segments;

 the nature of any differences between the segments’ reported amounts and the
consolidated totals.
For example, those resulting from differences in accounting policies and policies for the
allocation of centrally incurred costs that are necessary for an understanding of the
reported segment information. In addition, IFRS 8 requires reconciliations between the
segments’ reported amounts and the consolidated financial statements.

9
4 ZELUNDA
(a) Pension scheme
Pension plan assets and the plan’s defined benefit are remeasured at the end of each
financial year. Remeasurement gains and losses are recognised in other comprehensive
income (OCI).
The statement of profit or loss records the change in the surplus or deficit except for
contributions to the plan and benefits paid by the plan and remeasurement gains and
losses.
The amount of pension expense to be recognised in profit or loss is comprised of service
costs and net interest costs.
Service costs are the current service costs, which is the increase in the present value of
the defined benefit obligation resulting from employee services in the current period and
past service costs’
Zelunda Co’s past service costs are the changes in the present value of the defined benefit
obligation for employee services in prior periods which have resulted from the plan
amendment and should be recognised as an expense.
IAS 19 Employee Benefits requires all past service costs to be recognised as an expense at
the earlier of:

 when the plan amendment or curtailment occurs; and

 when the entity recognises related restructuring costs or termination benefits.
These costs should be recognised regardless of vesting requirements. Therefore,
Zelunda’s the past service cost of $6 million will be recognised at 31 December 20X7.
Net interest on the net defined benefit liability is calculated by multiplying the opening net
defined benefit liability by the discount rate at the start of the annual reporting period.
The table below reflects the change in the net pension obligation for the period. The profit
or loss will be charged with the net interest component of $4 million and the service cost of
$18 million ($12m + $9m).
OCI will be credited with $2 million. This gain cannot be reclassified to profit or loss.
Benefits paid have no effect on the net obligation, as plan assets and plan obligations are
both reduced by $5 million.

$m Charge to
Net pension obligation at 31 December 20X6 89
Net interest component (4.5% × $89m) 4 Profit or loss
Service cost for year 12 Profit or loss
Past service cost for plan amendment 6 Profit or loss
Contributions (10) Already credited to cash
Remeasurement (2) To OCI
Net pension obligation at 31 December 20X7 99

Effects on profit before tax

$m
Net interest component 4
Past service cost 6
Current service cost 12
22

Therefore, the adjustments required will reduce profit before tax will by $22 million.

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(b) Cryptocurrency
(i) Accounting policy
In the absence of an IFRS covering investments in cryptocurrencies, the directors of
Zelunda should use judgement to develop an appropriate accounting policy.
When developing the accounting policy, IAS 8 Accounting Policies, Accounting Estimates
and Errors requires that the directors consider:

 The Conceptual Framework for Financial Reporting. The investment in Buckle appears
to meet the definition of an asset; a present economic resource controlled by the
entity as a result of past events. Consideration should be given to the recognition
criteria and to other issues such as the measurement basis to apply and how
measurement uncertainty may affect that choice given the volatility of
cryptocurrencies.

 IFRSs which deal with similar issues. For example, if the specific facts and
circumstances lead Zelunda to conclude that the investment is an intangible asset, it
should be accounted for under IAS 38 Intangible Assets.

 Pronouncements of other national GAAP based on a similar conceptual framework and

accepted industry practice. In relation to cryptocurrency, relevant information is
sparse. Most national accountancy bodies appear to be waiting for the IASB to take
the lead on standard setting for cryptocurrencies.
It is not appropriate for Zelunda to simply classify the investment as a cash equivalent
without considering the issues identified above.
The most appropriate accounting policy provides information which is most relevant to the
users of the financial statements and faithfully represents the investment.
(ii) Need for further disclosure
The finance director's decision to not provide any further disclosure about the investment
in Buckle is based on the conclusion that additional information is not material.
IFRS Practice Statement 2: Making Materiality Judgements adds weight to the established
IFRS principle that information that is not material does not need to be disclosed in the
financial statements.
However, the finance director does not appear to have properly assessed whether
information relating to the investment is material.
Practice Statement 2 recommends that assessment of materiality should be performed
with reference to both quantitative factors and qualitative factors.
The finance director has only considered quantitative factors. Qualitative factors also need
to be considered.
The fact that the investment in cryptocurrency is a new type of investment for Zelunda is a
relevant qualitative factor.
The volatility of cryptocurrencies may also be considered a relevant qualitative factor,
particularly if Zelunda plans to invest in cryptocurrencies, or to accept cryptocurrencies as
payment, in the future.
The existence of these qualitative factors should reduce the quantitative threshold for
materiality. Therefore, the investment in Buckle could be material.
Zelunda's financial statements are intended to provide financial information which is useful
to users when making decisions about providing resources to Zelunda.
Some investors, relying on information disclosed in the financial statements, may consider
Zelunda’s investment in cryptocurrency as risky and inappropriate, and reflecting poor
stewardship of Zelunda's resources.

11
(c) Mixed measurement approach
A mixed measurement approach means that a company selects a different measurement
basis (i.e. historical cost or current value) for each class of various assets and liabilities,
rather than using a single measurement basis for all items.
At Zelunda, we prepare financial statements in accordance with IFRS Standards. We apply
the measurement bases permitted in IFRSs which include current value (fair value, value
in use, fulfilment value and current cost) and historical cost.
The Conceptual Framework confirms that the IASB uses a mixed measurement approach in
developing standards. The measurement methods included in standards are those which
the IASB believes provide the most relevant information and which most faithfully
represent the underlying transaction or event.
When selecting a measurement basis, the directors should consider measurement
uncertainty. The Conceptual Framework states that for some estimates, a high level of
measurement uncertainty may outweigh other factors to such an extent that the resulting
information may have little use.
At Zelunda, when an IFRS allows a choice of measurement basis, we exercise judgement
as to which basis will provide the most useful information for the primary users of that
information.
Some investors have criticised the mixed measurement approach because they think that
if different measurement bases are used for assets and liabilities, the resulting totals can
have little meaning or lack relevance.
However, although a single measurement basis would provide consistency, it may not
provide the most relevant information to users.
In conclusion, the intention behind applying different measurement basis to various assets
and liabilities is to try to ensure that information is understandable and relevant for
stakeholders. The main disadvantage of a mixed approach, inconsistency, is outweighed
by the main advantage, greater relevance to users.

12
 Marking Scheme
Note: In each question, some marks are allocated for RELEVANT knowledge. Marks will not be
awarded for the reproduction of irrelevant knowledge or irrelevant parts of IFRS Standards. Full
marks cannot be gained unless relevant knowledge has been applied. Candidates may also discuss
issues which do not appear in the suggested solution. Providing that the arguments made are
logical and the conclusions derived are substantiated, marks will be awarded accordingly.
Marks Marks

1 IBADAN
(a)(i) Calculation of payment for PPE acquisitions 2
Calculation of proceeds from sale of PPE 1
Cash flows from financing activities 2
Discussion and application to the scenario 2
───
7

(ii) Discussion and application to the scenario of the usefulness

of group statements of cash flows for investors 4
Discussion and application to the scenario of the limitations
of group statements of cash flows for investors 3
───
7
(b)(i) Explanation of the $10m and $9m line items relating
to the disposal of the subsidiary 3

(ii) Discussion and application to the scenario of Ibadan’s

accounting treatment of the investment in equity shares 3
───
6
(c) Explanation and application to the scenario relating
to the initial recognition 3
Explanation and application to the scenario relating
to subsequent years 4
Extracts from financial statements 3
───
10
───
30
───
2 MANDING
(a) Discussion and application to the scenario relating
to share based payments 4
Discussion and application to the scenario relating
to defined benefit scheme 4
Discussion and application to the scenario relating
to revaluation and deferred tax 3
───
11
(b) Discussion and application to the scenario of ethical issues 3
Discussion and application to the scenario
of actions and their potential impact 4
Professional marks 2
───
9
───
20
───

13
3 WADER
Marks Marks
(a) Discussion and application to the scenario of Wader’s
accounting for revenue 3
Discussion and application to the scenario of accounting
for the construction of machinery 3
───
6
(b) Explanation and application to the scenario of accounting
for the revaluation of buildings 6

(c) Explanation and application to the scenario relating

to the treatment of the closure of the overseas branch
and the onerous contract 6

(d) Discussion and application to the scenario relating

to accounting for shared costs 7
───
25
───
4 ZELUNDA
(a) Discussion and application to the scenario of the principles
and practice of accounting for the pension scheme 4
Calculation of net pension obligation 3
Effect on profit 1
───
8

(b)(i) Discussion and application to the scenario of how

to determine the appropriate treatment 5

(ii) Discussion and application to the scenario of the decision

not to provide any further disclosure 4
───
9
(c) Discussion and application to the scenario of the mixed
measurement approach and effect on investors 6
Professional marks 2
───
8
───
25
───

14