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CPA
Intermediate Leval
Public Finance & Taxation May 2019
Suggested Solutions

Public Finance & Taxation
Revision Kit

QUESTION 1(a)

Q When the Cabinet Secretary for the National Treasury or equivalent ministry presents the Division of Revenue Bill to Parliament, it should be accompanied by a memorandum explaining various matters.

With reference to the above statement. identify such matters.
A

Solution


➧ Allocation of resources:

The memorandum explains how the revenue from the national government is divided among the various tiers of government, such as the national government, county governments (in the case of Kenya), or equivalent subnational entities. It provides a breakdown of the proposed allocation and the rationale behind it.

➧ Criteria for distribution:

The memorandum outlines the criteria used to determine the distribution of resources among the different levels of government. This may include factors such as population size, poverty levels, infrastructure needs, or any other relevant indicators that are considered in the allocation formula.

➧ Implications for service delivery:

The memorandum discusses the potential impact of the proposed division of revenue on service delivery at the different levels of government. It highlights the expected outcomes in terms of improved public services, infrastructure development, or any other key areas that the allocation aims to address.

➧ Compliance with legal provisions:

The memorandum ensures that the proposed division of revenue aligns with the legal provisions governing fiscal decentralization and intergovernmental fiscal relations. It explains how the allocation adheres to relevant laws, regulations, and constitutional provisions, ensuring transparency, equity, and accountability in the distribution of resources.

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QUESTION 1(b)

Q Outline functions performed by the Controller of Budget in relation to public finance management.
A

Solution


➧ Budget Implementation Oversight:

The Controller of Budget monitors the implementation of the national and county government budgets to ensure compliance with budgetary provisions, rules, and regulations. This involves reviewing budget execution reports, financial statements, and expenditure plans to ensure that public funds are being used efficiently, effectively, and in accordance with the approved budgets.

➧ Expenditure Control and Authorization:

The Controller of Budget exercises control over public expenditure by authorizing the release of funds from the Consolidated Fund or County Revenue Fund to the various government entities. This includes scrutinizing expenditure requests, verifying their legality, and ensuring that adequate funds are available before authorization.

➧ Budget Reporting and Accountability:

The Controller of Budget prepares and submits regular reports on the implementation of the national and county budgets to the relevant stakeholders, including Parliament, the National Treasury, and county governments. These reports provide an overview of the budget performance, highlighting any deviations, underspending, or irregularities. This promotes transparency and accountability in public financial management.

➧ Budget Analysis and Advice:

The Controller of Budget conducts analysis and provides expert advice on budgetary matters to the National Treasury, county governments, and other stakeholders. This includes reviewing budget proposals, assessing their feasibility, and providing recommendations for improvements in budget formulation, allocation, and execution processes.

➧ Revenue Monitoring:

The Controller of Budget monitors revenue collection by the national and county governments, ensuring that it is done in accordance with legal provisions. This involves reviewing revenue performance reports, assessing compliance with revenue collection targets, and identifying any discrepancies or potential areas for improvement.

➧ Public Participation and Engagement:

The Controller of Budget promotes public participation and engagement in the budgetary process. This includes facilitating public consultations on budget priorities, conducting budget awareness campaigns, and disseminating information to the public regarding the budget process, allocations, and outcomes.

➧ Compliance and Audit:

The Controller of Budget works closely with the Auditor General and other oversight institutions to ensure compliance with financial management regulations and to address audit queries and recommendations. This collaboration helps to enhance transparency, accountability, and good governance in public finance management.

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QUESTION 1(c)

Q Summarise the steps that each public entity should follow under the e-procurement process.
A

Solution


➧ Planning and Needs Assessment:

The public entity identifies its procurement needs and prepares a procurement plan. This includes defining the requirements, specifications, and estimated budget for the goods, works, or services to be procured.

➧ Procurement Method Selection:

The entity determines the appropriate procurement method to be used, taking into account factors such as value, complexity, and market conditions. Common methods include open tendering, request for proposals (RFP), or framework agreements.

➧ e-Procurement System Registration:

The public entity registers and obtains access to the designated e-procurement system or platform used by the government or relevant procurement authority. This may involve submitting required documentation and completing any necessary training or orientation on using the system.

➧ Tender Preparation and Advertisement:

The entity prepares the tender documents, including the invitation to tender, instructions to bidders, technical specifications, terms and conditions, and evaluation criteria. These documents are then uploaded to the e-procurement system and advertised to potential suppliers or contractors.

➧ Bid Submission:

Interested bidders submit their bids electronically through the e-procurement system within the specified deadline. The system ensures the integrity and confidentiality of the bids, maintaining transparency in the process.

➧ Bid Evaluation and Award:

The entity evaluates the received bids based on predetermined evaluation criteria and processes. This may involve technical and financial evaluations, clarification requests to bidders, and negotiations if applicable. The successful bidder is selected, and the award decision is communicated through the e-procurement system.

➧ Contracting and Documentation:

Once the award decision is finalized, the entity initiates the contract negotiation and preparation process. The contract terms and conditions are agreed upon with the selected bidder, and the contract is signed electronically through the e-procurement system. All relevant documentation, including performance bonds or guarantees, are generated and stored in the system.

➧ Contract Management and Monitoring:

The public entity manages and monitors the performance of the contracted goods, works, or services. This involves tracking milestones, ensuring compliance with contractual obligations, and resolving any issues or disputes that may arise during the contract period.

➧ Reporting and Documentation:

Throughout the e-procurement process, the entity maintains comprehensive records of all procurement-related activities. This includes documentation of the planning, tendering, evaluation, award decisions, contracts, and any correspondence or communication conducted through the e-procurement system. These records are essential for audit purposes and to provide transparency and accountability.

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QUESTION 2(a)

Q Identify factors that are considered by the Commission on Revenue Allocation (CRA) or equivalent body while selecting marginalised counties for purposes of allocating the equalisation funds.
A

Solution


➧ Poverty and Socioeconomic Indicators:

The CRA assesses poverty rates, unemployment levels, income disparities, and other socioeconomic indicators to identify counties that are economically disadvantaged. High poverty rates and low levels of economic development are often key criteria for determining marginalization.

➧ Infrastructure and Basic Services:

The availability and quality of infrastructure and basic services, such as roads, schools, healthcare facilities, and access to clean water, are considered. Counties with inadequate infrastructure and limited access to essential services are more likely to be classified as marginalized.

➧ Human Development Indicators:

The CRA examines human development indicators, including literacy rates, access to education, healthcare outcomes, and indicators of social well-being. Counties with lower human development indicators are given priority in the allocation of equalization funds.

➧ Geographic and Environmental Factors:

The geographical and environmental characteristics of counties are taken into account. Remote or isolated regions, areas prone to natural disasters, ecological challenges, or regions with limited agricultural potential may be considered as marginalized due to the additional challenges they face.

➧ Historical Marginalization and Disadvantage:

The CRA considers historical factors, such as past patterns of marginalization or discrimination, that have led to ongoing economic and social disparities. Counties that have experienced systemic marginalization in the past may be prioritized for equalization funds.

➧ Revenue Generation Capacity:

The commission also considers the revenue generation capacity of counties. Counties with limited revenue sources, such as those heavily reliant on agriculture or lacking significant commercial activities, may be identified as marginalized.

➧ Consultation and Stakeholder Input:

The CRA engages in consultations with various stakeholders, including county governments, community representatives, civil society organizations, and experts, to gather perspectives and insights on the marginalized status of specific counties. Stakeholder input helps inform the decision-making process.

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QUESTION 2(b)

Q Discuss functions of the Council of Governors in county financial management.
A

Solution


➧ Policy Formulation and Advocacy:

The Council of Governors formulates policies and advocates for the financial interests of county governments. They work collaboratively with national government bodies, such as the National Treasury, to develop policies that address fiscal challenges, revenue generation, intergovernmental fiscal relations, and budgetary processes at the county level.

➧ Budgetary Planning and Coordination:

The Council of Governors facilitates the coordination and harmonization of budgetary planning among the county governments. They provide guidance and support in the preparation of county budgets, ensuring alignment with national policies and priorities. The council promotes best practices in budget formulation, execution, and monitoring to enhance transparency, accountability, and efficiency in county financial management.

➧ Intergovernmental Fiscal Relations:

The Council of Governors engages in dialogue and negotiations with the national government and other stakeholders on matters related to intergovernmental fiscal relations. This includes discussions on revenue sharing, equitable allocation of resources, conditional grants, and other financial arrangements that affect county governments. They advocate for a fair and balanced fiscal framework that supports the financial sustainability and development of the counties.

➧ Capacity Building and Technical Assistance:

The Council of Governors provides capacity building initiatives and technical assistance to county governments in financial management. They offer training programs, workshops, and knowledge sharing platforms to enhance the financial skills and capabilities of county officials. This helps to improve financial planning, budgeting, accounting, and reporting practices at the county level.

➧ Oversight and Compliance:

The Council of Governors carries out oversight functions to ensure compliance with financial management regulations and policies. They monitor the implementation of budgets, expenditure patterns, and financial reporting by the county governments. The council works with relevant institutions, such as the Office of the Controller of Budget and the Auditor General's Office, to address financial management issues, audit queries, and promote accountability.

➧ Resource Mobilization:

The Council of Governors plays a role in mobilizing resources for county governments. They engage in resource mobilization initiatives, including seeking grants, loans, and partnerships with development partners, both locally and internationally. The council works to enhance revenue generation capacity within counties, exploring innovative financing mechanisms and promoting investments in key sectors to support sustainable development.

➧ Collaboration and Information Sharing:

The Council of Governors facilitates collaboration and information sharing among county governments in financial management. They provide a platform for sharing experiences, best practices, and lessons learned in fiscal matters. This helps to foster peer learning, strengthen financial governance, and improve performance across the counties.

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QUESTION 2(c)

Q The value added tax (VAT) payable by (or refundable to) Mwanahawa Hamisi for the month of October 2017.
A

Solution


Mwanahawa Hamisi VAT account for the month of October 2017
Input tax Output tax
Transaction Amount VAT Transaction Amount VAT
Purchases @ std rate
Exempt purchases
Rent 80,000 x 3
Pickup 100/116
Electricity
Telephone
Stationary
Audit fee 100/116 x 111,070 		1,200,000 x 16%
500,000
240,000 x 16%
750,000 x 16%
42,500 x 16%
13,200 x 16%
3,600 x 16%
95,750 x 16% 		192,000

38,400
120,000
6,800
2,112
5,760
15,320		 standard rate
Zero rated
Exempt sales
Bad debts
Bankruptcy
Donations


 1,786,000 x 16%
418,000 x 0%
342,000
(280,000) x 16%
(325,000) x 16%
280,000 x 16%


 285,760
0
342,000
(44,800)
(52,000)
44,800
Total 380,392 575,760
Since Output tax is greater than Input tax,Bandika ltd has VAT payable
Deductible input = Vatable sales / Total sales x Input VAT
(2,171,500 / (217,500 + 342,000)) x 380,392 = 328,634
VAT payable = Output - Deductable input
575,760 - 328,634 = 247,126


Workings
Standard sales eligible for discount 40% x 1,900,000
Discount 15% x 760,000
Sales without discount 0.6 × 1,900,000
Total sales		 76,000
(114,000)
1,140,000
1,786,000


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QUESTION 3(a)

Q Distinguish between "objection" and "appeal" as used in administration of income tax.
A

Solution


Objection:

An objection is a formal process initiated by a taxpayer to challenge or dispute a decision or assessment made by the tax authority regarding their tax liability. It is typically filed when a taxpayer believes that the tax authority has made an error in assessing their tax liability, applying tax laws, or determining the amount of tax owed. The objection is submitted to the tax authority within a specified timeframe, accompanied by supporting evidence, documentation, and arguments to substantiate the taxpayer's claim. The tax authority then reviews the objection and reconsider the original decision. If the taxpayer's objection is accepted, the tax assessment or decision is revised accordingly.

Appeal:

An appeal, on the other hand, is a further step that a taxpayer can take if they are dissatisfied with the outcome of their objection. It involves challenging the decision made by the tax authority regarding the objection. The appeal is generally submitted to an independent administrative or judicial body, such as a tax tribunal or a tax court, depending on the jurisdiction. The appeal process is more formal and involves presenting arguments, evidence, and legal grounds to support the taxpayer's case. The administrative or judicial body reviews the appeal and makes a final determination, which may uphold, modify, or overturn the tax authority's decision. The decision of the appellate body is typically binding on both the taxpayer and the tax authority.

Summary

Objection is the initial step taken by a taxpayer to dispute a tax assessment or decision within the tax authority itself. It involves providing additional information or arguments to challenge the original decision. If the taxpayer is not satisfied with the outcome of the objection, they can proceed to file an appeal to an independent administrative or judicial body to review the matter and make a final determination. The appeal process involves a more formal presentation of arguments and evidence before the appellate body.

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QUESTION 3(b)

Q Outline disadvantages of a multiple tax system.
A

Solution


➧ Complexity and Compliance Burden:

Multiple taxes add complexity to the tax system, making it more challenging for taxpayers to understand and comply with their tax obligations. Each tax may have its own set of rules, forms, and filing requirements, increasing the administrative burden on individuals, businesses, and tax authorities. Compliance costs may rise as taxpayers need to allocate resources to understand and meet the requirements of each tax.

➧ Administrative Costs:

A multiple tax system requires a robust administrative infrastructure to collect, administer, and enforce various taxes. Tax authorities need to invest in systems, processes, and personnel to manage multiple tax types effectively. This can lead to increased administrative costs, including the need for additional staff, technology, training, and coordination efforts.

➧ Potential for Double Taxation:

Multiple taxes can result in the potential for double taxation, where the same economic activity or income is subject to multiple taxes at different stages or by different taxing authorities. This can lead to a tax burden that is perceived as unfair and may discourage investment, hinder economic growth, and negatively impact cross-border transactions.

➧ Compliance and Enforcement Challenges:

With multiple taxes, tax authorities face challenges in ensuring effective compliance and enforcement. Different taxes may have varying levels of enforcement effectiveness, leading to inconsistencies in compliance and potential tax evasion. Coordinating efforts among different tax authorities can be complex, particularly in cases involving cross-border transactions or multinational corporations.

➧ Distorted Economic Behavior:

Multiple taxes can create distortions in economic behavior. They may influence individuals and businesses to make decisions based on tax considerations rather than economic efficiency. Tax planning strategies may arise to minimize the tax burden, which can lead to inefficiencies, misallocation of resources, and reduced productivity.

➧ Administrative and Legal Disputes:

A multiple tax system increases the likelihood of administrative and legal disputes between taxpayers and tax authorities. Disputes may arise due to differences in interpretations, overlaps between taxes, or inconsistencies in tax laws across different tax types. Resolving such disputes can be time-consuming, costly, and may create uncertainty for taxpayers.

➧ Compliance Incentives and Complexity:

The presence of multiple taxes can create incentives for tax planning, including aggressive tax avoidance or evasion schemes. Complexity and loopholes within the tax system can be exploited by taxpayers to reduce their tax liabilities. This can erode public trust in the fairness and effectiveness of the tax system.

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QUESTION 3(c)

Q (i) Taxable income for Bonface IIuka for the year ended 31 December 2017.
(ii) Tax payable (if any) on the income computed in (c)(i) above.
A

Solution


(i) Taxable income for Bonface IIuka for the year ended 31 December 2017.

Bonface Ituka
computation of taxable income year of income 2017

Basic salary 184,000 × 12
Bonus
Commission
Substence allowance (18,000 - 2,000) × 4
Insurance premium 60% x 460,000
Motor vehicle benefit - cc ratings 7,200 × 6 = 43,200
- 2/100 x 2,800,000 × 6 = 336,000
} higher
Telephone 30% *68,000
Water Actual bill 18,200
- Prescribed amount 6,000
} higher
Electricity - Actual bill 24,600
-Prescribed amount 18,000
} higher
Entertainment

Housing benefits 5/100 x 3,450,200 = 517,530
- Fair market rental value 120,000 × 12 = 1,440,000
} higher
Less: Nominal rent 20,000 × 12 = (240,000)
Less: Allowable deduction
Pension contribution:
Actual contribution 5 / 100 x 2,208,000 = 110,000
- Set limit = 240,000
30% x 4,650,200 = 1,395,060
} Lower
Total taxable employment income
Other incomes
Lumpsum pension 540,000
Exempt (600,000)
Total taxable income		 Sh
2,208,000
184,000
199,000
64,000
276,000

336,000
20,400

18,200

24,600
120,000
3,450,200


1,200,000




(110,400)
4,539,800



4,479,800


(ii) Tax payable (if any) on the income computed in (c)(i) above.

Computation of tax
1st 134,164 @ 10%+ 126,403@60%

Gross tax payable

Less: Personal relief
P.A.Y.E
Subscription
15% × 460,000 = 69,000
- lower Set limit 60,000
} Lower
Net tax Payable
89,258.2
1,324,928.1
1,414,186.3

(15,360)
(897,600)
(54,000)

(60,000)
387,226.3


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QUESTION 4(a)

Q Adjusted taxable income for Fanaka Ltd. for the year ended 31 December 2017.
A

Solution


Fanaka Itd
Computation of adjusted taxable income
December 2017

Sales 4,800,000 - 128,000
Cost of sales
Opening stock
Add: purchases
Less: Closing stock
Gross profit
Discount received
Foreign exchange gain (realized)
bad debts recovered
Less: Allowable deduction
Discount allowed
Salaries
Electricity
Advertising 395,000 - 195,000
Subscriptions to a trade association
Audit fees
Legal fees - preparation of employment contract
Car hire expenses
Loss of stock
General expenses
Wear and tear- Bill board 12.5% x 195,000
ID-Machinery 1,642,000 × 12.5%
Adjusted business taxable profit
Add other income:
Interest Hekima Bank 100 / 85 x 340,000
Rent received
Total taxable income


912,000
1,100,000
(840,000)






















 Sh
4,672,000



(1,172,000)
3,500,000
133,000
232,000
540,000

(54,000)
(960,000)
(180,000)
(200,000)
(65,000)
(168,000)
(34000)
(420,000)
(410,000)
(52,000)
(24,375)
(205,250)
1,632,375

400,000
280,000
2,312,375


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QUESTION 4(b)

Q Capital allowances due to Zuret Products Ltd. for the year ended 31 December 2017.
A

Solution


Zuret Ltd Computation Of Capital Allowance Year Of Income 2017

INVESTMENT DEDUCTION

Asset Qualifying cost Rate @ 100%
Water pump
Conveyor belts
Packaging machine
Perimeter
Drainage system
Borehole

 280,000
960,000
860,000
960,000
1,780,000
1,500,000
6,340,000		 280,000
960,000
860,000
960,000
1,780,000
1,500,000
6,340,000


INDUSTRIAL BUILDING ALLOWANCE

Asset Qualifying cost Residual Value(b/f) Rate @ 10% Residual c/f
Staff canteen
Labour quarter
Staff clinic
Godown

860,000
3,600,000
960,000
2,860,000

860,000 - (10%x860,000x3) = 602,000
3,600,000 - (10%x3,600,000x3) = 2,520,000
960,000 - (10%x960,000x3) = 672,000
2,860,000 - (10%x2,860,000 x 3/12) = 71,500

86,000
360,000
96,000
71,500
613,500		 516,000
2,160,000
576,000
2,788,500
6,040,500


WEAR & TEAR

Class I
37.5% 		II
30% 		III
25%		 IV
12.5%
W.D.V 01/01/2017
Additions
computers
Furniture
Delivery van
Printers
Tractors
Disposal
Computers
Delivery van
Net assets
Wear and tear allowance
 2,500,000





1,800,000



4,300,000
(1,612,500)
 1,265,000

345,000


60,000


(250,000)

1,420,400
(426,120)
 2,880,000



1420,000




(620,000)
3,680,000
(920,000)
 1,320,000


140,000






1,460,000
182,500
W.D.V 31/12/2017 2,687,500 994,280 2,760,000 1,277,500


Workings

WDV 01/01/2017 I II III IV
Computers
Furniture
Delivery van
Cash registers
Printers
Tractors
Motor cycles
Non processing machine
Total




2,500,000


2,500,000		 525,000


620,000
120,000



1,265,000

2,500,000



380,000

2,880,000		 360,000






960,000
1,320,000


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QUESTION 5(a)

Q Highlight circumstances under which duty paid on imported goods may be refunded by the commissioner,
A

Solution


➧ Overpayment or Excessive Duty:

If it is determined that the importer has paid more duty than what was legally owed, either due to an error in calculation or an incorrect assessment by the customs authorities, a refund may be granted. This could occur, for example, if the duty rate was incorrectly applied or if there was a mistake in the valuation of the goods.

➧ Goods Rejected or Returned:

If the imported goods are rejected or returned to the exporting country due to defects, quality issues, or non-compliance with specifications, the commissioner may consider refunding the duty paid. In such cases, the importer would need to provide evidence of the rejection or return of the goods.

➧ Exported Goods:

If the imported goods are subsequently exported from the importing country without being used or consumed domestically, a refund of the duty paid at the time of importation may be eligible. This promotes the facilitation of trade and prevents the double taxation of goods.

➧ Duty Exemption or Relief:

In certain circumstances, specific goods or importers may be eligible for duty exemption or relief under trade agreements, preferential schemes, or government policies. If duty was inadvertently paid on goods that should have been exempt or subject to a reduced duty rate, the commissioner may grant a refund.

➧ Duty Drawback Scheme:

Some countries have duty drawback schemes that allow for the refund of duty paid on imported goods that are subsequently used in the production of exported goods. The importer/exporter can claim a refund of the duty portion related to the imported inputs used in the exported goods, subject to fulfilling certain conditions and procedures.

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QUESTION 5(b)

Q Argue cases against capital gains tax or equivalent tax in your country.
A

Solution


➧ Double taxation:

Capital gains taxes can be seen as a form of double taxation since they impose a tax on the profit realized from an investment that has already been subject to income tax. Critics argue that taxing capital gains undermines the incentive to invest and can discourage productive economic activity.

➧ Distortion of investment decisions:

Capital gains taxes may distort investment decisions by influencing when and how assets are bought or sold. Investors may hold onto assets longer than optimal to defer tax liabilities, which can result in misallocation of resources and inefficiencies in the market.

➧ Encourages tax avoidance and evasion:

High capital gains tax rates can incentivize individuals and businesses to engage in aggressive tax planning or resort to tax evasion schemes. This can lead to a decrease in overall tax compliance and a loss of revenue for the government.

➧ Negative impact on economic growth:

Critics argue that capital gains taxes can hinder economic growth by reducing the pool of investment capital available for businesses. Higher taxes on capital gains may discourage entrepreneurship, innovation, and risk-taking, which are crucial for economic development and job creation.

➧ Administrative complexity:

Capital gains taxes can be complex to calculate and administer, especially when dealing with various types of assets and investment vehicles. Compliance costs for both individuals and businesses may increase, creating an additional burden on taxpayers and diverting resources from more productive activities.

➧ Unfair treatment of long-term investors:

Capital gains taxes may disproportionately affect long-term investors who hold assets for extended periods. Since the tax is typically based on the nominal gain rather than accounting for inflation, investors may face higher tax liabilities even if their real purchasing power hasn't significantly increased.

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QUESTION 5(c)

Q (i) Adjusted taxable profit or loss for the partnership for the year ended 31 December 2017.
(ii) Allocation of profit or loss to the partners.
A

Solution


(i) Adjusted taxable profit or loss for the partnership for the year ended 31 December 2017.

Chetel traders
Computation of taxable profit/loss year of income
December 2017
Reported net loss
Add: Disallowable expenses
Embezzlement by a cashier
Staff Christmas party
Replacement of car engine
Partition of an office
Partner - private insurance
Salaries to partners (525,000 + 600,000 + 235,000)
Interest on capital (120,000+ 105,000 + 22,500)
Parking fines
Breach of contract
Drafting a lease agreement (100 years)
Defending of a partner in a tax case
Loss of sale of asset
Stamp duty
Conveyance fees
Mortgages interest
Furniture
Weighing scale
Installation of CCTV cameras
Fixing a leaking roof
General provision for bad debts
Depreciation
Less: Omitted allowable expenses
Capital allowance
Less: incomes Whose withholding tax final
Interest on bank deposit
Less: Nontaxable income
Insurance compensation on stolen vehicle
Profit on disposal of computers
Adjusted taxable profit		 (1,342,095)

900,000
600,000
105,000
450,000
570,000
1,360,000
247,500
11,400
150,000
6,750
9,000
11,400
6,120
112,500
180,000
63,000
252,000
224,000
84,000
49,500
193,400

(260,800)

(90,000)

(300,000)
(160,000)
3,432,675


(ii) Allocation of profit or loss to the partners.

Partners allocation

Interest on capital
Salaries
Share of profits
8 months
4 months
Taxable profit		 Chege
120,000
525,000

555,380
145,575
1,345,955		 Telek
105,000
600,000

833,070
218,363
1,756,433		 Lopez
22,500
235,000


72,788
330,288		 Total
247,500
1,360,000

1,388,450
436,725
3,432,675


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