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CH 04

This document discusses consolidation techniques and procedures for preparing consolidation working papers. It covers objectives like preparing working papers for the year of acquisition and subsequent years using the full equity method. It provides examples to demonstrate preparing consolidation working papers, including entries to eliminate reciprocal accounts and record non-controlling interests. The examples show income and dividend calculations for the parent and subsidiary as well as consolidation worksheet entries for the income statement, statement of retained earnings, and balance sheet.

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0% found this document useful (0 votes)
27 views53 pages

CH 04

This document discusses consolidation techniques and procedures for preparing consolidation working papers. It covers objectives like preparing working papers for the year of acquisition and subsequent years using the full equity method. It provides examples to demonstrate preparing consolidation working papers, including entries to eliminate reciprocal accounts and record non-controlling interests. The examples show income and dividend calculations for the parent and subsidiary as well as consolidation worksheet entries for the income statement, statement of retained earnings, and balance sheet.

Uploaded by

川流
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 53

Chapter 4: Consolidation

Techniques and Procedures


by Jeanne M. David, Ph.D., Univ. of Detroit Mercy

to accompany
Advanced Accounting, 10th edition
by Floyd A. Beams, Robin P. Clement,
Joseph H. Anthony, and Suzanne Lowensohn

倪慧萍
4-1
Consolidation Techniques: Objectives
1. Prepare consolidation working papers for the
year of acquisition when the parent company
uses the full equity method to account for its
invesment in a subsidiary.
2. Prepare consolidation working papers for the
year subsequent to acquisition.
3. Locate errors in preparing consolidation
working papers.
4. Allocate excess fair value over book value to
include identifiable net assets.
倪慧萍
4-2
Objectives (continued)
5. Apply concepts to prepare a consolidated
statement of cash flows.

倪慧萍
4-3
Consolidation Techniques and Procedures
1: Acquisition-Year Working Papers

倪慧萍
4-4
Preparing the Worksheet
• Statements are entered onto the worksheet:
– Income statement
– Statement of retained earnings
– Balance sheet
• Columns needed:
– Parent
– Subsidiary
– DR and CR columns for elimination entries
– Consolidated
倪慧萍
4-5
Completing the Worksheet
• Enter Parent and Sub. amounts at 100% of
book value. (Even if parent owns less)
• Enter elimination entries into the DR and CR
columns. (Check totals)
• Consolidated expenses, dividends and assets:
– Add parent, subsidiary, plus DR, less CR
• Consolidated revenues, liabilities and equity
(other than ending retained earnings):
– Add parent, subsidiary, less DR, plus CR
• Income, ending retained earnings and all
subtotals and totals:
– Compute directly in consolidated column.
倪慧萍
4-6
Working Paper Entries
1. Adjust for errors & omissions
2. Eliminate intercompany profits and losses
3. Eliminate income & dividends from sub. and
bring Investment account to its beginning
balance
4. Record non-controlling interest in sub's
earnings & dividends
5. Eliminate reciprocal Investment & sub's
equity balances
6. Amortize fair value/book value differentials
7. Eliminate other reciprocal balances
倪慧萍
4-7
Example A : Parent & Subs Data
P123 (1/8)

Parent pays $455 for 70% of Subsidiary on 1/1/2009


when Subsidiary's equity consisted of $500 capital
stock, $40 other paid-in capital and $110 retained
earnings.
Subsidiary's income and dividends follow:
2009
Net income $150
Dividends $100

倪慧萍
4-8
Analysis (2/8)

Cost of 70% of Subsidiary $455


Implied value of Subs. ($455/.70) $650
Book value (500+40+110) 650
Excess $0

倪慧萍
4-9
Income & Dividend Calculations (3/8)

2009:
Subs.'s net income $150 Parent's 70% share
Amortization (0) $105
Adjusted income $150 $70 NCI 30% share
$45
Dividends $100 $30

倪慧萍
4-10
Parent‘s Worksheet Entries ( 1/3 )
(4/8)

1. Adjust for errors & omissions


none
2. Eliminate intercompany profits and losses
none
3. Eliminate income & dividends from sub. and
bring Investment account to its beginning
balance
a.Income from Subs. (I.S.) 105
Dividends (St. RE) 70
Investment in Subs. (B.S.) 35
倪慧萍
4-11
Parent‘s Worksheet Entries(2/3) (5/8)

4. Record noncontrolling interest in subs's earnings &


dividends
b.Noncontrolling interest share (I.S.) 45
Dividends (St. RE) 30
Noncontrolling interest (B.S.) 15
5. Eliminate reciprocal Investment & sub's equity
balances
c.Capital stock (B.S.) 500
other paid-in capital (B.S.) 40
retained earnings (St. RE, beg.) 110
Investment in Sub (B.S.) 455
Noncontrolling interest (B.S.) 195
倪慧萍
4-12
Parent‘s Worksheet Entries(3/3) (6/8)

6. Amortize fair value/book value differentials


none

7. Eliminate other reciprocal balances


none
Note that in last chapter, all worksheet entries were prepared
for the balance sheet. Here worksheet entries are
prepared for the income statement, statement of retained
earnings and balance sheet.

倪慧萍
4-13
Parent’s Worksheet ( p123) (7/8)
Year ended 12/31/2009 Parent Subs DR CR Consol
Income statement:          
sales 3,100 1,000     4,100
Income from Subsidiary 105   a105   0
Cost of goods sold (2,000) (650)   (2,650)
Operating expenses (770) (200) (970)
Net income/ consolidated net
income 435 150 480
Noncontrolling interest share     b45   (45)
Controlling share of
consolidated net income     435
Statement of retained earnings:          
Beginning retained earnings 650 110 c110   650
Add net income 435 150     435
Deduct dividends (300) (100)   a70 (300)
        b30  
Ending retained earnings
倪慧萍 785 160 785
4-14
Balance sheet, 12/31/2009: Parent Subs DR CR Consol
Cash 455 115     605
Receivables-net 600 300     900
inventories 240 200 440
Plant & equipment, net 1,200 350 1,770
Investment in Subsidiary 490     a35 0
        c455  
Total assets 2,985 1,000     3,495
Accounts payable 300 180 480
Other liabilities 200 120     320
Capital stock, $10 par 1,500 500 c500   1,500
Other paid-in capital 200 40 c40 200
Retained earnings 785 160     785
Total equities 2,985 1,000
Noncontrolling interest, Jan.1       c195  
Noncontrolling interest, Dec. 31       b15 210
Total  800  800 3,495
倪慧萍
4-15
Example B: Prep & Snap Data (1/12)
Prep pays $88 for 80% of Snap on 1/1/2009 when
Snap's equity consisted of $60 capital stock and $30
retained earnings. All excess was due to unrecorded
patents with a 10-year life.
Snap's income and dividends follow:

2009 2010
Net income $25 $30
Dividends $15 $15

倪慧萍
4-16
Analysis (2/12)

Cost of 80% of Snap $88


Implied value of Snap ($88/.80) $110 Allocated to: Amt Amort.
Book value (60+30) 90 Patents $20 10 yrs
Excess $20

Unamort. Bal. Amortization Unamort. Bal. Amortization Unamort. Bal.


on 1/1/2009 in 2009 on 12/31/2009 in 2010 on 12/31/2010
Patents $20 $2 $18 $2 $16

Use these amounts in Use these amounts in


2009 worksheet for 2010 worksheet for
amortization expense amortization expense
and patents. and patents.
倪慧萍
4-17
Income & Dividend Calculations (2009)
(3/12)

2009:
Snap's net income $25 Prep's 80% share
Amortization (2) $18.4
Adjusted income $23 $12.0 NCI 20% share
$4.6
Dividends $15 $3.0
2010: Prep's 80% share
Snap's net income $30 $22.4
Amortization (2) $12.0
Adjusted income $28 NCI 20% share
$5.6
Dividends $15 $3.0

倪慧萍
4-18
Prep‘s 2009 Worksheet Entries ( 1/3 )
(4/12)

1. Adjust for errors & omissions


none
2. Eliminate intercompany profits and losses
none
3. Eliminate income & dividends from sub. and
bring Investment account to its beginning
balance
a.Income from Snap (I.S.) 18.4
Dividends (St. RE) 12.0
Investment in Snap (B.S.) 6.4
倪慧萍
4-19
Prep 2009: Entries (2/3) (5/12)

4. Record noncontrolling interest in sub's earnings &


dividends
b.Noncontrolling interest share (I.S.) 4.6
Dividends (St. RE) 3.0
Noncontrolling interest (B.S.) 1.6
5. Eliminate reciprocal Investment & sub's equity
balances
c.Capital stock (B.S.) 60
Retained earnings (St. RE, beg.) 30
Patents (B.S.) 20
Investment in Snap (B.S.) 88
Noncontrolling interest (B.S.) 22
倪慧萍
4-20
Prep 2009: Entries (3/3) (6/12)

6. Amortize fair value/book value differentials


d.Amortization Expense (I.S.) 2
Patents (B.S.) 2
7. Eliminate other reciprocal balances
none
Note that in last chapter, all worksheet entries were prepared
for the balance sheet. Here worksheet entries are
prepared for the income statement, statement of retained
earnings and balance sheet.
倪慧萍
4-21
Prep's 2009 Worksheet (7/12)
Year ended 12/31/2009 Prep Snap DR CR Consol
Income statement:          
Revenues 250.0 65.0     315.0
Income from Snap 18.4   a18.4   0.0
Expenses (200.0) (40.0) d2.0   (242.0)
Net income/ consolidated net
income 68.4 25.0 73.0
Noncontrolling interest share     b4.6   (4.6)
Controlling share of
consolidated net income     68.4
Statement of retained earnings:          
Beginning retained earnings 5.0 30.0 c30.0   5.0
Add net income 68.4 25.0     68.4
Deduct dividends (30.0) (15.0)   a12.0 (30.0)
        b3.0  
Ending retained earnings 43.4 40.0 43.4
倪慧萍
4-22
Prep's 2009 Worksheet (8/12)
Balance sheet, 12/31/2009: Prep Snap DR CR Consol
Cash 39.0 10.0     49.0
Other current assets 90.0 50.0     140.0
Investment in Snap 94.4     a6.4 0.0
        c88.0  
Plant & equipment, net 250.0 70.0     320.0
Patents     c20.0 d2.0 18.0
Total 473.4 130.0     527.0
Liabilities 80.0 30.0     110.0
Capital stock 350.0 60.0 c60.0   350.0
Retained earnings 43.4 40.0     43.4
Noncontrolling interest, Jan.1       c22.0  
Noncontrolling interest, Dec. 31       b1.6 23.6
Total 473.4 130.0     527.0
倪慧萍
4-23
A re-Look at the Income Statement(9/12)
Year ended 12/31/2009 Prep Snap DR CR Consol
Income statement:          
Revenues 250.0 65.0     315.0
Income from Snap 18.4   a18.4   0.0
Expenses (200.0) (40.0) d2.0   (242.0)
Net income/ consolidated net
income 68.4 25.0 73.0
Noncontrolling interest share     b4.6   (4.6)
Controlling share of C NI     68.4
• Income from Snap is eliminated.
• Expenses are adjusted for 2009 amortization - $2 on patents
• Noncontrolling interest is proportional to Prep's Income from
Snap since Prep uses the equity method.
$18.4 x .20/.80 = $4.6
倪慧萍
4-24
A re-Look at Retained Earnings (10/12)
Year ended 12/31/2009 Prep Snap DR CR Consol
Statement of retained earnings:          
Beginning retained earnings 5.0 30.0 c30.0   5.0
Add net income 68.4 25.0     68.4
Deduct dividends (30.0) (15.0)   a12.0 (30.0)
        b3.0  
Ending retained earnings 43.4 40.0 43.4

• Beginning retained earnings of Snap is eliminated.


• All of Snap's dividends are eliminated.
• Net income is not calculated across the line, but taken from the
consolidated income statement.
• Ending retained earnings is calculated in the consolidated
column.
倪慧萍
4-25
A re-Look at Assets (11/12)
Balance sheet: Prep Snap DR CR Consol
Cash 39.0 10.0     49.0
Other current assets 90.0 50.0     140.0
Investment in Snap 94.4     a6.4 0.0
        c88.0  
Plant & equipment, net 250.0 70.0     320.0
Patents     c20.0 d2.0 18.0
Total 473.4 130.0     527.0

• Investment in Snap is eliminated.


• Patents at the start of 2009 were $20, and current
amortization is $2; they are $18 at the end of 2009.
• The total is calculated in the consolidated column.

倪慧萍
4-26
A re-Look at Liabilities & Equity (12/12)
Balance sheet: Prep Snap DR CR Consol
Liabilities 80.0 30.0     110.0
Capital stock 350.0 60.0 c60.0   350.0
Retained earnings 43.4 40.0     43.4
Noncontrolling interest, Jan.1       c22.0  
Noncontrolling interest, Dec. 31       b1.6 23.6
Total 473.4 130.0     527.0

• Snap's capital stock is eliminated.


• Retained earnings are not calculated across the row; they are
taken from the statement of retained earnings.
• Noncontrolling interest at year-end is proportional to Prep's
Investment in Snap account.
$94.4 x .20/.80 = $23.6
倪慧萍
4-27
Consolidation Techniques and Procedures
2: Working Papers in Subsequent
Years
倪慧萍
4-28
Analysis, for 2010 (1/8)

Cost of 80% of Snap $88


Implied value of Snap ($88/.80) $110 Allocated to: Amt Amort.
Book value (60+30) 90 Patents $20 10 yrs
Excess $20
Unamort. Bal. Amortization Unamort. Bal. Amortization Unamort. Bal.
on 1/1/2009 in 2009 on 12/31/2009 in 2010 on 12/31/2010
Patents $20 $2 $18 $2 $16

Use these amounts in Use these amounts in


2009 worksheet for 2010 worksheet for
amortization expense amortization expense
and patents. and patents.
倪慧萍
4-29
Income & Dividend Calculations (2010)
(2/8)

2009:
Snap's net income $25 Prep's 80% share
Amortization (2) $18.4
Adjusted income $23 $12.0 NCI 20% share
$4.6
Dividends $15 $3.0
2010:
Snap's net income $30 Prep's$22.4
80% share
Amortization (2) $12.0
Adjusted income $28 NCI 20% share
$5.6
Dividends $15 $3.0
倪慧萍
4-30
Prep‘s Worksheet Entries for 2010 (3/8)
1. Adjust for errors & omissions
none
2. Eliminate intercompany profits and losses
none
3. Eliminate income & dividends from sub. and
bring Investment account to its beginning
balance

a. Income from Snap (I.S.) 22.4


Dividends (St. RE) 12.0
Investment in Snap (B.S.) 10.4
倪慧萍
4-31
Prep 2010: Entries (2 of 3) (4/8)

4. Record noncontrolling interest in sub's earnings &


dividends
b. Noncontrolling interest share (I.S.) 5.6
Dividends (St. RE) 3.0
Noncontrolling interest (B.S.) 2.6
5. Eliminate reciprocal Investment & sub's equity
balances
c. Capital stock (B.S.) 60
Retained earnings (St. RE, beg.) 40
Patents (B.S.) 18
Investment in Snap (B.S.) 94.4
Noncontrolling interest (B.S.) 23.6
倪慧萍
4-32
Eliminating Investment in Snap (5/8)
• Entry 5 eliminates the Investment in Snap and
establishes the Noncontrolling Interest as of the
beginning of the current year.
Implied value of Snap at acquisition $88/.80 $110
Add the increase in retained earnings from 10
acquisition to the beginning of the current year
$40 at 1/1/2010 minus $30 at 1/1/2009
Less amortization for all prior periods (2)
$2 patent amortization for 2009
Adjusted value of Snap at 1/1/2010 $118
• Investment in Snap (80% x $118) = $94.4
• Noncontrolling interest (20% x $118) = $23.6
Verify the $118 from the entry (60 + 40 + 18).
倪慧萍
4-33
Prep 2010: Entries (3 of 3) (6/8)

6. Amortize fair value/book value differentials


d. Amortization Expense (I.S.) 2
Patents (B.S.) 2
7. Eliminate other reciprocal balances
e. Note payable – Prep (B.S.) 10
Note receivable – Snap 10
(B.S.)

倪慧萍
4-34
Prep‘s 2010 Worksheet (7/8)
Year ended 12/31/2010 Prep Snap DR CR Consol
Income statement:          
Revenues 300.0 75.0     375.0
Income from Snap 22.4   a22.4   0.0
Expenses (244.0) (45.0) d2.0   (291.0)
Net income/ consolidated net
income 78.4 30.0 84
Noncontrolling interest share     b5.6   (5.6)
Controlling share of
consolidated net income     78.4
Statement of retained earnings:          
Beginning retained earnings 43.4 40.0 c40.0   43.4
Add net income 78.4 30.0     78.4
Deduct dividends (45.0) (15.0)   a12.0 (45.0)
        b3.0  
Ending retained earnings 76.8 55.0 76.8
倪慧萍
4-35
Prep‘s 2010 Worksheet (8/8)
Balance sheet, 12/31/2010: Prep Snap DR CR Consol
Cash 45.0 20.0     65.0
Note receivable – Snap 10.0 e10.0 0.0
Other current assets 97.0 70.0     167.0
Investment in Snap 104.8     a10.4 0.0
        c94.4  
Plant & equipment, net 240.0 60.0     300.0
Patents     c18.0 d2.0 16.0
Total 496.8 150.0     548.0
Note payable – Prep 10.0 e10.0
Liabilities 70.0 25.0     95.0
Capital stock 350.0 60.0 c60.0   350.0
Retained earnings 76.8 55.0     76.8
Noncontrolling interest, Jan.1       c23.6  
Noncontrolling interest, Dec. 31
倪慧萍       b2.6 26.2
Total 496.8 150.0     548.0
4-36
Consolidation Techniques and Procedures
3: Locating Errors in Working
Papers
倪慧萍
4-37
Errors

Most errors show up when the consolidated


balance sheet does not balance.
Common omissions:
– Noncontrolling interest share (income)
– Goodwill
– Noncontrolling interest (equity)
Check equality of DR and CR adjustments.
Verify totals for parent and subsidiary statements.
Re-calculate the consolidated amounts.

倪慧萍
4-38
Consolidation Techniques and Procedures
4: Allocating Excess of Fair Value
over Book Value
倪慧萍
4-39
Example C: with Excess Allocated (1/9)
Pate pays $360 for 90% of Solo on 12/31/2009
when Solo's equity consisted of $200 capital
stock and $50 retained earnings. Inventory (sold
in 2010), land and buildings (20 years) were
undervalued by $10, $30, and $80, respectively.
Equipment (10 years) was overvalued by $20.
Solo's income and dividends for 2010 were $60
and $20.
At year-end, Solo has dividends payable of $10
which Pate has not yet recorded.
There is $20 cash in transit from Solo
to Pate for the note.
倪慧萍
4-40
Analysis at Acquisition (2/9)
Cost of 90% of Solo $360 Allocated to: Amt Amort
Implied value of Snap ($360/.90) $400 Inventories $10 1st yr
Book value (200+50) 250 Land 30 -
Excess $150 Building 80 20 yrs
Equipment (20) 10 yrs
Noncontrolling interest, 10%(400) $40 Goodwill 50 -
  150  
  Unamort. Bal. Amortization Unamort. Bal.
* Use the
  12/31/2009 * in 2010 * on 12/31/2010 12/31/2009
Inventorie and 2010
s $10 ($10) $0 amortization
Land 30 0 30 in worksheet
Building 80 (4) 76 entries for
Equipment (20) 2 (18) 2010.
Goodwill 50 0 50
  $150 ($12) $138
倪慧萍
4-41
Solo‘s Income & Dividend (3/9)

  2010
Pate's 90% share
Solo's net income $60 $43.2
Amortization ($12) $18.0
Adjusted $48
   
Solo's dividends $20

NCI 10% share


$4.8
$2.0
倪慧萍
4-42
Pate‘s Worksheet Entries (1/4) (4/9)
1. Adjust for errors & omissions
a. Dividends receivable (B.S.) 9.0
Investment in Solo (B.S.) 9.0
b. Cash (B.S.) 20.0
Note receivable (B.S.) 20.0
2. Eliminate intercompany profits and losses
none
3. Eliminate income & dividends from sub. and bring
Investment account to its beginning balance
c. Income from Solo (I.S.) 43.2
Dividends (St. RE) 18.0
Investment in Solo (B.S.) 25.2
倪慧萍
4-43
Pate: Entries (2/4) (5/9)
4. Record noncontrolling interest in sub's earnings &
dividends
d. Noncontrolling interest share (I.S.) 4.8
Dividends (St. RE) 2.0
Noncontrolling interest (B.S.) 2.8
5. Eliminate reciprocal Investment & sub's equity
balances
e. Capital stock (B.S.) 200
Retained earnings (St. RE, beg.) 50
Unamortized excess 150
Investment in Solo (B.S.) 360
Noncontrolling interest (B.S.) 40
倪慧萍
4-44
Pate: Entries (3/4) (6/9)

Allocate the unamortized excess according to


beginning of year balances.
f. Inventory 10
Land 30
Building, net 80
Goodwill 50
Equipment, net 20
Unamortized excess 150

倪慧萍
4-45
Pate: Entries (4/4) (7/9)

6. Amortize fair value/book value differentials


g. Cost of sales 10
Inventory 10
h. Operating (depreciation) expense 4
Buildings, net 4
i. Equipment, net 2
Operating (depreciation) expense 2
7. Eliminate other reciprocal balances
j. Dividends payable (B.S.) 9.0
Dividends receivable (B.S.) 9.0
倪慧萍
4-46
Pate‘s 2010 Worksheet (8/9)
Year ended 12/31/2010 Pate Solo DR CR Consol
Income statement:          
Revenues 900.0 300.0     1,200.0
Income from Snap 43.2   c43.2   0.0
Cost of goods sold (600.0) (150.0) g10.0   (760.0)
Operating expenses (190.0) (90.0) h4.0 i2.0 (282.0)
Net income/ consolidated net income 153.2 60.0 158.0
Noncontrolling interest share     d4.8   (4.8)
Controlling share     153.2
Statement of retained earnings:          
Beginning retained earnings 120.0 50.0 e50.0   120.0
Add net income 153.2 60.0     153.2
Deduct dividends (100.0) (20.0)   c18.0 (100.0)
        d2.0  
Ending retained earnings 173.2 90.0     173.2

倪慧萍
4-47
Balance sheet, 12/31/2010: Prep Snap DR CR Consol
Cash 13.0 15.0 b20.0   48.0
Accounts receivable, net 76.0 25.0     101.0
Note receivable - solo 20.0     b20.0 0.0
Inventories 90.0 60.0 f10.0 h10.0 150.0
Land 60.0 30.0 f30.0   120.0
Building, net 190.0 110.0 f80.0 h4.0 376.0
Equipment, net 150.0 120.0 i2.0 f20.0 252.0
Investment in Solo 394.2     a 9.0 0.0
        c25.2  
        e360.0  
Dividends receivable     a 9.0 j9.0 0.0
Goodwill     e50.0   50.0
Unamortized excess     e150.0 f150.0 0.0
Total 993.2 360.0     1,097.0
Accounts payable 120.0 60.0     180.0
Dividends payable   10.0 j9.0   1.0
Capital stock 700.0 200.0 e200.0   700.0
Retained earnings 173.2 90.0     173.2
Noncontrolling interest, Jan.1       e40.0  
Noncontrolling interest, Dec. 31       d2.8 42.8
Total
倪慧萍 993.2 360.0     1,097.0
4-48
Consolidation Techniques and Procedures
5: Consolidated Statement of Cash
Flows
倪慧萍
4-49
Consolidated Cash Flows
The consolidated statement of cash flows is
prepared from
– Consolidated balance sheets, beginning &
ending
– Consolidated income statement
– Other information
Procedure similar to an "unconsolidated"
statement of cash flows
Look at items specific to companies with
– Subsidiaries
– Equity investments
倪慧萍
4-50
Investing & Financing Cash Flows
• Investing cash flows:
– Include cash acquisition and/or disposition of
subsidiaries
– Include cash acquisition and/or disposition of
equity investees
• Financing cash flows:
– Include cash dividends paid to
noncontrolling interests

倪慧萍
4-51
Operating Cash Flows

• Direct method:
– Include cash dividends received from equity
investees (not equity method income)
• Indirect method:
– Starting with consolidated net income to the
controlling interest share,
– ADD the noncontrolling interest share
– Deduct the excess of equity method income
over cash dividends received from equity
investees
倪慧萍
4-52
Thanks!

倪慧萍
4-53

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