partition requiring incidence count 2 (DS0 excepted of course). D O C 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 21 2 3 5 6 7 8 9 30 2 3 5 6 7 8 9 41 2 3 4 5 6 7 8 9 WORD 01TBM 02TLP 05HDS 05HDS 14ASO 06SPP 08JSC 11OMM 12OWF 12OWF 25WOW 15PCD 16PPG 17FEC 18HTP 22HLH 23MTB 26SBS 28BBB 29LFW 32JGF 33BFP 36LTT 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 6 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 7 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 0 0 0 0 0 1 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 235 210 bt ah cr ke e 5 42 a b c c gl w l a hl r ao wb i e e mo a y l a e bl y dn n s 1 1 336 1 3 5 6 060 bbc f t w a or uho gyy l ro l el e 2 256 690 820 a abm l we o wadt ay h y er s 4 1 282 df m ai e y dn d le 2 23 2 78 bg r ui o yr u l n d 12 4 39 8 hm oa ui sd e 33 37 000 000 000 000 000 100 000 000 000 000 000 000 000 000 111 000 000 100 000 000 000 000 000 000 000 000 000 100 000 001 000 000 000 000 000 000 000 010 000 000 000 000 000 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 11 00 00 00 00 00 00 00 00 10 00 00 00 01 00 00 01 00 00 00 00 00 00 00 00 00 00 00 0 01 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 00 0 0 10 0 0 00 0 0 00 0 1 11 1 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 01 0 0 10 0 0 00 0 0 00 0 0 10 0 0 00 0 0 00 0 1 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 01 0 1 00 0 0 00 1 0 00 0 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 11 00 00 00 00 00 00 00 00 00 10 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 10 00 00 00 00 00 10 00 00 00 00 00 00 00 11 00 00 00 01 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 01 00 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 1 000 0 1 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 1 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 1 1 1 1 111 0 1 0 0 000 0 0 0 0 001 1 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 010 0 0 0 0 100 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 1 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 0 0 0 0 000 000 010 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 100 000 000 000 000 000 000 000 000 000 000 010 000 000 000 001 001 000 111 111 000 000 000 000 000 000 000 000 000 100 000 000 000 000 001 000 010 000 000 010 000 000 000 000 000 000 000 000 001 000 000 000 000 010 000 000 0 000 0 000 0 010 0 100 0 000 0 000 0 001 0 000 0 001 0 000 0 000 0 000 0 000 0 000 0 000 0 000 0 000 0 000 0 000 0 000 0 000 0 000 1 000 0 001 0 000 1 111 0 100 0 000 0 000 0 000 0 000 0 000 0 000 0 100 0 000 0 000 0 000 0 000 0 001 0 100 0 010 0 000 0 000 0 00 0 00 0 00 0 00 0 01 1 00 0 00 0 00 0 00 0 00 0 01 0 00 0 00 0 01 1 00 0 00 0 01 1 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 10 1 11 0 00 0 00 0 01 0 00 0 00 0 00 0 10 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 00 0 00 0 00 0 00 0 00 0 00 0 10 0 00 0 00 0 00 0 00 0 00 0 10 0 00 0 00 0 00 1 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 11 1 00 0 00 0 00 1 00 0 00 0 00 0 00 0 00 0 00 0 10 0 00 0 00 0 00 0 01 0 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 11 10 00 00 00 00 00 00 00 00 00 00 01 00 co hl i d l d 14 54 wco o hl mi d a l n d 5 14 9 54 w o m a n 5 9 dhs ai i ygn hg 11 11 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 10 00 00 00 00 00 01 00 00 00 00 00 00 00 00 10 00 00 00 00 00 00 00 10 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 00 00 00 00 00 01 00 00 00 00 10 00 00 00 11 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 10 01 00 00 0 00 0 00 0 00 0 00 0 10 0 00 0 01 0 00 0 00 0 01 1 11 0 01 0 00 0 10 0 00 0 00 0 10 0 00 0 00 0 00 0 00 0 01 0 00 0 00 0 00 0 00 0 00 0 10 0 00 1 00 0 10 1 00 0 00 0 00 0 01 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 00 00 00 00 00 00 01 00 00 01 01 11 00 00 00 00 00 00 00 00 00 01 10 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 00 00 00 00 00 01 00 00 01 01 11 00 00 00 00 00 00 00 00 00 01 10 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 nt oh su em b 45 33 c mo l el o nd t h 1 34 7 84 0 01 0 00 0 00 0 10 0 00 0 00 0 00 1 11 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 1 00 0 00 0 00 0 00 0 00 0 00 0 00 0 10 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 10 0 00 0 00 0 00 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 bd ra iy g ht 1 34 5 12 8 89 6 12 f m bd c e w a e aa l a i l n dy e t f a e l n 45 2 3 3 2 3 2 1 2 5 67 6 4 8 6 8 52 6 5 8 00 00 00 00 00 11 00 00 00 00 00 00 00 00 01 00 00 01 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 00 00 10 6 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 c mr t o eu w c nn 0 k pw f k m ia ai e gy l n n l g 00 00 00 00 11 00 00 00 00 10 01 00 00 11 00 00 01 00 00 00 00 00 00 00 00 00 00 01 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 5 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 br ao gu n d 4 68 cr t w uu hi t nrf ee e 24 55 19 28 000 000 000 000 111 000 000 000 000 100 001 000 000 101 000 000 001 000 000 000 000 000 000 000 000 000 000 001 000 010 001 000 000 000 010 000 000 000 000 000 000 000 000 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 00 00 00 00 00 01 00 00 00 00 00 00 00 00 01 00 00 11 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 00 10 00 00 00 00 00 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 D01TBM D02TLP D05HDS D06SPP D08JSC D11OMM D12OWF D15PCD D16PPG D17FEC D18HTP D22HLH D23MTB D26SBS D28BBB D29LFW D32JGF D33BFP D36LTT 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 is is is is is is is is is is is is is is is is is is is 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 0 1 1 1 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 0 1 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 {01TBM} {02TLP} {05HDS 14ASO} {06SPP} {08JSC} {11OMM} {12OWF 25WOW} {15PCD} {16PPG} {17FEC} {18HTP} {22HLH} {23MTB} {26SBS} {28BBB} {29LFW} {32JGF} {33BFP} {36LTT} 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 4 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 9 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 5 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 fall men old women None can have ic3 sub-clusters! 5 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 7 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0
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bond 1.00% 0.99% 0.95% 0.89% 0.81% 0.71% 0.59% 0.45% 0.31% 0.16% 0.00% s&p500 0.00% 0.16% 0.31% 0.45% 0.59% 0.71% 0.81% 0.89% 0.95% 0.99% 1.00% 100.080 100.750 100.000 100.280 100.692 100.025 100.091 100.081 100.081 109.817 109.100 109.240 100.110 100.617 100.000 100.264 100.582 100.004 100.069 100.058 100.057 108.012 108.530 108.577 100.141 100.452 100.000 100.217 100.495 100.000 100.066 100.038 100.040 106.049 107.784 107.718 100.157 100.276 100.000 100.137 100.467 100.021 100.093 100.021 100.040 104.041 106.995 106.790 100.146 100.143 100.000 100.051 100.607 100.087 100.162 100.027 100.082 102.318 106.548 106.179 100.131 100.151 100.000 100.079 101.156 100.242 100.288 100.120 100.210 101.614 107.355 106.789 100.170 100.359 100.000 100.370 102.251 100.462 100.425 100.338 100.415 103.003 110.991 110.180 100.263 100.665 100.000 100.559 103.114 100.517 100.396 100.477 100.496 106.862 119.270 118.149 100.400 100.834 100.088 100.000 102.362 100.471 100.434 100.517 100.467 111.456 135.055 133.594 101.346 101.361 101.198 100.000 101.509 101.255 101.536 101.334 101.324 114.216 170.918 170.345 100.402 100.427 100.310 100.000 100.405 100.132 100.288 100.150 100.296 107.440 142.314 125.169 BEKK DIAGONAL - VT BEKK SCALAR BEKK SCALAR - VT DCC-ASY-GEN DCC-ASYMMETRIC DCC-GENERALIZED DCC-IMA DCC-MR DCC-RANK FIXED (all sample) OGARCH 1 OGARCH 2 Average 100.159 100.403 100.000 100.033 101.093 100.147 100.204 100.142 100.174 106.648 120.267 118.258 Table 157: sample variance of minimum variance portfolios subject to a required return of 1 (sample: 1001-end) 39
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bond 1.00% 0.99% 0.95% 0.89% 0.81% 0.71% 0.59% 0.45% 0.31% 0.16% 0.00% s&p500 0.00% 0.16% 0.31% 0.45% 0.59% 0.71% 0.81% 0.89% 0.95% 0.99% 1.00% 100.511 100.931 100.000 100.253 100.625 100.402 100.458 112.560 104.676 120.472 111.264 100.462 101.745 100.557 101.014 100.000 100.176 100.481 100.330 100.364 112.188 104.607 117.156 109.198 100.442 101.654 100.592 101.162 100.000 100.112 100.330 100.260 100.276 111.464 104.427 113.237 106.905 100.480 101.546 100.561 101.393 100.000 100.062 100.170 100.168 100.190 110.313 104.131 108.851 104.490 100.536 101.422 100.392 101.578 100.000 100.017 100.005 100.045 100.093 108.717 103.743 104.476 102.268 100.524 101.277 100.328 101.471 100.012 100.079 100.000 100.073 100.105 106.990 103.500 101.517 101.107 100.512 101.239 100.636 101.218 100.000 100.390 100.411 100.524 100.441 105.665 103.734 102.748 102.429 100.644 101.479 100.674 100.912 100.000 100.859 101.066 101.155 101.006 104.578 104.064 110.842 106.870 100.639 101.836 100.076 100.534 100.000 101.284 101.439 101.407 101.385 104.130 103.176 121.875 112.237 100.183 102.002 100.601 100.815 101.616 101.368 101.574 101.333 101.520 110.939 101.852 123.302 114.554 100.000 101.743 100.498 101.415 101.151 100.000 100.297 100.245 100.081 114.037 107.580 109.876 107.572 100.197 102.290 EXP-SM MA(20) MA(100) DCC-IMA (recursive) DCC-MR (recursive) DCC-ASY (recursive) DCC-RANK (recursive) OGARCH1 (recursive) OGARCH2 (recursive) FIXED (sample 1-1000) FIXED (daily update) DCC-ASY-GEN (recursive) DCC-GEN (recursive) Average 100.238 100.874 100.000 100.165 100.328 100.287 100.285 108.954 103.868 111.942 106.909 100.165 101.400 Table 158: sample variance of minimum variance portfolios subject to a required return of 1 (sample: 1001-end) 42
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STARBUCKS EPS/EBIT Common Stock Financing Recession Normal Boom EBIT $1,200,000,000 $1,500,000,000 $1,700,000,000 Interest $0 $0 $0 EBT $1,200,000,000 $1,500,000,000 $1,700,000,000 Taxes $384,000,000 $480,000,000 $544,000,000 EAT $816,000,000 $1,020,000,000 $1,156,000,000 # Shares $803,338,943 $803,338,943 $803,338,943 EPS $1.02 $1.27 $1.44 Debt Financing Recession Normal Boom EBIT $1,200,000,000 $1,500,000,000 $1,700,000,000 Interest $40,000,000 $40,000,000 $40,000,000 EBT $1,160,000,000 $1,460,000,000 $1,660,000,000 Taxes $371,200,000 $467,200,000 $531,200,000 EAT $788,800,000 $992,800,000 $1,128,800,000 # Shares $764,200,000 $764,200,000 $764,200,000 EPS $1.03 $1.30 $1.48 90% Stock 10% Debt Financing Recession Normal Boom EBIT $1,200,000,000 $1,500,000,000 $1,700,000,000 Interest $4,000,000 $4,000,000 $4,000,000 EBT $1,196,000,000 $1,496,000,000 $1,696,000,000 Taxes $382,720,000 $478,720,000 $542,720,000 EAT $813,280,000 $1,017,280,000 $1,153,280,000 # Shares $799,425,049 $799,425,049 $799,425,049 EPS $1.02 $1.27 $1.44 10% Stock 90% Debt Financing Recession Normal Boom EBIT $1,200,000,000 $1,500,000,000 $1,700,000,000 Interest $36,000,000 $36,000,000 $36,000,000 EBT $1,164,000,000 $1,464,000,000 $1,664,000,000 Taxes $372,480,000 $468,480,000 $532,480,000 EAT $791,520,000 $995,520,000 $1,131,520,000 # Shares $768,113,894 $768,113,894 $768,113,894 EPS $1.03 $1.30 $1.47 03/21/201 9 ©Thomas Elias, Alison Tardie, Brandon Plourde, and Loren Plourde 45
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SF Bay Area County Housing and Job Growth, 2010-2040 Employment County 2010 2040 Housing Units 2010-2040 2010-2040 Total Total %* Population Households 2010 2010† 2040 %* 2010-2040 2010 2040 2010-2040 Total %* Total %* Alameda 694,000 948,000 253,000 36% 583,000 731,000 148,000 25% 545,000 705,000 160,000 29% 1,510,000 1,988,000 478,000 32% Contra Costa 345,000 467,000 122,000 35% 400,000 480,000 80,000 20% 375,000 463,000 88,000 23% 1,049,000 1,335,000 286,000 27% Marin 111,000 129,000 18,000 17% 111,000 119,000 8,000 7% 103,000 112,000 9,000 9% 252,000 285,000 33,000 13% Napa 71,000 90,000 19,000 27% 55,000 61,000 6,000 11% 49,000 56,000 7,000 15% 136,000 164,000 27,000 20% San Francisco 569,000 759,000 191,000 34% 377,000 469,000 92,000 25% 346,000 447,000 101,000 29% 805,000 1,086,000 280,000 35% San Mateo 345,000 445,000 100,000 29% 271,000 327,000 56,000 21% 258,000 316,000 58,000 22% 718,000 906,000 188,000 26% Santa Clara 926,000 1,230,000 304,000 33% 632,000 843,000 211,000 33% 604,000 819,000 215,000 36% 1,782,000 2,426,000 644,000 36% Solano 132,000 180,000 48,000 36% 153,000 176,000 23,000 15% 142,000 169,000 27,000 19% 413,000 511,000 98,000 24% Sonoma 192,000 257,000 65,000 34% 205,000 236,000 32,000 16% 186,000 221,000 35,000 19% 484,000 598,000 115,000 24% 3,446,00 660,00 3,385,000 4,505,000 1,120,000 33% 2,786,000 24% 2,608,000 3,308,000 700,000 27% 7,151,000 9,299,000 2,148,000 30% REGION*
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HOB-CDSC DS0 Start with densest doc (35SSS). Then always choose using highest count (except when doing so results in a singleton, in which case include 2nd high count also). DS1 DS2 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 ef hk auoi t l un l s g e 2233 5834 0000 0000 0000 1000 0001 0000 0000 1000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0100 0000 0000 0000 0000 1111 0010 0000 0000 0000 0001 0000 0000 0000 0000 1000 0000 0000 0000 2 0 0 0 0 3 0 0 0 0 4 0 1 0 0 5 0 0 0 0 6 0 0 0 0 7 1 1 1 0 8 0 0 0 0 9 0 0 0 1 1 0 1 1 1 0 1 0 0 0 0 2 0 0 0 0 3 0 1 0 0 4 0 0 0 0 5 0 0 0 0 6 0 0 0 0 7 1 0 1 0 8 0 0 0 0 9 0 0 0 0 2 0 0 0 0 0 1 0 0 0 0 2 0 0 0 0 3 1 0 1 0 4 0 1 0 0 5 1 0 1 1 6 0 0 0 0 7 0 0 0 0 8 1 0 1 0 9 0 0 0 0 3 0 0 0 0 0 1 0 0 0 0 2 0 0 0 0 3 1 0 1 0 4 1 0 1 0 5 0 0 0 0 6 0 0 0 0 7 1 0 1 0 8 0 0 0 0 9 0 0 0 0 4 0 1 0 1 0 1 0 0 0 0 2 0 1 0 0 3 1 0 1 0 4 0 1 0 0 5 1 0 1 1 6 0 0 0 0 7 0 0 0 1 8 0 0 0 0 9 0 0 0 0 5 0 1 0 1 0 1 0 0 0 0 2 0 0 0 0 3 0 0 0 1 4 0 0 0 0 5 0 0 0 0 6 0 0 0 0 7 0 0 0 0 8 0 0 0 0 9 0 0 0 0 6 0 0 0 0 0 07OMH 07OMH 13RRS 35SSS 45BBB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50LJH 35SSS 39LCS 50LJH 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Starting with 07OMH, the alg converges to Sub-Corpus DS={7,13,35,45} WS={4,7,10,13,42) with EdgeDensity=11/4*5=11/20= 55%. DS0 DS1 DS2 Starting with 50LJH, the alg converges to Sub-Corpus DS={35,39,50} WS={9,25,45) with EdgeDensity=7/3*3=7/9= 77.8%. WS2 mmn a oo i ns de e y 344 703 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 001 000 000 000 000 000 000 000 000 000 111 000 000 010 000 000 000 000 000 000 000 000 100 000 1 0 0 0 0 Starting with 35SSS, the alg converges to Sub-Corpus DS={7,35,50} WS={7,10,25,45) with an EdgeDensity= 8/3*4 = 8/12 = 66.7%. DS0 DS1 DS2 WS1 D bbc O a r l C keo e at dh 11 707 1 000 2 000 3 000 4 000 5 000 6 000 7 110 8 000 9 000 10 0 0 0 1 001 2 000 3 000 4 000 5 000 6 000 7 000 8 000 21 0 1 0 2 000 3 000 5 000 6 000 7 000 8 000 9 000 30 0 0 0 2 000 3 000 5 111 6 000 7 001 8 000 9 000 41 0 0 0 2 100 3 000 4 000 5 000 6 000 7 000 8 000 9 000 WORD 35SSS 07OMH 35SSS 50LJH ps i i e n g 45 50 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 00 00 11 00 00 00 10 00 00 00 00 00 00 00 00 00 bb e ar a ke t ea d 12 70 5 00 0 00 0 00 0 00 1 00 0 00 0 11 0 00 1 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 01 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 11 1 00 0 00 0 00 0 00 0 00 0 10 0 00 0 00 0 00 0 00 1 00 0 00 0 00 0 p i e 4 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 WS1 bb b aa r ck e ke a d 1 47 0 00 0 00 0 00 0 00 0 00 0 00 0 11 1 00 0 00 0 00 0 00 0 00 0 10 0 00 0 00 0 00 0 00 0 00 0 00 1 00 0 10 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 01 1 00 0 00 0 00 0 00 0 00 0 01 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 b d mo uool ygt d h er 1244 3424 0000 0000 0000 0000 0000 0000 1111 0000 0010 0001 0001 0001 1000 0000 0000 0000 0000 0000 0000 0000 0000 0001 0000 0010 0000 0010 0100 0000 1000 0000 0000 0000 0000 0000 0001 0000 0100 0000 1010 0000 0000 0000 0000 WS2 bb aa ck ke 47 00 00 00 00 00 00 11 00 00 00 00 00 10 00 00 00 00 00 00 00 10 00 00 00 00 00 00 00 00 01 00 00 00 00 00 01 00 00 00 00 00 00 00 b r e a d 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 WS1 b m be u o oa y t yt h er 1 4 2 3 2 95 0 0 00 0 0 00 0 0 00 0 0 01 0 0 00 0 0 00 1 1 00 0 0 01 0 1 00 0 0 00 0 0 00 0 0 00 1 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 1 00 0 0 10 0 1 00 0 0 00 0 0 00 1 0 00 0 0 01 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 00 0 0 00 0 0 00 1 1 00 0 0 01 0 0 00 0 0 00 0 0 00 ppt i i h e uu mm b 445 573 000 000 000 000 000 000 000 000 000 000 000 000 010 000 000 000 000 000 010 001 000 000 000 000 000 000 000 000 000 100 000 000 000 100 000 000 000 000 000 000 000 000 000 WS2 be p oa i yt e 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 2 5 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 4 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0
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1 2 3 4 5 6 WORD 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 35SSS 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 1 1 0 0 1 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 07OMH 0 0 0 1 0 0 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 35SSS 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 1 1 0 0 1 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 50LJH 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 DS0 0 07OMH 0 0 0 1 0 0 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DS 07OMH 0 0 0 1 0 0 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13RRS 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 2 DS4 35SSS 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 1 1 0 0 1 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 45BBB 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DS 13RRS 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0DS2 07OMH 0 0 0 1 0 0 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13RRS 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 DS4 21LAU 45BBB 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 07OMH 0 0 0 1 0 0 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 09HBD 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 27CBC 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 45BBB 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 09HBD 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 09HBD 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 27 42 27CBC 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 45BBB 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 21LAU 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 10JAJ 10 13 21 13RRS 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 21LAU 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 27CBC 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 09HBD 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 27 42 27CBC 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 45BBB 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10JAJ 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10JAJ 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10 21 21LAU 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 50LJH 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 1 1 0 0 1 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 35 39 50 35SSS 0 39LCS 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 W 50LJH 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 partition requiring incidence count 2 (DS0 excepted of course). DS0 DS DS4 2 W S 1 D bb O ar C ke e a d 1 70 c l o t h 1 7 de i a s t h f u l l h o u s e 2223 3583 k i n g mmn aoo i ns de e y 3344 4703 S 3 p s b be p i i a r ai e n ke t e g ea d 4 5 12 4 5 0 7 05 5 b bbbdmo a a ruo ol c key g t d kea h d er 11 2 44 4 7 03 4 24 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 1 1 11 1 11 0 0 00 0 00 0 0 00 0 10 0 0 00 0 01 0 0 00 0 01 0 0 00 0 01 1 0 01 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 10 0 00 0 0 00 0 00 1 0 00 0 00 0 0 00 0 01 0 0 00 0 00 0 0 00 0 10 0 0 00 0 00 0 0 00 0 10 0 0 00 1 00 0 0 00 0 00 0 0 01 0 00 0 1 10 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 01 0 1 00 0 00 0 0 00 1 00 0 0 00 0 00 0 0 01 0 10 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 0 0 00 0 00 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 21 2 3 5 6 7 8 9 30 2 3 5 6 7 8 9 41 2 3 4 5 6 7 8 9 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 00 0 0 00 0 0 01 0 0 00 0 0 00 0 1 10 0 0 01 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 1 11 1 0 00 0 0 00 0 0 00 0 0 00 1 0 00 0 1 00 0 0 00 0 0 00 0 0 00 0 0 01 0 0 00 0 0 00 0 0 00 0 0 01 1 WS1WS3 b bbbm bbps t bbpb t b b m b l a a r uo aui o o aui r o a u o a a c ke yt cyun w c y ue w b y t b d k e a h k m n k ma n y h y y er d er d 1 14 145 5 1 41 5 1 4 3 4 7 0 32 4371 4 43 70 4 3 3 2 3 5 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0001 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 1 1 1 11 1100 0 11 01 0 0 1 1 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 01 0000 0 00 00 0 1 0 1 1 1 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 1 0 0 10 1111 1 11 10 1 0 1 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 1 00 0010 1 00 11 1 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 1 0 0 00 1000 0 10 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 1 0 0 1 0 0 0 0 01 0000 0 00 00 0 1 0 1 1 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 01 0000 0 00 00 0 0 0 1 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 10 0100 0 01 00 0 0 1 0 0 0 0 1 1 00 0000 0 00 01 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 1 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 1 00 00 1 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 1 0 0 0 11 0100 0 01 00 0 1 1 1 1 0 0 0 0 00 0001 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0000 0 00 00 0 0 0 0 0 0 0 0 0 00 0010 0 00 10 0 0 0 0 0 0 m b m bb c c p t bc p t o a o r r ar i o r r i o t b t e o ko u w oo u w h y h awe wmn wwmn er er dn n nn 4 4 11 11 4 5 11 4 5 2 3 2 02 49 7 4 29 7 4 b c m b m bc f hp a r o a o rr ai i b y t b t oo l l e y h y h wwl l er er nn 2 4 4 11 234 3 0 2 3 2 29 625 bc be p pt be p rr oai i h oai oo yt e uu yt e ww mm nn b 11 24 45 24 29 955 73 955 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 00 0 00 0 00 0 00 0 00 0 00 0 00 1 00 0 10 1 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 10 0 11 1 01 0 00 1 00 0 00 0 00 0 00 0 00 0 00 0 01 0 00 0 00 0 00 0 00 0 00 0 10 1 01 0 00 0 00 0 00 0 00 0 00 00 00 00 00 00 00 00 00 11 00 00 00 00 00 00 00 00 11 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 11 00 00 00 00 00 00 00 00 00 00 00 00 00 10 11 00 01 00 00 00 00 00 00 00 00 00 00 00 00 11 00 00 00 00 00 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 10 00 0 0 00 00 0 0 00 00 0 0 01 01 0 0 00 00 0 0 00 00 0 0 00 00 1 1 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 11 11 1 1 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 10 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 10 0 0 00 00 0 1 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 0 0 00 00 1 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 11 0 0 00 0 0 00 0 0 00 1 1 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 11 1 1 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 1 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 1 0 00 00 00 00 00 00 01 00 11 00 00 00 00 00 00 00 00 00 00 00 00 00 10 11 00 01 00 00 00 00 00 00 00 00 00 00 00 00 11 00 00 00 00 00 00 000 00 000 00 000 00 000 00 100 00 000 00 000 00 000 00 000 11 110 00 000 00 000 00 000 00 100 00 000 00 000 00 000 00 000 11 000 00 000 00 000 00 000 00 000 00 000 00 000 00 000 00 000 00 000 00 000 00 001 00 000 00 000 00 000 00 001 00 000 00 000 00 000 00 010 00 000 00 000 00 000 00 000 00 000 00 001 000 00 000 000 00 000 000 00 000 010 00 010 000 00 000 000 00 000 000 00 000 010 00 010 000 00 000 000 00 000 000 00 000 000 00 000 000 10 000 000 00 000 000 00 000 000 00 000 000 00 000 000 00 000 000 10 000 000 01 000 000 00 000 000 00 000 000 00 000 000 00 000 100 00 100 000 00 000 000 00 000 000 00 000 000 00 000 011 00 011 000 00 000 000 00 000 000 00 000 101 00 101 000 00 000 000 00 000 000 00 000 000 00 000 000 00 000 010 00 010 000 00 000 000 00 000 000 00 000 111 11 111 D35SSS D07OMH D13RRS D45BBB D09HBD D21LAU D27CBC D10JAJ D50LJH D39LCS {07OMH {07OMH {07OMH {07OMH {09HBD {10JAJ 35SSS 13BBS 13RRS 09HBD 27CBC 13BBS 50LJH} 35SSS 45BBB} 21LAU} 27CBC 45BBB} 45BBB} 21LAU} {09HBD 27CBC 45BBB} {10JAJ 21LAU} {35SSS 39LCS 50LJH} is {39LCS 50LJH} bake bread eat pie back bake bread buy mother back bread buy plum town baby buy mother baby mother brown crown plum town baby mother brown crown boy eat pie boy pie (details 2 slides ahead)
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Convergent, Dense Sub-Corpuses: CDSC(w=0%, d=10%, DS0=doc1) DS0 = {doc1} WS1=Voc(DS0)={words in > 0% of DS0} WORD 35SSS 07OMH 35SSS 50LJH 07OMH 13RRS 35SSS 50LJH 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 4 0 1 0 0 1 1 0 0 5 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 7 1 1 1 0 1 0 1 0 8 0 0 0 0 0 0 0 0 9 0 0 0 1 0 0 0 1 1 0 1 1 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 0 1 0 0 1 1 0 0 4 0 0 0 0 0 0 0 0 5 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 7 1 0 1 0 0 0 1 0 8 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 1 0 1 0 0 0 1 0 4 0 1 0 0 1 0 0 0 5 1 0 1 1 0 0 1 1 6 0 0 0 0 0 0 0 0 7 0 0 0 0 0 0 0 0 8 1 0 1 0 0 0 1 0 9 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 1 0 1 0 0 0 1 0 4 1 0 1 0 0 0 1 0 5 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 7 1 0 1 0 0 0 1 0 8 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 4 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 2 0 1 0 0 1 0 0 0 3 1 0 1 0 0 0 1 0 4 0 1 0 0 1 0 0 0 5 1 0 1 1 0 0 1 1 6 0 0 0 0 0 0 0 0 7 0 0 0 1 0 1 0 1 8 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 5 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 1 0 0 2 0 0 0 0 0 0 0 0 3 0 0 0 1 0 0 0 1 4 0 0 0 0 0 1 0 0 5 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 7 0 0 0 0 0 0 0 0 8 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 0 07OMH 13RRS 21LAU 35SSS 50LJH 10JAJ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DS1={docs with > 15% of WS1} CDSC(w=0,d=10, DS0=35SSS) conv to DS4={7,10,13,21,35,50}, WS4={4,7,9,10,12,13,14,17,19,23,24,25,26,28,32,33,34,37,40,42,43,44,45,47,50,51,53,54 ED=41/28*6=24.4%. Lowering the DS%ofVocab from 15% to 10% decreases ED (Because it increases DSSize from 3 to 6?). WS2=Voc(DS1)={words in >0% of DS1} DS2={docs with > 15% of WS2} ... 10% of 13 = 1.3 D bbc O a r l C keo e at dh 11 707 1 000 2 000 3 000 4 000 5 000 6 000 7 110 8 000 9 000 10 0 0 0 1 001 2 000 3 000 4 000 5 000 6 000 7 000 8 000 21 0 1 0 2 000 3 000 5 000 6 000 7 000 8 000 9 000 30 0 0 0 2 000 3 000 5 111 6 000 7 001 8 000 9 000 41 0 0 0 2 100 3 000 4 000 5 000 6 000 7 000 8 000 9 000 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 ef hk auoi t l un l s g e 2233 5834 0000 0000 0000 1000 0001 0000 0000 1000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0100 0000 0000 0000 0000 1111 0010 0000 0000 0000 0001 0000 0000 0000 0000 1000 0000 0000 0000 mmn a oo i ns de e y 344 703 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 001 000 000 000 000 000 000 000 000 000 111 000 000 010 000 000 000 000 000 000 000 000 100 000 10% of 21 = 2.1 ps i i e n g 45 50 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 00 00 11 00 00 00 10 00 00 00 00 00 00 00 00 00 bbbbbc aaor ul ckye yo ke a t d h 111 479037 000000 000000 000000 000000 000000 000000 110110 000000 000000 000000 000001 000000 100010 000000 000000 000000 000000 000000 000100 000000 100000 000000 000000 000000 001000 000000 000000 000000 000010 010101 000000 000001 000000 001000 000000 010000 000000 000000 000010 000000 000000 000000 000000 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 de f h oa uo gt l u l s e 2223 4583 0000 0000 0000 0100 0000 0000 1000 0100 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0010 0000 1000 0000 0000 0111 0001 0000 0000 0000 0000 0000 1000 0000 0000 0100 0000 0000 0000 k i n g 3 4 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 10% of 23 = 2.3 m m mn a o oo i n ts d e he y er 3 4 44 7 0 23 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 10 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 01 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 10 0 0 00 0 0 00 0 0 00 1 1 01 0 0 00 0 0 00 0 1 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 00 1 0 00 0 0 00 opps l i i i de un mg 4445 4570 0000 0000 0000 0000 0000 0000 1000 0000 0000 1000 1000 1000 0010 0000 0001 0000 0000 0000 0010 0000 0000 1000 0000 0000 0000 0000 0000 0000 0000 0101 0000 0000 0000 0100 1000 0000 0000 0000 0000 0000 0000 0000 0000 t h u m b 5 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 bbbbbc aa or ul ckye yo ke a t d h 111 479037 000000 000000 000000 000000 000000 000000 110110 000000 000000 000000 000001 000000 100010 000000 000000 000000 000000 000000 000100 000000 100000 000000 000000 000000 001000 000000 000000 000000 000010 010101 000000 000001 000000 001000 000000 010000 000000 000000 000010 000000 000000 000000 000000 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 de f h oa uo gt l u l s e 2223 4583 0000 0000 0000 0100 0000 0000 1000 0100 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0010 0000 1000 0000 0000 0111 0001 0000 0000 0000 0000 0000 1000 0000 0000 0100 0000 0000 0000 10% of 26 = 2.6 k i n g 3 4 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 m m mn a o oo i n t s de he y er 34 44 70 23 00 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 10 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 10 00 00 00 10 00 00 00 00 00 00 11 01 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 00 10 00 00 00 o l d 4 4 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 pps s t t i i i oho e u n nuw m g mn b 4 4 5 555 5 7 0 134 0 0 0 000 0 0 0 000 0 0 0 100 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 1 0 101 0 0 0 000 0 0 1 000 0 0 0 000 0 0 0 000 0 0 0 000 0 1 0 001 0 0 0 010 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 1 0 1 000 0 0 0 000 0 0 0 000 0 0 0 000 1 0 0 000 0 0 0 000 0 0 0 000 0 0 0 001 0 0 0 000 0 0 0 000 0 0 0 100 0 0 0 000 0 0 0 000 0 0 0 000 bbbbbc aa or ul ckye yo ke a t d h 111 479037 000000 000000 000000 000000 000000 000000 110110 000000 000000 000000 000001 000000 100010 000000 000000 000000 000000 000000 000100 000000 100000 000000 000000 000000 001000 000000 000000 000000 000010 010101 000000 000001 000000 001000 000000 010000 000000 000000 000010 000000 000000 000000 000000 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 de f h oa uo gt l u l s e 2223 4583 0000 0000 0000 0100 0000 0000 1000 0100 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0010 0000 1000 0000 0000 0111 0001 0000 0000 0000 0000 0000 1000 0000 0000 0100 0000 0000 0000 k i n g 3 4 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 m m mn a o oo i n t s de he y er 34 44 70 23 00 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 10 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 10 00 00 00 10 00 00 00 00 00 00 11 01 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 00 10 00 00 00 opps l i i i de un mg 4445 4570 0000 0000 0000 0000 0000 0000 1000 0000 0000 1000 1000 1000 0010 0000 0001 0000 0000 0000 0010 0000 0000 1000 0000 0000 0000 0000 0000 0000 0000 0101 0000 0000 0000 0100 1000 0000 0000 0000 0000 0000 0000 0000 0000 s t t b cc o h o r ar n u w o ko mn w e w n n b 5 5 5 1 11 1 3 4 2 49 0 0 0 0 00 0 0 0 0 00 1 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 1 01 0 0 0 0 00 0 0 0 0 00 1 0 1 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 1 1 11 0 1 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 10 0 0 1 0 00 0 0 0 0 00 0 0 0 0 00 1 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 f h ai l l l l 23 62 00 00 00 00 10 00 00 00 00 11 00 00 00 10 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00
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WORD 35SSS 07OMH 35SSS 50LJH 07OMH 13RRS 35SSS 50LJH 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 4 0 1 0 0 1 1 0 0 5 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 7 1 1 1 0 1 0 1 0 8 0 0 0 0 0 0 0 0 9 0 0 0 1 0 0 0 1 1 0 1 1 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 0 1 0 0 1 1 0 0 4 0 0 0 0 0 0 0 0 5 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 7 1 0 1 0 0 0 1 0 8 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 1 0 1 0 0 0 1 0 4 0 1 0 0 1 0 0 0 5 1 0 1 1 0 0 1 1 6 0 0 0 0 0 0 0 0 7 0 0 0 0 0 0 0 0 8 1 0 1 0 0 0 1 0 9 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 1 0 1 0 0 0 1 0 4 1 0 1 0 0 0 1 0 5 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 7 1 0 1 0 0 0 1 0 8 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 4 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 2 0 1 0 0 1 0 0 0 3 1 0 1 0 0 0 1 0 4 0 1 0 0 1 0 0 0 5 1 0 1 1 0 0 1 1 6 0 0 0 0 0 0 0 0 7 0 0 0 1 0 1 0 1 8 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 5 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 1 0 0 2 0 0 0 0 0 0 0 0 3 0 0 0 1 0 0 0 1 4 0 0 0 0 0 1 0 0 5 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 7 0 0 0 0 0 0 0 0 8 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 0 07OMH 13RRS 21LAU 35SSS 50LJH 10JAJ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Second alg: DocSet1={doc1} Vocab1 =Vocab(DocSet1) DocSet2 =all docs with 10% of Vocab1 Vocab2 =Vocab(DocSet2) DocSet3 =all docs with 10% of Vocab2 ... So it converges to the 6 document set, {7,13,21,35,50} with Vocabulary = the 28words, {4,7,9,10,12,13,14,17,19,23,24,25,26,28,32,33,34,37,40,42,43,44,45,47,50,51,53,54} EdgeDensity is 41/28*6 = 41/360 = 24.4% 10% of 13 = 1.3 D bbc O a r l C keo e at dh 11 707 1 000 2 000 3 000 4 000 5 000 6 000 7 110 8 000 9 000 10 0 0 0 1 001 2 000 3 000 4 000 5 000 6 000 7 000 8 000 21 0 1 0 2 000 3 000 5 000 6 000 7 000 8 000 9 000 30 0 0 0 2 000 3 000 5 111 6 000 7 001 8 000 9 000 41 0 0 0 2 100 3 000 4 000 5 000 6 000 7 000 8 000 9 000 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 ef hk auoi t l un l s g e 2233 5834 0000 0000 0000 1000 0001 0000 0000 1000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0100 0000 0000 0000 0000 1111 0010 0000 0000 0000 0001 0000 0000 0000 0000 1000 0000 0000 0000 mmn a oo i ns de e y 344 703 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 001 000 000 000 000 000 000 000 000 000 111 000 000 010 000 000 000 000 000 000 000 000 100 000 10% of 21 = 2.1 ps i i e n g 45 50 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 00 00 11 00 00 00 10 00 00 00 00 00 00 00 00 00 bbbbbc aaor ul ckye yo ke a t d h 111 479037 000000 000000 000000 000000 000000 000000 110110 000000 000000 000000 000001 000000 100010 000000 000000 000000 000000 000000 000100 000000 100000 000000 000000 000000 001000 000000 000000 000000 000010 010101 000000 000001 000000 001000 000000 010000 000000 000000 000010 000000 000000 000000 000000 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 de f h oa uo gt l u l s e 2223 4583 0000 0000 0000 0100 0000 0000 1000 0100 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0010 0000 1000 0000 0000 0111 0001 0000 0000 0000 0000 0000 1000 0000 0000 0100 0000 0000 0000 k i n g 3 4 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 10% of 23 = 2.3 m m mn a o oo i n ts d e he y er 3 4 44 7 0 23 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 10 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 01 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 10 0 0 00 0 0 00 0 0 00 1 1 01 0 0 00 0 0 00 0 1 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 10 0 0 00 0 0 00 1 0 00 0 0 00 opps l i i i de un mg 4445 4570 0000 0000 0000 0000 0000 0000 1000 0000 0000 1000 1000 1000 0010 0000 0001 0000 0000 0000 0010 0000 0000 1000 0000 0000 0000 0000 0000 0000 0000 0101 0000 0000 0000 0100 1000 0000 0000 0000 0000 0000 0000 0000 0000 t h u m b 5 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 bbbbbc aa or ul ckye yo ke a t d h 111 479037 000000 000000 000000 000000 000000 000000 110110 000000 000000 000000 000001 000000 100010 000000 000000 000000 000000 000000 000100 000000 100000 000000 000000 000000 001000 000000 000000 000000 000010 010101 000000 000001 000000 001000 000000 010000 000000 000000 000010 000000 000000 000000 000000 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 de f h oa uo gt l u l s e 2223 4583 0000 0000 0000 0100 0000 0000 1000 0100 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0010 0000 1000 0000 0000 0111 0001 0000 0000 0000 0000 0000 1000 0000 0000 0100 0000 0000 0000 10% of 26 = 2.6 k i n g 3 4 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 m m mn a o oo i n t s de he y er 34 44 70 23 00 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 10 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 10 00 00 00 10 00 00 00 00 00 00 11 01 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 00 10 00 00 00 o l d 4 4 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 pps s t t i i i oho e u n nuw m g mn b 4 4 5 555 5 7 0 134 0 0 0 000 0 0 0 000 0 0 0 100 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 1 0 101 0 0 0 000 0 0 1 000 0 0 0 000 0 0 0 000 0 0 0 000 0 1 0 001 0 0 0 010 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 0 0 0 000 1 0 1 000 0 0 0 000 0 0 0 000 0 0 0 000 1 0 0 000 0 0 0 000 0 0 0 000 0 0 0 001 0 0 0 000 0 0 0 000 0 0 0 100 0 0 0 000 0 0 0 000 0 0 0 000 bbbbbc aa or ul ckye yo ke a t d h 111 479037 000000 000000 000000 000000 000000 000000 110110 000000 000000 000000 000001 000000 100010 000000 000000 000000 000000 000000 000100 000000 100000 000000 000000 000000 001000 000000 000000 000000 000010 010101 000000 000001 000000 001000 000000 010000 000000 000000 000010 000000 000000 000000 000000 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 de f h oa uo gt l u l s e 2223 4583 0000 0000 0000 0100 0000 0000 1000 0100 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0010 0000 1000 0000 0000 0111 0001 0000 0000 0000 0000 0000 1000 0000 0000 0100 0000 0000 0000 k i n g 3 4 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 m m mn a o oo i n t s de he y er 34 44 70 23 00 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 10 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00 00 00 10 00 00 00 10 00 00 00 00 00 00 11 01 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 00 10 00 00 00 opps l i i i de un mg 4445 4570 0000 0000 0000 0000 0000 0000 1000 0000 0000 1000 1000 1000 0010 0000 0001 0000 0000 0000 0010 0000 0000 1000 0000 0000 0000 0000 0000 0000 0000 0101 0000 0000 0000 0100 1000 0000 0000 0000 0000 0000 0000 0000 0000 s t t b cc o h o r ar n u w o ko mn w e w n n b 5 5 5 1 11 1 3 4 2 49 0 0 0 0 00 0 0 0 0 00 1 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 1 01 0 0 0 0 00 0 0 0 0 00 1 0 1 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 1 1 11 0 1 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 10 0 0 1 0 00 0 0 0 0 00 0 0 0 0 00 1 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 f h ai l l l l 23 62 00 00 00 00 10 00 00 00 00 11 00 00 00 10 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 01 00 00 00 00 00
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NEED-TO-KNOW 10-2 A company issues 8%, two-year bonds on December 31, 2017, with a par value of $7,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 96.46 or $6,752. Interest expense = Amount repaid minus amount borrowed 4 payments of $280 $1,120 1 payment of $7,000 7,000 Total repaid 8,120 Borrowed 6,752 Total bond interest expense $1,368 ÷ 4 = $342 General Journal 06/30/2018 Bond Interest Expense ($280 + $62) Discount on Bonds Payable Cash ($7,000 x 8% / 2) 12/31/2018 06/30/2019 12/31/2019 Debit 342 62 280 Bond Interest Expense ($280 + $62) Discount on Bonds Payable Cash ($7,000 x 8% / 2) 342 Bond Interest Expense ($280 + $62) Discount on Bonds Payable Cash ($7,000 x 8% / 2) 342 Bond Interest Expense ($280 + $62) Discount on Bonds Payable Cash ($7,000 x 8% / 2) 342 Learning Objective P1: Prepare entries to record bond issuance and interest expense. Objective P2: Compute and record amortization of bond discount using straight-line Learning method. Credit 62 280 62 280 62 280 © McGraw-Hill Education 22
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On the next slide, Revenue of $100,000 consists of municipal bond interest of $10,000 and service revenue of $90,000. 1. What is taxable income? 2. What is the amount of income tax payable currently? 3. What is GAAP net income before taxes? 4. What is current income tax expense? 5. What is the amount of the deferred income tax asset or liability? 6. What is your journal entry to record income tax?
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1 2 3 4 5 6 WORD 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 DS0 26SBS 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 DS1 08JSC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 09HBD 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12OWF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 26SBS 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 27CBC 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28BBB 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 29LFW 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38YLS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 39LCS 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 45BBB 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 07OMH 0 0 0 1 0 0 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 08JSC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 09HBD 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DS2 0 0 12OWF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 26SBS 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 27CBC 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 28BBB 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 29LFW 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 35SSS 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 1 1 0 0 1 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 38YLS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 39LCS 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 41OKC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 45BBB 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 46TTP 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 50LJH 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 DS307OMH 0 0 0 1 0 0 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26SBS 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 DS428BBB 30HDD 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 35SSS 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 1 1 0 0 1 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 39LCS 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 41OKC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 46TTP 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 50LJH 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 Convergent, Dense Sub-Corpuses: CDSC(w=0%, d=15%, DS0={26}) then CDSC(w=0%, d=10%,DS0=26) Using 10%, it converges to DS4{7,26,28,30,35,39,41,46,50} with a 39 word Vocab and an EdgeDensity of 58/39*9 = 58/351 = 16.5%. So far EdgeDens*DSSize: 55.6*2=111.2 39.7*3=119 24.4*6=146 16.5*9=149 6.3*44=277. DSSizes 2,3,6,9,44 The 4 Deltas from DSS=2 are 1,4,7,42. Multiplied by 8; 8, 32, 56, 336. Subtracting these 8*Delta values from ED*DSS, we get scores of 111, 111, 114, 93, -59. 10% of 7=.7 Vocab(DS1) D O C u m e nt 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 21 2 3 5 6 7 8 9 30 2 3 5 6 7 8 9 41 2 3 4 5 6 7 8 9 ab c c g l a hl r wb i e e ay l a e y dnn s 113 13 5 6 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 1 0 01 0 0 0 00 0 0 0 00 0 0 0 00 1 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 11 1 1 1 01 0 0 0 00 0 0 0 10 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 1 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 l w ao mo bl 36 60 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 11 00 01 00 00 00 00 00 00 00 10 00 00 00 00 00 00 00 00 00 00 10% of 26=2.6 Vocab(DocSet2) a ab l wa wa b a yy y s 123 000 000 000 010 000 000 000 000 001 000 000 000 000 000 000 000 000 000 000 000 000 000 101 001 000 110 010 000 000 000 000 000 000 010 000 000 000 000 001 010 000 000 000 b b b bc a e o uh g d y yi l d 11 6 8 9 35 0 0 0 00 0 0 0 00 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 10 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 10 0 0 0 00 0 0 0 00 1 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 00 1 0 1 00 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 10 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 1 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 10 0 0 0 00 0 1 0 00 0 0 0 00 0 0 0 00 c l e a n 1 6 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c o c k 1 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 c e f gl r a ura y t l ed l ey n 2 2 2 33 0 5 8 05 0 0 0 00 0 0 0 00 0 0 0 00 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 1 0 00 0 0 0 01 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 10 1 0 0 00 1 0 1 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 1 1 00 0 0 0 00 0 0 0 00 1 0 0 00 0 0 0 10 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 00 1 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 l mm m o a eool mr n t d b r e h y y er 3 34 4 4 6 90 2 4 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 1 1 0 00 0 0 0 00 1 0 0 00 0 1 0 00 0 1 0 00 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 1 1 00 0 0 0 00 1 0 0 00 0 0 0 00 1 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 00 0 0 0 00 0 0 1 01 0 0 0 10 0 0 0 10 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 1 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 p t t ww w i hr i oo e r e f mo e e ea l e n 4 5 5 55 6 5 2 5 89 0 0 1 0 10 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 10 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 01 0 0 0 0 00 0 0 0 1 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 1 0 00 0 0 0 0 01 0 0 0 0 00 1 0 0 0 00 0 0 1 0 00 1 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 1 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 1 0 1 00 0 0 1 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 1 0 00 0 0 0 0 00 0 Additions: 10% of 43=4.3 Vocab(DocSet3-DocSet2) bb aa ck ke 47 00 00 00 00 00 00 11 00 00 00 00 00 10 00 00 00 00 00 00 00 10 00 00 00 00 00 00 00 00 01 00 00 00 00 00 01 00 00 00 00 00 00 00 b r e a d 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 c l o t h 1 7 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 df hk oi oi gdun ds g le e 2233 4734 0000 0000 0000 0000 0001 0000 1000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 1100 0100 0000 0011 0010 0000 0000 0000 0101 0000 1000 0000 0000 0000 0000 0000 0000 mn e o ns e 34 83 00 00 00 00 10 00 00 00 00 00 10 00 00 10 00 00 10 00 00 01 00 00 00 00 00 00 00 10 00 01 10 00 00 00 00 00 00 00 00 00 00 00 00 ppr s i i ui gunn m g 4445 6790 0010 1000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0100 0000 0001 0000 0010 0000 0100 0000 0000 0000 0000 0000 0000 0000 0010 0000 0000 0001 0000 0000 0000 0000 0000 0000 0000 0000 0000 1010 0000 0000 0000 s t oh nu m b 55 13 00 00 10 00 00 00 00 00 00 00 00 00 10 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00 Additions: 10% of 39=3.9 Vocab(DocSet4) D a a b O l wa C wa b u a yy m y e s nt 1 2 3 1 000 2 000 3 000 4 010 5 000 6 000 7 000 8 000 9 001 10 0 0 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 21 0 0 0 2 000 3 000 5 000 6 101 7 001 8 000 9 110 30 0 1 0 2 000 3 000 5 000 6 000 7 000 8 000 9 010 41 0 0 0 2 000 3 000 4 000 5 001 6 010 7 000 8 000 9 000 b b b bc a e o uh g d y yi l d 11 6 8 9 35 0 0 0 00 0 0 0 00 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 10 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 10 0 0 0 00 0 0 0 00 1 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 00 1 0 1 00 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 10 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 1 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 10 0 0 0 00 0 1 0 00 0 0 0 00 0 0 0 00 c l e a n 1 6 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c o c k 1 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 c e f gl r a ura y t l ed l ey n 2 2 2 33 0 5 8 05 0 0 0 00 0 0 0 00 0 0 0 00 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 1 0 00 0 0 0 01 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 10 1 0 0 00 1 0 1 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 1 1 00 0 0 0 00 0 0 0 00 1 0 0 00 0 0 0 10 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 00 1 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 l mm m o a eool mr n t d b r e h y y er 3 34 4 4 6 90 2 4 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 1 1 0 00 0 0 0 00 1 0 0 00 0 1 0 00 0 1 0 00 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 1 1 00 0 0 0 00 1 0 0 00 0 0 0 00 1 0 0 00 0 0 0 00 0 0 0 00 0 0 0 01 0 0 0 00 0 0 0 00 0 0 1 01 0 0 0 10 0 0 0 10 0 1 0 00 0 0 0 00 0 0 0 00 0 0 0 00 1 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 p t t ww w b b i hr i ooaa e r e f mo c k e e ea l ke e n 4 5 5 55 6 5 2 5 89 047 0 1 0 10 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 011 0 0 0 10 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 01 000 0 0 0 00 010 0 0 1 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 1 0 00 010 0 0 0 01 000 0 0 0 00 100 0 0 0 00 000 0 1 0 00 100 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 1 0 0 00 001 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 1 0 1 00 000 0 1 0 00 000 0 0 0 00 001 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 0 0 00 000 0 1 0 00 000 0 0 0 00 000 b r e a d 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 c l o t h 1 7 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 d i s h 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 df hk oi oi gdun ds g le e 2233 4734 0000 0000 0000 0000 0001 0000 1000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 1100 0100 0000 0011 0010 0000 0000 0000 0101 0000 1000 0000 0000 0000 0000 0000 0000 mn e o ns e 34 83 00 00 00 00 10 00 00 00 00 00 10 00 00 10 00 00 10 00 00 01 00 00 00 00 00 00 00 10 00 01 10 00 00 00 00 00 00 00 00 00 00 00 00 ppr s i i ui gunn m g 4445 6790 0010 1000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0000 0100 0000 0001 0000 0010 0000 0100 0000 0000 0000 0000 0000 0000 0000 0010 0000 0000 0001 0000 0000 0000 0000 0000 0000 0000 0000 0000 1010 0000 0000 0000 s t oh nu m b 55 13 00 00 10 00 00 00 00 00 00 00 00 00 10 00 00 00 00 00 00 01 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 10 00 00 00
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?= Distance (m) 0 30 100 200 400 500 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 0.05000 100.000 22.313 0.674 0.005 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.01000 0.00250 0.00100 0.00050 0.00043 0.00022 0.00006 0.00003 0.00011 0.00001 0.00000 100.000 74.082 36.788 13.534 1.832 0.674 0.005 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 100.000 92.774 77.880 60.653 36.788 28.650 8.208 0.674 0.055 0.005 0.000 0.000 0.000 0.000 0.000 0.000 100.000 97.045 90.484 81.873 67.032 60.653 36.788 13.534 4.979 1.832 0.674 0.248 0.091 0.034 0.012 0.005 100.000 98.511 95.123 90.484 81.873 77.880 60.653 36.788 22.313 13.534 8.208 4.979 3.020 1.832 1.111 0.674 100.000 98.718 95.791 91.759 84.198 80.654 65.051 42.316 27.527 17.907 11.648 7.577 4.929 3.206 2.086 1.357 100.000 99.342 97.824 95.695 91.576 89.583 80.252 64.404 51.685 41.478 33.287 26.714 21.438 17.204 13.807 11.080 100.000 99.829 99.432 98.866 97.746 97.190 94.459 89.226 84.282 79.612 75.201 71.035 67.099 63.381 59.870 56.553 100.000 99.910 99.700 99.402 98.807 98.511 97.045 94.176 91.393 88.692 86.071 83.527 81.058 78.663 76.338 74.082 100.000 99.671 98.906 97.824 95.695 94.649 89.583 80.252 71.892 64.404 57.695 51.685 46.301 41.478 37.158 33.287 100.000 99.970 99.900 99.800 99.601 99.501 99.005 98.020 97.045 96.079 95.123 94.176 93.239 92.312 91.393 90.484 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
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Reorganizing the Income Statement • To adjust the income statement, remove implicit interest expense from rental expense. Operating taxes must also be adjusted. Leasing Example: NOPLAT Calculation $ million NOPLAT (direct from financial statements) Revenues Operating expenses Rental expense Operating income Operating taxes NOPLAT Reconciliation Net income After-tax interest expense NOPLAT ROIC (on beginning-of-year capital) Year 1 1,000.0 (800.0) (106.4) 93.6 NOPLAT (adjusted for leases) Year 2 Year 3 1,150.0 1,265.0 (920.0) (1,012.0) (115.4) (118.1) 114.6 134.9 Revenues Costs Lease depreciation Operating income (23.4) 70.2 (28.7) 86.0 (33.7) 101.1 Operating taxes NOPLAT 64.9 5.3 70.2 80.2 5.8 86.0 95.2 5.9 101.1 19.0% 20.0% 21.2% Year 1 1,000.0 (800.0) (70.9) 129.1 Year 2 Year 3 1,150.0 1,265.0 (920.0) (1,012.0) (76.9) (78.8) 153.1 174.3 (32.3) 96.8 (38.3) 114.8 (43.6) 130.7 Reconciliation Net income After-tax interest expense After-tax lease interest NOPLAT 64.9 5.3 26.6 96.8 80.2 5.8 28.8 114.8 95.2 5.9 29.5 130.7 ROIC (on beginning-of-year capital) 9.0% 9.6% 10.3% Rental Expense In year 1, $35.5 million (5% × 710.6 million) of interest expense is removed from operating profit. Operating Taxes Operating taxes are increased by the marginal tax rate (25%) times implicit interest expense. Reconciliation Create a new account titled after-tax lease interest. 9
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NEED-TO-KNOW 10-3 A company issues 8%, two-year bonds on December 31, 2017, with a par value of $7,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6%, which implies a selling price of 103.71 or $7,260. Semiannual payment = $280 ($7,000 x 8% x ½) Bonds Payable 12/31/2017 12/31/2019 7,000 7,000 Premium on Bonds Payable 12/31/2017 06/30/2018 65 12/31/2018 65 06/30/2019 65 12/31/2019 65 12/31/2019 General Journal 06/30/2018 Bond Interest Expense ($280 - $65) Premium on Bonds Payable Cash ($7,000 x 8% x ½) 12/31/2018 06/30/2019 12/31/2019 Debit 215 65 0 Credit 280 Bond Interest Expense ($280 - $65) Premium on Bonds Payable Cash ($7,000 x 8% x ½) 215 65 Bond Interest Expense ($280 - $65) Premium on Bonds Payable Cash ($7,000 x 8% x ½) 215 65 Bond Interest Expense ($280 - $65) Premium on Bonds Payable Cash ($7,000 x 8% x ½) 215 65 Learning Objective P3: Compute and record amortization of bond premium using straight-line method. 260 280 280 280 © McGraw-Hill Education 32
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WHAT DO THE NUMBERS MEAN? “REAL LIABILITIES” WHAT’S YOUR PRINCIPLE Some analysts dismiss deferred tax liabilities when assessing the financial strength of a company. But the FASB indicates that the deferred tax liability meets the definition of a liability established in Statement of Financial Accounting Concepts No. 6, “Elements of Financial Statements” because: 1. It results from a past transaction. In the Chelsea example, the company performed services for customers and recognized revenue in 2017 for financial reporting purposes but deferred it for tax purposes. 2. It is a present obligation. Taxable income in future periods will exceed pretax financial income as a result of this temporary difference. Thus, a present obligation exists. 3. It represents a future sacrifice. Taxable income and taxes due in future periods will result from past events. The payment of these taxes when they come due is the future sacrifice. A set of studies indicates that deferred taxes do provide incremental information about future tax payments and that the market views deferred tax assets and liabilities similarly to other assets and liabilities. Sources: B. Ayers, “Deferred Tax Accounting Under SFAS No. 109: An Empirical Investigation of Its Incremental ValueRelevance Relative to APB No. 11,” The Accounting Review (April 1998); and R. Laux, “The Association Between Deferred Tax Assets and Liabilities and Future Tax Payments,” The Accounting Review (February 2013). 19-23 LO 1
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APPENDIX 19A COMPREHENSIVE EXAMPLE OF INTERPERIOD TAX ALLOCATION Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes - 2016 Computation of Total Income Tax Expense, 2016 ILLUSTRATION 19A-7 Journal Entry for Income Tax Expense, 2016 Income Tax Expense 174,000 Deferred Tax Asset 62,400 Income Taxes Payable 50,000 Deferred Tax Liability 186,400 19-87 LO 5
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NEED-TO-KNOW 10-2 A company issues 8%, two-year bonds on December 31, 2017, with a par value of $7,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 96.46 or $6,752. Discount on Bonds Payable 12/31/2017 248 06/30/2018 12/31/2018 06/30/2019 12/31/2019 12/31/2019 0 Bonds Payable 12/31/2017 62 62 62 62 General Journal 06/30/2018 Bond Interest Expense ($280 + $62) Discount on Bonds Payable Cash ($7,000 x 8% / 2) 12/31/2018 06/30/2019 12/31/2019 7,000 12/31/2019 Debit 342 Credit 62 280 Bond Interest Expense ($280 + $62) Discount on Bonds Payable Cash ($7,000 x 8% / 2) 342 Bond Interest Expense ($280 + $62) Discount on Bonds Payable Cash ($7,000 x 8% / 2) 342 Bond Interest Expense ($280 + $62) Discount on Bonds Payable Cash ($7,000 x 8% / 2) 342 Learning Objective P2: Compute and record amortization of bond discount using straight-line method. 7,000 62 280 62 280 62 280 © McGraw-Hill Education 21
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Deferred Tax Liability Illustration: Starfleet Corporation has one temporary difference at the end of 2017 that will reverse and cause taxable amounts of $55,000 in 2018, $60,000 in 2019, and $75,000 in 2020. Starfleet’s pretax financial income for 2017 is $400,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2017. Instructions a) Compute taxable income and income taxes payable for 2017. b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. 19-21 LO 1
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Deferred Tax Liability ILLUSTRATION 19-4 Income tax expense (GAAP) 2017 2018 2019 Total $28,000 $28,000 $28,000 $84,000 16,000 36,000 32,000 84,000 $12,000 $(8,000) $(4,000) Income tax payable (IRS) Difference $0 Chelsea makes the following entry at the end of 2017 to record income taxes. Income Tax Expense 28,000 Income Taxes Payable Deferred Tax Liability 19-15 16,000 12,000 LO 1
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Deferred Tax Liability ILLUSTRATION 19-4 Income tax expense (GAAP) Income tax payable (IRS) Difference 2017 2018 2019 Total $28,000 $28,000 $28,000 $84,000 16,000 36,000 32,000 84,000 $12,000 $(8,000) $(4,000) $0 Chelsea makes the following entry at the end of 2018 to record income taxes. Income Tax Expense 28,000 Deferred Tax Liability 8,000 Income Taxes Payable 19-16 36,000 LO 1
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Deferred Tax Liability ILLUSTRATION 19-4 Income tax expense (GAAP) Income tax payable (IRS) Difference 2017 2018 2019 Total $28,000 $28,000 $28,000 $84,000 16,000 36,000 32,000 84,000 $12,000 $(8,000) $(4,000) $0 Chelsea makes the following entry at the end of 2019 to record income taxes. Income Tax Expense 28,000 Deferred Tax Liability 4,000 Income Taxes Payable 19-17 32,000 LO 1
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Book vs. Tax Differences ILLUSTRATION 19-4 Comparison 2017 2018 2019 Total Income tax expense (GAAP) $28,000 $28,000 $28,000 $84,000 16,000 36,000 32,000 84,000 Difference $12,000 $(8,000) $(4,000) Income tax expense (40%) $28,000 $28,000 $28,000 $84,000 Are the differences accounted for in the financial statements? Yes Income tax payable (IRS) Year Reporting Requirement 2017 Deferred tax liability account increased to $12,000 2018 Deferred tax liability account reduced by $8,000 2019 Deferred tax liability account reduced by $4,000 19-8 $0 LO 1
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Deferred Tax Assets  In principle, there could be deferred tax assets, as well.  This occurs when taxable income is less than reported income; i.e. when tax recorded as paid (based on reported income) is greater than the actual tax paid (based on taxable income).  For example, when a product is sold with a warranty, warranty expense is estimated for the period the products are sold even though the actual cost isn’t incurred until later periods.  However, tax laws recognize a warranty expense only when the payment is actually made.  Hence if warranty claims are lower in earlier periods and higher in later periods, the amounts deductible in later periods will produce tax benefits that are recognized now as a deferred tax asset.  The lower actual warranty payouts in earlier periods will generate higher taxable income, but the reported higher warranty expense will make the reported income lower and hence the reported required tax payment lower. Hence the actual “excessively” high payment will generate a deferred tax asset. P.V. Viswanath 9
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BALANCE SHEET TRANSLATION CURRENT RATE M ETHOD Assets Cash Accounts receivable Inventory Net plant & equipment Total Dec-02 EUR ($/EUR) € 1,600,000 1.20 3,200,000 1.20 2,400,000 1.20 4,800,000 1.20 € 12,000,000 Liabilities & Net Worth Accounts payable € 800,000 Short-term bank loan € 1,600,000 Lont-term debt € 1,600,000 Common stock € 1,800,000 Retained earnings € 6,200,000 CTA account Total € 12,000,000 TEMPORAL METHOD Assets Cash Accounts receivable Inventory Net plant & equipment Total 1.20 1.20 1.20 1.28 1.20 Dec-02 EUR ($/EUR) € 1,600,000 1.20 3,200,000 1.20 2,400,000 1.22 4,800,000 1.28 € 12,000,000 Liabilities & Net Worth Accounts payable € 800,000 Short-term bank loan € 1,600,000 Lont-term debt € 1,600,000 Common stock € 1,800,000 Retained earnings € 6,200,000 CTA account (loss) Total € 12,000,000 1.20 1.20 1.20 1.28 Jan-03 $ ($/EUR) 1,920,000 1.00 3,840,000 1.00 2,880,000 1.00 5,760,000 1.00 14,400,000 $ $ $ $ $ $ 1,600,000 3,200,000 2,400,000 4,800,000 12,000,000 $ 960,000 1,920,000 1,920,000 2,296,800 7,440,000 (136,800) 14,400,000 $ $ $ $ $ $ $ 800,000 1,600,000 1,600,000 2,296,800 7,440,000 (1,736,800) 12,000,000 $ $ $ $ $ Jan-03 $ ($/EUR) 1,920,000 1.00 3,840,000 1.00 2,923,200 1.22 6,124,800 1.28 14,808,000 $ $ $ $ $ $ 1,600,000 3,200,000 2,923,200 6,124,800 13,848,000 $ $ $ $ $ $ $ 800,000 1,600,000 1,600,000 2,296,800 7,711,200 (160,000) 13,848,000 8 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 960,000 1,920,000 1,920,000 2,296,800 7,711,200 $ 14,808,000 1.00 1.00 1.00 1.28 1.20 1.00 1.00 1.00 1.28 1.20
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ON THE HORIZON The IASB and the FASB have worked to address some of the differences in the accounting for income taxes. Some of the issues under discussion are the term “probable” under IFRS for recognition of a deferred tax asset, which might be interpreted to mean “more likely than not.” If the term is changed, the reporting for impairments of deferred tax assets will be essentially the same between GAAP and IFRS. In addition, the FASB recently adopted the IFRS classification approach for deferred tax assets and liabilities. Also, GAAP will likely continue to use the enacted tax rate in computing deferred taxes, except in situations where the taxing jurisdiction is not involved. In that case, companies should use IFRS, which is based on enacted rates or substantially enacted tax rates. Finally, the issue of allocation of deferred income taxes to equity for certain transactions under IFRS must be addressed in order to converge with GAAP, which allocates the effects to income. At the time of this printing, deliberations on the income tax project have been suspended indefinitely. 19-93 LO 6
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Deferred Tax Asset Illustration: Columbia Corporation has one temporary difference at the end of 2017 that will reverse and cause deductible amounts of $50,000 in 2018, $65,000 in 2019, and $40,000 in 2020. Columbia’s pretax financial income for 2017 is $200,000 and the tax rate is 34% for all years. There are no deferred taxes at the beginning of 2017. Columbia expects to be profitable in the future. Instructions a) Compute taxable income and income taxes payable for 2017. b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. 19-34 LO 1
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Long-term liabilities  Long-term debt is any loan or debt obligation with a maturity of more than one year.  Capital leases are long-term lease contracts that obligate the firm to make regular payments in exchange for the use of an asset.  Deferred taxes are taxes that are owed but not yet paid. Firms keep two sets of books – one for financial reporting and one for tax purposes. Deferred tax liabilities arise when the firm’s financial (accounting) income exceeds its income for tax purposes. If a firm depreciates assets faster for tax purposes than for reporting purposes, its tax paid will be less than tax due according to reported income. Hence it will look as if the firm has not paid taxes that it owes.  Over time, the discrepancy will disappear and the tax due will be “paid.” Hence deferred tax is recorded as a liability.  For example, if reported depreciation is $200, while actual depreciation for tax purposes is $300. Then if the tax rate is 20%, actual tax paid (based on the higher depreciation) will be 20%(100) or $20 less. Hence this will create a tax liability, i.e. an obligation to pay the IRS $20 in the future. However, in an subsequent period, if reported depreciation is $300, while actual depreciation for tax purposes is $200; then the actual tax paid (based on the lower depreciation of $200 will be 20%(100) or $20 more than the tax required on the reported income. This will reduce the tax liability to zero. P.V. Viswanath 8
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EPS/EBIT Continued Assumptions Stock needed 5,400,000,000 Debt needed 600,000,000 Interest 24,000,000 CS shares needed 600,000,000 Debt needed 5,400,000,000 Interest 216,000,000 CS shares needed 19,442,644 174,983,798 90% Stock - 10% Debt Financing Recession Normal EBIT Stock needed 7,000,000,000 10,000,000,000 Boom 15,000,000,000 Interest 24,000,000 24,000,000 24,000,000 EBT 6,976,000,000 9,976,000,000 14,976,000,000 Taxes 2,023,040,000 2,893,040,000 4,343,040,000 EAT 4,952,960,000 7,082,960,000 10,632,960,000 # of Shares 2,482,983,798 2,482,983,798 2,482,983,798 EPS 1.99 2.85 4.28 10% Stock - 90% Debt Financing Recession Normal EBIT 7,000,000,000 10,000,000,000 Boom 15,000,000,000 Interest 216,000,000 216,000,000 216,000,000 EBT 6,784,000,000 9,784,000,000 14,784,000,000 Taxes 1,967,360,000 2,837,360,000 4,287,360,000 EAT 4,816,640,000 6,946,640,000 10,496,640,000 # of Shares 2,327,442,644 2,327,442,644 2,327,442,644 EPS 2.07 2.98 4.51
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NEED-TO-KNOW 12-6 SOLUTION Income Statement For Current Year Ended December 31 Sales revenue $120 Expenses Cost of goods sold 50 Depreciation expense 30 Salaries expense 17 Interest expense 3 Net income $20 Selected Balance Sheet Accounts At December 31 Current Yr Prior Yr Accounts receivable $12 $10 Inventory 6 9 Accounts payable 7 11 Salaries payable 8 3 Interest payable 1 0 Sales CofGS Salaries Interest Reconstructed entries Cash Accounts receivable Sales revenue Debit 118 2 Credit 120 Cost of goods sold Accounts payable Inventory Cash 50 4 Salaries expense Salaries payable Cash 17 Interest expense Interest payable Cash 3 3 51 5 12 1 2 Cash flows from operating activities - Direct method Cash received from customers $118 Cash paid for inventory (51) Cash paid for salaries (12) Cash paid for interest (2) Net cash provided by operating activities $53 Learning Objective P5: Compute cash flows from operating activities using the direct method. 61 © McGraw-Hill Education
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Illustration of Accounting for Labor Costs General Journal Entry to Record Payroll   Payroll      xx FICA Tax Payable xx Employees Income Tax Payable xx Health Insurance Premiums Payable xx Wages Payable xx  Record Payment of Net Earnings  to Employees Wages Payable  Cash     Work in Process Factory Overhead Sales Salaries Administrative Salaries     xx  xx Employer’s Payroll Taxes Factory Overhead Payroll Tax Expense – Sales Salaries Payroll Tax Expense – Admin Salaries  xx xx xx xx Payroll   xx Distribution of Payroll  xx xx xx FICA Tax Payable xx Federal Unemployment Tax Payable xx State Unemployment Tax Payable xx
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EPS/EBIT Assumptions Capital Needed 6,000,000,000 EBIT Range $7 bil. - $15 bil. Interest Rate 4% Tax Rate 16% Stock Price (Dec. 31, 2010-year end) 30.86 Current Shares Outstanding (Basic) 2,308,000,000 CS Shares needed Common Stock Financing Recession Normal Boom EBIT 7,000,000,000 10,000,000,000 15,000,000,000 Interest EBT 7,000,000,000 10,000,000,000 15,000,000,000 Taxes 2,030,000,000 2,900,000,000 4,350,000,000 EAT 4,970,000,000 7,100,000,000 10,650,000,000 # of Shares 2,502,426,442 2,502,426,442 2,502,426,442 EPS 1.99 2.84 4.26 194,426,442 Debt Financing Recession Normal Boom EBIT 7,000,000,000 10,000,000,000 15,000,000,000 Interest 240,000,000 240,000,000 240,000,000 EBT 6,760,000,000 9,760,000,000 14,760,000,000 Taxes 1,960,400,000 2,830,400,000 EAT 4,799,600,000 6,929,600,000 10,479,600,000 4,280,400,000
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Future Taxable Amounts Deferred Tax Liability A deferred tax liability represents the increase in taxes payable in future years as a result of taxable temporary differences existing at the end of the current year. ILLUSTRATION 19-4 Income tax expense (GAAP) Income tax payable (IRS) Difference 19-13 2017 2018 2019 Total $28,000 $28,000 $28,000 $84,000 16,000 36,000 32,000 84,000 $12,000 $(8,000) $(4,000) $0 LO 1
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Or • 402,387,260,077,093,773,543,702,433,923,003,985,719,374,864,210,714,632,543,799,910,429,938,512,398,629,020,592,044,208,486,969,404,800,479,988,61 0,197,196,058,631,666,872,994,808,558,901,323,829,669,944,590,997,424,504,087,073,759,918,823,627,727,188,732,519,779,505,950,995,276,120,874,975, 462,497,043,601,418,278,094,646,496,291,056,393,887,437,886,487,337,119,181,045,825,783,647,849,977,012,476,632,889,835,955,735,432,513,185,323,95 8,463,075,557,409,114,262,417,474,349,347,553,428,646,576,611,667,797,396,668,820,291,207,379,143,853,719,588,249,808,126,867,838,374,559,731,746, 136,085,379,534,524,221,586,593,201,928,090,878,297,308,431,392,844,403,281,231,558,611,036,976,801,357,304,216,168,747,609,675,871,348,312,025,47 8,589,320,767,169,132,448,426,236,131,412,508,780,208,000,261,683,151,027,341,827,977,704,784,635,868,170,164,365,024,153,691,398,281,264,810,213, 092,761,244,896,359,928,705,114,964,975,419,909,342,221,566,832,572,080,821,333,186,116,811,553,615,836,546,984,046,708,975,602,900,950,537,616,47 5,847,728,421,889,679,646,244,945,160,765,353,408,198,901,385,442,487,984,959,953,319,101,723,355,556,602,139,450,399,736,280,750,137,837,615,307, 127,761,926,849,034,352,625,200,015,888,535,147,331,611,702,103,968,175,921,510,907,788,019,393,178,114,194,545,257,223,865,541,461,062,892,187,96 0,223,838,971,476,088,506,276,862,967,146,674,697,562,911,234,082,439,208,160,153,780,889,893,964,518,263,243,671,616,762,179,168,909,779,911,903, 754,031,274,622,289,988,005,195,444,414,282,012,187,361,745,992,642,956,581,746,628,302,955,570,299,024,324,153,181,617,210,465,832,036,786,906,11 7,260,158,783,520,751,516,284,225,540,265,170,483,304,226,143,974,286,933,061,690,897,968,482,590,125,458,327,168,226,458,066,526,769,958,652,682, 272,807,075,781,391,858,178,889,652,208,164,348,344,825,993,266,043,367,660,176,999,612,831,860,788,386,150,279,465,955,131,156,552,036,093,988,18 0,612,138,558,600,301,435,694,527,224,206,344,631,797,460,594,682,573,103,790,084,024,432,438,465,657,245,014,402,821,885,252,470,935,190,620,929, 023,136,493,273,497,565,513,958,720,559,654,228,749,774,011,413,346,962,715,422,845,862,377,387,538,230,483,865,688,976,461,927,383,814,900,140,76 7,310,446,640,259,899,490,222,221,765,904,339,901,886,018,566,526,485,061,799,702,356,193,897,017,860,040,811,889,729,918,311,021,171,229,845,901, 641,921,068,884,387,121,855,646,124,960,798,722,908,519,296,819,372,388,642,614,839,657,382,291,123,125,024,186,649,353,143,970,137,428,531,926,64 9,875,337,218,940,694,281,434,118,520,158,014,123,344,828,015,051,399,694,290,153,483,077,644,569,099,073,152,433,278,288,269,864,602,789,864,321, 139,083,506,217,095,002,597,389,863,554,277,196,742,822,248,757,586,765,752,344,220,207,573,630,569,498,825,087,968,928,162,753,848,863,396,909,95 9,826,280,956,121,450,994,871,701,244,516,461,260,379,029,309,120,889,086,942,028,510,640,182,154,399,457,156,805,941,872,748,998,094,254,742,173, 582,401,063,677,404,595,741,785,160,829,230,135,358,081,840,096,996,372,524,230,560,855,903,700,624,271,243,416,909,004,153,690,105,933,983,835,77 7,939,410,970,027,753,472,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000,000,000 •Whack off 7 of the zeros and divide by three to get the number of years to use Mallows method in a small ML problem 03/19/2019 San Francisco Federal Reserve 2017 18
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OSPF Cost Adjusting the Reference Bandwidth (Cont.)  To adjust to distinguish between 100 Mbps Ethernet and Gigabit Ethernet, use the auto- cost reference-bandwidth 1000 command.  To adjust to distinguish between 100 Mbps Ethernet and Gigabit Ethernet, use the auto- cost reference-bandwidth 10000 command. Interface Type Reference Bandwidth in bps bps 10 Gbps Ethernet 1,000,000,000 1 Gbps Ethernet 1,000,000,000 100 Mbps Ethernet 1,000,000,000 10 Mbps Ethernet 1,000,000,000 1.544 Mbps Serial 1,000,000,000 128 kbps Serial 1,000,000,000 64 kbps Serial 1,000,000,000 Default Bandwidth in ¸ ¸ ¸ ¸ ¸ ¸ ¸ Cost Interface Type Reference Bandwidth in bps 10 Gbps Ethernet 10,000,000,000 10,000,000,000 ¸ ¸ ¸ ¸ ¸ ¸ ¸ 10,000,000,000 1 1,000,000,000 1 1 Gbps Ethernet 10,000,000,000 100,000,000 10 100 Mbps Ethernet 10,000,000,000 10,000,000 100 10 Mbps Ethernet 10,000,000,000 1,544,000 647 1.544 Mbps Serial 110,000,000,000 128,000 7812 128 kbps Serial 10,000,000,000 64,000 15625 64 kbps Serial 10,000,000,000 auto-cost reference-bandwidth 1000 command applied Default Bandwidth in bps Cost 1 1,000,000,000 10 100,000,000 100 10,000,000 1000 1,544,000 6477 128,000 78126 64,000 156250 auto-cost reference-bandwidth © 2016 Cisco and/or its affiliates. All rights reserved. 10000 command applied Cisco Confidential 52
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