Write a final reflective assignment

Write a final reflective assignment

Gather all of your articles/materials that you have read and all of the summaries you have written (this should be easy if you have been keeping up with your portfolio). Using those, write a paper (approximately 1000 words) that summarizes

1) what you have learned about your topic

2) what you have learned in developing as a writer and presenter

3) assess your overall performance in the course.

This class is asked us do many presentations and some are team works. Now it’s almost down and need to write a reflection paper. I upload the summaries that I wrote for each article I chosen and every article’s link will be at the bottom of the summaries. Just follow the demonstrate write the reflection essay, about 1000words.

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Exam Help

Exam Help

require the exam with detailed answers by today if possible, its due tomorrow, need 100% on this test to graduate. Thank you so much if you can help

MAD 2104: Discrete Mathematics Spring 2019 Take Home EXAM 3
Answer the questions by showing all your work. Begin each new question in a separate page. Answers without complete work will not receive credits. This test is due on Tuesday,

April 23rd, 2019 at the beginning of the class. Staple this page with your name at the beginning of your exam. Write your name in every page.

Name:

  1. Show that if A and B are sets with |A| = |B|, then |P(A)| = |P(B)|.
  2. Show that the set Z+ × Z+ is countable.
  3. Prove that the set of all (infinite) sequences of 0’s and 1’s (i.e: infinite bit strings) is uncountable. Hint: Use Cantor’s Diagonal Argument.
  4. Use mathematical induction to prove that 1 for all integers n ≥ 1.
  5. Prove that 21 divides 4n+1 + 52n−1 whenever n is a positive integer.
  6. Use mathematical induction to show that given a set of n+1 positive integers, none exceeding 2n, there is at least one integer in this set that divides another integer in the set.
  7. Consider this variation of the game of Nim. The game begins with n matches. Two players take turns removing matches, one, two, or three at a time. The player removing the last match loses. Use strong induction to show that if each player plays the best strategy possible, the first player wins if n = 4j,4j + 2, or 4j + 3 for some nonnegative integer j and the second player wins in the remaining case when n = 4j + 1 for some nonnegative integer j.
  8. Let fn represent the nth Fibonacci number. Show that fn+1fn−1 − fn2 = (−1)n when n is a positive integer.
  9. How many strings of eight uppercase English letters are there (a) that have the letter X, if letters can be repeated?

(b) that start with X, if no letter can be repeated?

(c) that do not have the letters B and O next to each other? That is, the letters BO and OB cannot appear in the string.

  1. How many ways are there to seat four of a group of 10 people around a circular table where two seatings are considered the same when everyone has the same immediate left and immediate right neighbor?

1

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Developing A Budget For Salaries Based On The 3 Components For Managers Compensation Plans.

Developing A Budget For Salaries Based On The 3 Components For Managers Compensation Plans.

Compensation    For the Years Ended December 31, xxx2                          Marketing Accounting Production CEO CFO Total    Manager   Compensation:          Salary             -     Employee Benefits            -     Incentive   Compensation            -     Total   -   -   -   -   -   -                Number   of Full-Time Managers  1   1   2   1   1   6      

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Argument Analysis Homework

Argument Analysis Homework

Find a recent (within the past three years) news article, news clip or short video that focuses on poverty in the US. State the argument is the news item is making. You’re not being asked to make an argument of your own here. Your assignment is to analyze an argument put forth by the news item you found. In order to do this, you must pay close attention to the “what” and the “how” dimensions of the argument you have chosen. “What” in this sense means the content of the argument you have chosen—what the author claims, what is the argument about. “How” means the moves, strategies and techniques of persuasion deployed in the argument—how it works, how it is constructed, how it functions rhetorically. In your paper, you should do the following four things: 1. Briefly summarize the argument. (Put the “what” in a nutshell.) 2. Describe the manner in which the argument is put forth. (Trace out the “how.”) 3. Analyze the argument. (Examine the reasoning and rhetoric closely.) 4. Evaluate the argument. (Point out its strongest and weakest feature; suggest a next step.)

Further Suggestions Regarding items 2-4 in the Argument Analysis assignment (see above), you might want to consider some of the following questions. However, keep in mind that these are suggestions. You are not required to address all such questions listed below. (In fact, if you tried to do that, your paper would be much too long.) The questions listed below are simply meant to help you focus your thinking. Look for a question or questions that seem most appropriate for your particular analysis and make that a point of emphasis. 5. Describe the manner in which the argument is put forth. (Trace out the “how”.) What types of evidence are emphasized—inductive, deductive, anecdotal, analogical? Do appeals to emotion play a prominent role? What sort of audience does the author seem to have in mind? What seems to have necessitated the argument’s presentation? 6. Analyze the argument. (Examine the reasoning and rhetoric closely.) If there are deductions involved, how do they work? If there is inductive reasoning involved, is it in tune with proper procedures? (I.e., How solid are any probabilities? What of any samples or experimental procedures? What of empirically derived information or witness testimony?) Are there underlying assumptions involved? If so, what are they and how do they stand up to scrutiny? Are fallacies or propaganda techniques being used? 7. Evaluate the argument. (Explain strongest and weakest features; suggest a next step.) Do any perceptual filters significantly affect the author’s thinking? What is the argument’s strongest feature? What is the argument’s weakest feature? What is one further thing that might be done to improve the argument or help resolve a troubling issue raised in the argument?

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Boys And Girls

Boys And Girls

KINDLY FOLLOW THE INSTRUCTIONS AS THEY HAVE BEEN GIVEN TO YOU!!! I HAVE ALSO INCLUDED ALL THE INFORMATION THAT YOU WANT !!!!!

As you read Chapter 12, think about what it means to be a male or female in today’s society. In addition pay close attention to this week’s .ppt. The .ppt is a series of charts and graphs illustrating trends in higher education and the workforce according to gender. Two trends to notice are:

Women, on average, earn about 75 cents for every dollar a man earns.

More women are enrolled in college/university than men.

If earning potential is tied to educational attainment, then why do women earn less money than men? More women are enrolled in college than men, should equate to more women with college degrees than men with college degrees, right?

Why do women earn less than men?

Share your response in at least two paragraphs by Wednesday.

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Discussion two: Government Contracting

Discussion two: Government Contracting

Why government contracting? Renz (2010) said the following:

The widespread interest in the United States and other countries in contracting with non-profit organizations reflects many factors: pressure to reduce the costs of public service; broad interest in voluntarism, social innovation, and citizen and community engagement; and the influence of the New Public Management and “reinventing government” movements which seek to improve the efficiency and effectiveness of public services through privatization, more competition, individual choice, and decentralization. (p. 553)

Governmental contracting is viewed by many international non-governmental organizations as a very positive practice. There are additional attractive benefits than what Renz has shared, although some are more significant than others. Although there are many attractive benefits, challenges do occur. As a leader, you should be aware of these challenges, too, in order to overcome them. In addition, you should know how to leverage the pros.

To prepare for this Discussion, review the Zadi, et al., article in preparation for the Discussion.

By Day 4

Post the significant pros and cons of such government contracting discussed by Zadi, et al. Further explain the fundamental concerns that a nonprofit should examine if it is considering engaging in governmental contracting and why.

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Week 4_ Individual task

Week 4_ Individual task

Purpose of Assignment

The purpose of this assignment is to provide you with an opportunity to apply research on motivation and satisfaction to the analysis of your individual behavior and working environment.

Assignment Steps

Create a 10-slide PowerPoint® presentation describing your Outer Game and Inner Game. See Ch. 3 of Mastering Leadership to review these concepts.

Include the following in your presentation:

An analysis of your leadership role and environment

The leadership process in your Outer Game

The leadership competencies in your Outer Game

The leadership consciousness in your Inner Game

Your insights from this analysis

Two actions that you will take for growth and development

Detailed speaker notes or narrated slides, supporting citations, and references

Format your assignment consistent with APA guidelines.

Submit your assignment.

attachment
ch3pdf.pdf

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Accounting Turbo Tax

Accounting Turbo Tax

Facts
50 Sheet Legal Pad unt
1
University of Miami

  1. Our clients Grover McKinley, DOB: 7/28/1971, SS# 990-02-2019 and Lucretia McKinley, DOB: 1/28/1966, SS# 989-35-0060 have been married for 25 years. FALSE TRUE city Coral Gables Coral Gables
    0 1 144 state FL FL
  2. They live at 1245 Flagler Avenue Coral Gables, FL 33143. 4 258 zip 33143 33143
    NUMR 2245 SalesTaxPercent 0.07 7.000%
  3. Grover is an accountant and Lucretia is a small business consultant. 0000 StateIncomeTax 0 0.000%
    2245 CityIncomeTax 0 0%
  4. Frederick, their child was born 5/26/1998. Frederick has received a 1098-T for attending the first semester at Coral Gables Community College SS#, 991-46-0028. Frederick is a fulltime student and lived at home and Frederick’s parents paid for more than half of Frederick’s living expenses. Local Address 1245 Flagler Avenue 1245 Flagler Avenue
    Name of School University of Miami
  5. Avery, their new baby was born 7/28/2018. Her SS number is, 986-64-0067. Andrew James born 5/25/2010, SS# 987-64-0014 is a first cousin of Lucretia and lived with her since February of 2016. Lucretia provided 80% of Andrew’s support. Andrew’s total income for the year was $3,000.00.
  6. Grover received a W2 from Deloitte Touche and a W2 from KPMG, and did not participate in an employer provided retirement plan during the year. Lucretia inherited $ 90,000 from her grandfather in September 2018.
    daughter
  7. Lucretia received a K1 from MNH Corp. in which she did not materially participate although all her money was at risk. Lucretia paid estimated federal taxes of $4,293.00.
  8. They received a 1099-INT from Wells Fargo Bank and $1,870 from Coral Gables Municipal General Revenue Bonds.
  9. As per a 1098-I, Grover and Lucretia paid Wells Fargo Bank $7,400.00 in interest for the home mortgage. They also paid $4,025.00 in real estate taxes, $2,641.00 for homeowners insurance on the home and $264.10 to have it painted. 0
    NUMR1 4 1 LNAME1 McKinley Garfield
  10. Other interest and taxes paid by Grover and Lucretia include: $1,320.00 interest on the loan for the Dodge, the personal automobile which is shared with Frederick, $396.00 interest on credit cards and general sales tax of $2,450.00 for which they have receipts. Note: the general sales tax rate is 7.00% NUMR2 2 2 Fname1 Grover James
    NUMR3 6 3 DOBM1 7 1
  11. The total annual cost of medical insurance for the entire family was $15,221.00 and paid by Grover through an employer provided health insurance plan on an after-tax basis. Grover and Lucretia paid $2,797.00 for prescription drugs, $900.00 to doctors and dentists, and $3,000.00 to hospitals and clinics. These amounts were co-payments or amounts not covered by insurance. Contact lenses for Frederick that was not covered by insurance cost $650.00 and cosmetics and other non prescription items from the drug store cost $300.00. NUMR4 7 4 DOBD1 28 21
    NUMR5 2 5 DOBYY1 1971 1973
  12. Lucretia started Coral Gables Consulting, as a cash method sole proprietorship, on April 15, 2009. The 2018 revenue associated with the business was $28,400.00. The following expenses were incurred $1,636.00 advertising, $9,250.00 supplies and postage of $347.73. She uses a desk in the corner of her bedroom as her office. 6 6 HomeAdd 927 321
    NUMR6 6 7 Fname2 Lucretia Jane
  13. Lucretia uses a cell phone for business and another cell phone for non-business calls. The cost of the business cell phone was $2,582.00, while the cost of the private phone was $600.00. NUMR7 9 8 DOBM2 1 2
    NUMR8 4 9 DOBD2 28 24
  14. Grover and Lucretia have the requisite statements from the charities supporting the following contributions to qualified charitable organizations: NUMR9 2 10 DOBYY2 1966 1964
    Cash of $2,850.00 given to Plymouth Church in Coral Gables on 5/7/2018. 11 FnameChild1 Frederick
    A sofa given to Goodwill in Coral Gables on 5/1/2018. The sofa was purchased on 7/28/2013 for $1,160.00 and the fair market value (based upon comparable sales in thrift shops) at the date of contribution was $170.00. 2 12 FnameChild2 Avery Avery
    One hundred shares of Home Depot Inc. was given to the University of Miami. The stock was purchased on 1/3/2017 for $1,600.00. When it was donated on 10/6/2018 it had a value of $2,900.00 based on the sale of other shares that same day. 2 13 DOBMC1 5 3
    NUMR10 5 14 DOBdC1 26 21
  15. Grover and Lucretia sold 200 shares of Home Depot Inc. stock. The stock was purchased on 1/3/2018 for $3,200.00 and was sold on 10/6/2018 for $5,800.00. On 12/6/2018 they sold 200 shares of Sub Prime Mortgage Corporation for $1,500.00 which cost $5,300.00 when purchases on 3/24/2009. 6 15 DOBYYC1 1998 2000
    8 16 SSNUM1 990-02-2019
  16. Grover paid $245.00 for subscriptions to professional journals and attended a professional conference in New Orleans. He paid a registration fee of $200.00, $371.00 for airfare, $580.00 for hotel and $254.00 for meals. These items were not reimbursed. 9 17 SSNum1A 2 21
    6 18 SSNum1B 2019 2025
  17. Grover and Lucretia paid $150.00 in April of 2018 for the preparation of the 2017 tax return and $45.00 for a safe deposit box rental fee that was used for the storage of investment securities. 9 19 SSNum1C 990 999
    8 20 SSNUM2 989-35-0060 999-54-0054
  18. Lucretia contributed $3,000.00 to a traditional individual retirement account on December 18, 2018. This was the first time she contributed to an IRA. 9 21 SSNum2A 35 54
    6 22 SSNum2B 60 54
  19. On September 8, a freak tornado damaged their home. They filed a claim with their insurance company but received only $12,500.00 due to the high deductable on their policy. The home had a cost of $260,000.00 when they purchased it on 7/2/2001. It was valued at $360,000.00 before the incident and $300,500.00 immediately after. 9 23 SSNum2C 989 998
    8 24 SSNUMC1 991-46-0028
  20. Grover and Lucretia went to Las Vegas three times in 2018. The total cost of airfare, trportation, meals and expenses were $5,700.00. During the year the gambling winnings were $4,400.00 while the gambling losses were $5,300.00. A W-2G was not received. 2 25 SSNUMC1A 46 44
    9 26 SSNUMC1B 28 29
    8 27 SSNUMC1C 991 999
    5 28 SSNUMC2 986-64-0067
    8 29 SSNUMC2A 64 84
    9 30 SSNUMC2B 67 68
    6 31 SSNUMC2C 986 998
    2 32 SSNumCousin 987-64-0014
    8 33 SSNUMCousinA 64 84
    9 34 SSNUMCousinB 14 33
    6 35 SSNUMCousinC 987 999
    2 36 DOBCousin 5/25/2010 3/23/2010
    8 37 CousinYears 2,016.00 0
    6 38 – 0
    2 39 1,722.25
    4 40 Married 1 1
    9 41 Occupation 1 an accountant an accountant
    2 42
    9 43 0
    8 44 0
    5 45 0
    3 46 0
    8 47 0
    2 48 0
    2 49 rentYN 0 0
    5 50 0
    0 51 muniInterest 1870 1870
    8 52 mortage 7399 8399
    8 53 mortage 7400 8400
    1 54 RealEstate 4025 3950
    9 55 HomeownerIns 2641 2716
    3 56 IntPerCar 1320 1170
    6 57 IntCredCard 396 521
    5 58 Sales Tax$ 2450 2200
    1 59 MedInsurance 15221 15221
    4 60 MedDrugs 2797 3397
    5 61 MedDoc 900 1400
    9 62 MedHosp 3000 3100
    9 63 MedGlass 650 750
    2 64 MedOvercounter 300 700
    9 65 BexpSupplies 9250 5000
    8 66 BexpUtility 500 7000
    0 67 BexpRent 300 300
    4 68 Bexpmeals 440 280
    2 69 BexpAdv 1636 2224
    6 70 BexpComputer 3566 3742
    7 71 BexpCmptrM 0
    2 72 BexpCell 2582 2502
    6 73 BexpInternet 447 393
    9 74 BexpPostage 347.73 359.73
    4 75 BexpMeals 1031.45 1016.45
    2 76 BexpCarCommute 2000 2400
    5 77 BexpCarpersonal 4910 4610
    4 78 BexpCarbusiness 7500 7740
    2 79 BeexpCarCost 17200 18800
    6 80 W2Wage 86000 92000
    7 81 W2WageW 21500
    7960.8 2 82 W2SSWage 128400
    6 83 W2SSWageW 0.062
    9 84 W2SSWageMax 128400
    4 85 W2SSWageSelf 0.124
    2 86 W2MedWageW 0.145
    5 87 W2Employer Deloitte Touche Bloom and Burger
    4 88 W2EmployerNum EIN 99-9876543
    6 89 W2Employer2 KPMG
    2 90 Interest Income 510 410
    6 91 InterestBankName Wells Fargo Bank Capital One Bank
    7 92 ChaCash 2850 1800
    2 93 ChaSofaCost 1160 1080
    6 94 ChaSofaFMV 170 80
    4 95 ChaStockName Home Depot Inc. Cisco System
    9 96 ChaStockCost 1600 700
    4 97 ChaStockfmv 2900 900
    2 98 ChaStockBdate 01/03/18
    5 99 ChaStockEdate 10/06/18
    4 100 StockStCost 1600
    2 101 StockStSP 2900
    6 102 StockStBdate 01/03/18
    7 103 StockStEdate 10/06/18
    2 104 StockLtCost 5300 100
    6 105 StockltSP 1500 100
    9 106 StockLtBdate 03/24/09
    4 107 StockLtEdate 12/06/18
    2 108 0
    5 109 EmpRelJournal 245 195
    4 110 EmpRelRegist 200 240
    2 111 EmpRelAir 371 458
    6 112 EmpRelHotel 580 563
    7 113 EmpRelMeals 254 198
    2 114 EmpRelCity New Orle New Orle
    6 115 JuryPay 0 54
    9 116 PrepReturn 150 105
    4 117 SafeDepositBox 45 25
    2 118 ira 3000 2200
    5 119 CasualtyPay 12500 10000
    4 120 CasualtyCost 260000 320000
    7 121 CasualtyBFmv 360000 130000
    6 122 CasualtyAFmv 300,500.00 56500
    7 123 CasualtyAptLoss 12000 19000
    2 124 K1CompName MNH Corp. ABC Corp.
    6 125 K1PerOwner 50 80
    9 126 K1OrdIncome 23850 24400
    4 127 K1Sec179 2400 1200
    2 128 K1AltCode A A
    5 129 K1AltAmt 750 500
    4 130 K1BasisCode C
    2 131 K1BasisAmt 390 300
    6 132 F1098TTuition 1322.25 1022.25
    7 133 CityConsultingRev 28400 20000
    6 134 99-1500157
    9 135 WifeOcc a small business consultant an electronic consultant
    2 136 F1099IntIncome 670 550
    9 137 F1099DQual 290 110
    9 138 F1099DOrdinary 290 110
    4 139 GamblingExp 5700 4500
    2 140 GamblingWin 4400 4000
    5 141 GamblingLoss 5300 400
    4 142 114 114
    2 143 Personal Exemption – 0
    6 144
    7 145
    6 146
    9
    2
    2018
    2014 2015 2016
  • 0
    9,075.00 9,225.00 9,275.00
    36,900.00 37,450.00 37,650.00
    89,350.00 90,750.00 91,150.00
    186,350.00 189,300.00 190,150.00
    405,100.00 411,500.00 413,350.00
    406,750.00 413,200.00 415,050.00
    Married Filing Jointly
    over
    $ 0.00
    18,150.00 18,450.00 18,550.00
    73,800.00 74,900.00 75,300.00
    148,850.00 151,200.00 151,900.00
    226,850.00 230,450.00 231,450.00
    405,100.00 411,500.00 413,350.00
    457,600.00 464,850.00 466,950.00
    Married filing Separately
    over
    $ 0.00
    9,075.00 9,225.00 9,275.00
    36,900.00 37,450.00 37,650.00
    74,425.00 75,600.00 75,950.00
    113,425.00 115,225.00 115,725.00
    202,550.00 205,750.00 206,675.00
    228,800.00 232,425.00 233,475.00
    Head of Household
    over
    $ 0.00
    12,950.00 13,150.00 13,250.00
    49,400.00 50,200.00 50,400.00
    127,550.00 129,600.00 130,150.00
    206,600.00 209,850.00 210,800.00
    405,100.00 411,500.00 413,350.00
    432,200.00 439,000.00 441,000.00
    Standard Deduction
    Single 12,000.00
    Married Filing Jointly 24,000.00
    Head of Household 18,000.00
    Personal Exemption – 0
    If AGI less than – 0
    SS Max Income 128,400.00
    SS Rate 0.0620
    SS Rate self employed 0.1240
    Medical 0.1450
    Mileage for using a car 54.5000
    182,454.83
    Fact Sheet Page &P

Sch K-1
Set magnification to 140%
18
For calendar year 2018, or tax 1 Ordinary business income (loss) 13 Credits
year beginning , 2018 $ 23,850.00
ending , 20 _ 2 Net rental real estate income (loss)
Shareholder’s Share of Income, Deductions,
Credits, etc. ▶ See back of form and separate instructions. 3 Other net rental income (loss)
Part I Information About the Corporation 4 Interest income
A Corporation’s employer identification number 5a Ordinary dividends
90-1357999
B Corporation’s name, address, city, state, and ZIP code 5b Qualified dividends 14 Foreign tractions
MNH Corp.
505 Main Street 6 Royalties
Coral Gables, FL 33147
7 Net short-term capital gain (loss)
C IRS Center where corporation filed return 8a Net long-term capital gain (loss)
Ogden
Information About the Shareholder 8b Collectibles (28%) gain (loss)
D Shareholder’s identifying number 8c Unrecaptured section 1250 gain
998-45-0061
E Shareholder’s name, address, city, state, and ZIP code 9 Net section 1231 gain (loss)
Lucretia McKinley
1245 Flagler Avenue 10 Other income (loss) 15 Alternative minimum tax (AMT) items
Coral Gables, FL 33143
F Shareholder’s percentage of stock
ownership for tax year 50.0 %
11 Section 179 deduction 16 Items affecting shareholder basis
For IRS Use Only 12 Other deductions
Charitable contributions
$ 900.00
17 Other information

  • See attached statement for additional information.
    For Paperwork Reduction Act Notice, see Instructions for Form 1120S. Cat. No. 11520D Schedule K-1 (Form 1120S) 2018
    Department of the Treasury Internal Revenue Service (99)

1098-T
Set magnification to 140%
CORRECTED
FILER’S name, street address, city or town, province or state, country, ZIP 1 Payments received for OMB No. 1545-1574 Tuition
or foreign postal code, and telephone number qualified tuition and related
expenses
$ 1,322.25 18 Statement
Coral Gables Community College 2 Amounts billed for
1040 College Road qualified tuition and
Coral Gables, FL 33146 related expenses Form 1098-T
$
FILER’S federal identification no. STUDENT’S social security number 3 If this box is checked, your educational institution Copy B
59-1210485 991-46-0028 has changed its reporting method for 2018 For Student
STUDENT’S name 4 Adjustments made for a 5 Scholarships or grants
prior year This is important
Frederick McKinley $ tax information
and is being
Street address (including apt. no.) 6 Adjustments to 7 Check this box if the furnished to the
1245 Flagler Avenue scholarships or grants amount in box 1 or 2 Internal Revenue
for a prior year includes amounts for Service
City or town, province or state, country, and ZIP or foreign postal code $ an academic period
Coral Gables, FL 33143 beginning January –
March 2016 ▶
Service Provider/Acct. No. (see instr.) 8 Check if at least 9 Check if a graduate 10 Ins. contract reimb./refund
half-time student student . . . . $
Form 1098-T (keep for your records) www.irs.gov/form1098t Department of the Treasury – Internal Revenue Service
www.irs.gov/form1098t
FALSE TRUE FALSE FALSE
1099-INT
Set magnification to 140%
CORRECTED (if checked)
PAYER’S name, street address, city or town, province or state, Payer’s RTN (optional) OMB No. 1545-1574
country, ZIP or foreign postal code, and telephone no.
Wells Fargo Bank 1 Interest income 18
1212 Savings Way $ 670.00 Interest Income
Coral Gables, FL 33149 2 Early withdrawal penalty
Form 1099-INT
PAYER’S federal identification no. RECIPIENT’S identification number 3 Interest on U.S. Savings Bonds and Treas. obligations Copy B
59-123456 989-35-0060 For Student
This is important tax
RECIPIENT’S name 4 Federal income tax withheld 5 Investment expenses information and is being
furnished to the Internal
Lucretia McKinley $ Revenue Service. If you
are required to file a
Street address (including apt. no.) 6 Foreign tax paid 7 Foreign country or U.S. possession return, a negligence
1245 Flagler Avenue penalty or other sanction
may be imposed on you if
City or town, province or state, country, and ZIP or foreign postal code 8 Tax-exempt interest 9 Specified private activity bond interest this income is taxable and
Coral Gables, FL 33143 the IRS determines that it
has not been reported
Account number (see instructions) 10 Tax-exempt bond CUSIP no. 11 State 12 State identification no 13 State tax withheld
Form 1099-INT www.irs.gov/form1099int Department of the Treasury – Internal Revenue Service
Other interest and taxes paid by Grover and Lucretia include: $1,320.00 interest on the loan for the Dodge, the personal automobile which is shared with Frederick, $396.00 interest on credit cards and general sales tax of $2,450.00 for which they have receipts. Note: the general sales tax tax rate is 7.00%
1099-DIV
Set magnification to 140%
CORRECTED (if checked)
PAYER’S name, street address, city or town, province or state, 1a Total ordinary dividends OMB No. 1545-1574 Dividends and
country, ZIP or foreign postal code, and telephone no.
$ $ 290.00 18
Home Depot Inc. 1b Qualified dividends Distributions
1212 Oil Way $ $ 290.00 Form 1099-DIV
Dallas, TX 75206 2a Total capital gain distr. 2b Unrecap. Sec. 1250 gain Copy B
$ For Recipient
PAYER’S federal identification no. RECIPIENT’S identification number 2c Section 1202 gain 2d Collectibles (28%) gain
59-654322 989-35-0060 $ $ This is important tax
RECIPIENT’S name 3 Nondividend distributions 4 Federal income tax withheld information and is
$ $ being furnished to
Lucretia McKinley 5 Investment expenses the Internal Revenue
$ Service. If you are
Street address (including apt. no.) 6 Foreign tax paid 7 Foreign country or U.S. possession required to file a
1245 Flagler Avenue $ return, a negligence
City, state, and ZIP code 8 Cash liquidation distributions 9 penalty or other
Coral Gables, FL 33143 sanction may be
10 Exempt-interest dividends 11 Specified private activity bond interest imposed on you if
this income is taxable and
12 State 13 State iden no. 14 State tax withheld the IRS determines that it
Account number (see instructions) has not been reported.
Form 1099-DIV (keep for your records)
Department of the Treasury – Internal Revenue Service
W2
Set magnification to 140%
22222 a Employee’s social security number
990-02-2019 OMB No. 1545-0008
b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld
EIN 99-9876543 $ 86,000.00 $ 21,500.00
c Employer’s name, address, and ZIP code 3 Social security wages 4 Social security tax withheld
$ 86,000.00 $ 5,332.00
Deloitte Touche 5 Medicare wages and tips 6 Medicare tax withheld
83 Oftowork Way $ 86,000.00 $ 1,247.00
Coral Gables, FL 33153 7 Social security tips 8 Allocated tips
d Control number 9 10 Dependent care benefits
e Employee’s first name and initial Last name Suff. 11 Nonqualified pl 12a
Grover McKinley 13 Statutory Retirement Third-party 12b
1245 Flagler Avenue employee plan sick pay
Coral Gables, FL 33143 12c
14 Other
12d
f Employee’s address and ZIP code
15 State Employer’s state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name
FL $ 86,000.00 $ – 0 $ 86,000.00 $ – 0
Form W2 2018 Department of the Treasury – Internal Revenue Service
Copy B—To Be Filed With Employee’s FEDERAL Tax Return.
This information is being furnished to the Internal Revenue Service.
Set magnification to 140%
22222 a Employee’s social security number
990-02-2019 OMB No. 1545-0008
b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld
EIN 99-9876599 $ 5,667.00 $ 1,133.40
c Employer’s name, address, and ZIP code 3 Social security wages 4 Social security tax withheld
$ 5,667.00 $ 351.35
KPMG 5 Medicare wages and tips 6 Medicare tax withheld
183 Bythenumber Way $ 5,667.00 $ 82.17
Coral Gables, FL 33157 7 Social security tips 8 Allocated tips
d Control number 9 10 Dependent care benefits
e Employee’s first name and initial Last name Suff. 11 Nonqualified pl 12a
Grover McKinley 13 Statutory Retirement Third-party 12b
1245 Flagler Avenue employee plan sick pay
Coral Gables, FL 33143 12c
14 Other
12d
f Employee’s address and ZIP code
15 State Employer’s state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name
FL $ 5,667.00 $ – 0 $ 5,667.00 $ – 0
Form W2 2018 Department of the Treasury – Internal Revenue Service
Copy B—To Be Filed With Employee’s FEDERAL Tax Return.
This information is being furnished to the Internal Revenue Service.

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Impact of Accounting Change Finance Changes

Impact of Accounting Change Finance Changes

W18357

SASKPOWER U.S. DEBT: HEDGING CURRENCY EXPOSURE

Professors Walid Busaba and Saqib Khan wrote this case solely to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality.

This publication may not be transmitted, photocopied, digitized or otherwise reproduced in any form or by any means without the permission of the copyright holder. Reproduction of this material is not covered under authorization by any reproduction rights organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com.

Copyright © 2018, Ivey Business School Foundation Version: 2018-06-19

On December 19, 2002, Edward James, a member of the audit and finance committee of the board of directors of the Saskatchewan Power Corporation (SaskPower), was contemplating a complex issue. The management of SaskPower had requested the approval of its 2003 foreign exchange strategy, to manage the long-term currency risk exposure in the utility’s U.S. dollar debt.

SaskPower issued US$619 million of debt in the early 1990s, with maturities ranging from 10 to 30 years. The U.S. dollar exchange rate against the Canadian dollar had since increased (i.e., the Canadian dollar rate had depreciated), increasing the effective burden of the debt and reducing the utility’s net income. By the end of 1999, SaskPower had hedged US$112 million through foreign currency swaps. By the end of 2001, the translation value of the U.S. dollar debt had increased to CA$986 million and represented more than 50 per cent of SaskPower’s long-term debt.

A change in accounting practices was implemented in 2001 in accordance with revised Canadian Institute of Chartered Accountants guidelines. SaskPower was required to recognize as a gain or a loss in the current year any translation differences in the value of its outstanding U.S. dollar debt resulting from fluctuations in the exchange rate during the year. This policy change led to a significant reduction in net income in 2001, followed by a significant increase during the first eight months of 2002. The volatility in earnings had complicated the task of setting rates for electricity and had proved politically difficult to justify. An overarching objective of the proposed foreign exchange strategy was to eventually eliminate all currency exposure in the outstanding U.S. dollar debt.

SASKPOWER: THE COMPANY

SaskPower was a Canadian power company established in 1929. This crown corporation was owned by the provincial government of Saskatchewan and governed by a board of directors.1 It was the main producer

1 Crown corporations are wholly owned federal or provincial organizations structured like private or independent companies. Among them are important enterprises such as the Canadian Broadcasting Corporation, VIA Rail, Canada Post, and the Bank of Canada, as well as various provincial electric utilities. Crown corporations have greater freedom from direct political control than government departments and, as long as crown corporations have existed, there has been debate about their structure, accountability, and role in the economy; Allan Tupper, “Crown Corporation,” Historica Canada, last edited December 17, 2013, accessed October 30, 2017, www.thecanadianencyclopedia.ca/en/article/crown-corporation.

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Page 2 9B18N011 and supplier of electricity in the province, with an installed generation capacity of 4,281 megawatts. In fiscal year 2001, SaskPower serviced 432,000 customers spread over 652,000 square kilometres across Saskatchewan. Around 68.3 per cent of the generated power was sold to industrial users. The company’s distribution network was also tied to the grids of Alberta and Manitoba and to the U.S. state of North Dakota (although no notable sales were recorded across the border). SaskPower’s revenues in 2001 were CA$1.126 billion, 88 per cent of which came from sales within Saskatchewan. Its expenses were CA$1.097 billion. The cost of fuel and purchased power represented 43 per cent of expenses. Finance charges, which included foreign currency translation losses related to the U.S. dollar debt, represented 16 per cent. Expenses increased by 10 per cent relative to 2000, driven primarily by a 22 per cent increase in the cost of fuels, namely natural gas, and purchased power, which was required due to low river flows and reduced electricity generation (see Exhibit 1). ORIGINS OF U.S. DEBT SaskPower was a capital-intensive, vertically integrated electric power utility. Asset replacement was required even during slow economic times. Like most crown corporations, SaskPower sourced debt through the provincial treasury.2 In the 1990s, Saskatchewan was in poor financial health. Canadian financial institutions showed little interest in buying Saskatchewan debt, and the province faced relatively high credit spreads over Canadian treasuries. Therefore, the province deemed it advantageous to borrow in the United States, where its debt was better received and interest rates on long-term debt were significantly lower. SaskPower made five U.S. debt issues between 1990 and 1993, totalling US$619 million in principal, and maturing 10 to 30 years later (see Exhibit 2). The exchange rate at issue averaged CA$1.22 per U.S. dollar, or US$0.82 per Canadian dollar, and the debt was worth CA$755 million. SaskPower’s all-in cost of its U.S. debt was much lower than the typical equivalent Canadian dollar debt. On average, it was 160 basis points lower, or 17 per cent lower, than what the Canadian dollar debt’s all- in cost would have been. Therefore, the U.S. dollar would need to move up a long way before the Canadian dollar cost of servicing the U.S. debt exceeded what the cost would have been if SaskPower had chosen to borrow in Canadian dollars (see Exhibit 2). The U.S. dollar debt carried semi-annual coupon payments. The debt was non-callable and non- convertible. Being primarily held by institutional investors, it had little to no market float. ACCOUNTING POLICY CHANGE AND EXCHANGE RATE UNCERTAINTY At the time, the accounting standard that SaskPower followed was the Canadian version of the generally accepted accounting principles (GAAP). Foreign exchange translation adjustments that resulted from year-end revaluation of the U.S. debt were amortized over the remaining term of the debt. The Canadian dollar’s value deteriorated for most of the 1990s, which meant that the U.S. dollar appreciated in value (see Exhibit 3), creating a build-up of unrealized foreign exchange losses. A portion of these losses was amortized annually, although these were non-cash charges—no additional funds were required until the debt matured. The amortization was an amount of multi-million dollars per year; however, it was offset by significant reductions in actual finance charge payments as SaskPower’s debt declined sharply over the

2 SaskPower does not pay for this service; all costs are included in the final debt rate.

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Page 3 9B18N011 1990s. The amortized exchange losses were CA$8 million for 1999 and CA$9 million for 2000. At the end of 1999, unamortized foreign exchange losses were CA$97 million. In 2001, SaskPower adopted a new accounting policy in accordance with revised Canadian Institute of Chartered Accountants guidelines. The new policy required all foreign currency translation differences to be recognized and recorded as a gain or loss in the current year. The purpose of this policy shift was to bring Canadian accounting practices in line with those of Europe and the United States. This change had a significant effect on SaskPower’s financial results in 2001, increasing finance charges by CA$31 million and reducing net income to CA$29 million (see Exhibit 4).3 Repercussions of the accounting policy change were rather fundamental. Stakeholders started questioning why SaskPower had U.S. debt in the first place. Some of the unrealized foreign exchange losses were reserved during the first eight months of 2002. The Canadian dollar increased from US$0.6279 on December 31, 2001 to US$0.6415 on August 30, 2002 (i.e., the U.S. dollar dropped from CA$1.5926 to CA$1.5588), resulting in a year-to-date foreign exchange gain of CA$15.5 million. Estimates for foreign exchange gains for the year were approximately CA$15 million, based on a forecast closing rate of CA$1.00 = US$0.64. However, this estimate was highly unreliable due to the recent volatility in the exchange rate, the disagreement among foreign exchange analysts on the value of the Canadian dollar, and past forecast errors.4 With each US$0.01 change in the value of the Canadian dollar translating into a change of approximately CA$12 million (increase or decrease) in SaskPower’s net income, possibilities were wide-ranging (positive or negative) for the year’s results. These foreign exchange gains or losses complicated the setting of electricity rates. In most utilities, the total asset base was allowed to earn an approved rate of return, referred to as a “return on rate base.” SaskPower used a less formal process but still required approval from the government. The process focused on the expected net income that would result from the approved rate adjustment. Finance charges would normally be predictable if they were based on long-term, fixed rate debt. However, the significant exposure to the U.S. dollar generated large, unpredictable swings in net income, which could not be accommodated in the rate-setting process. PLAN OF ACTION Market sentiment about the Canadian dollar was negative towards the end of 2002, with expectations of additional weakness. There was extensive discussion in the business press of the differences between the Canadian and American economies, where the focus was tax policy and general fundamentals. The tone of the discussion on the Canadian economy seemed bearish. Given this outlook, and in order to manage the volatility in net income caused by the U.S. debt, SaskPower’s treasury group entertained, and then promoted, the strategy of hedging all the U.S. debt. Currency swaps emerged as the most appropriate hedging tool. CURRENCY SWAPS Foreign currency swaps were derivative instruments that allowed an entity to change the currency denomination of its assets (cash inflows) or liabilities (cash outflows). A company, for example, could

3 Results for the year 2000 were restated, and CA$121 million of unrealized exchange losses were written off against retained earnings. 4 In 2002, between July 22–23, 2002, the Canadian dollar lost 1.87 U.S. cents in value, relative to the U.S. dollar—a loss of 3 per cent over two days.

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Page 4 9B18N011 swap the remaining interest and principal payments on an outstanding debt for equivalent interest and principal payments in another currency, effectively transforming the existing debt into a comparable- value debt that was denominated in the other currency. Currency swaps were over-the-counter contracts negotiated between a company and a financial institution. A currency swap could be structured in several forms. For example, it could involve the swapping of a newly-issued debt for an equal-value debt in another currency. In this case, the counterparties at the outset exchanged the debt issue proceeds for an equivalent amount in the other currency. Then, they exchanged interest and principal payments over the term of the debt. A swap could also involve the remaining interest and principal payments on an outstanding debt, or it could involve swapping only interest payments. Plain vanilla currency swaps called for the exchange of fixed interest payments in one currency for fixed interest payments in another currency (with or without an exchange of the principal). Currency swaps could also involve the swapping of fixed interest payments in one currency for floating, or adjustable, payments in another currency. The floating payments, in this case, would be indexed to a benchmark short-term interest rate in the respective currency. Given the nature of SaskPower’s assets, management considered swapping its outstanding long-term, fixed-rate U.S. dollar debt for Canadian dollar debt with equal term and similarly fixed interest rates. HEDGING OPTIONS SaskPower’s management recommended a hedging program to its board of directors as part of the company’s 2003–2007 business plan. Convinced that the status quo, or simply doing nothing, was not an option, management provided two possible hedging options for the company to pursue in regard to managing its U.S. debt. Option 1: Lock In All Remaining U.S. Debt Now This option would eliminate the foreign exchange risk by converting all future U.S. debt payments, starting at the beginning of 2003, to fixed Canadian dollar payments. In return, SaskPower would give up the upside potential if the Canadian dollar were to appreciate. Even though market conditions had changed drastically since the U.S. debt was issued, the hedged all-in costs based on swap rates in December 2002 would have been near the costs that SaskPower would have paid if it had originally borrowed in Canadian dollars (see Exhibit 5). Option 2: Phase-In Hedges Over the Period Remaining Until December 31, 2005 This option would eliminate the foreign exchange risk before the end of the five-year business plan. SaskPower would be susceptible to currency movements in the interim—the exposure would decrease as swaps were gradually entered into—but could benefit from a strengthening of the Canadian dollar. The key elements of this strategy were as follows: • During the phase-in period, the company’s treasurer was to set a target range for the quarterly foreign

exchange rate based on a consensus forecast, which incorporated forecasts from a number of different agencies. Swaps would then be executed when the market exchange rate (Bank of Canada mid-noon rate) traded outside of the range. For added flexibility, the treasurer had the discretion to execute a

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Page 5 9B18N011

swap if the exchange rate was within the target range, depending on the time remaining in the quarter, current market conditions, and the amount hedged to date.

• The unhedged principal amounts of the first three debt issues (maturing in 2003, 2008, and 2013), totalling US$207 million, would be fully hedged by the end of 2003. Priority would be given to these debt issues for two reasons: dealer spreads were tighter for swaps with shorter maturities; and the hedged all-in costs for these issues at the swap rates in December 2002 would be near the original equivalent Canadian dollar costs for these issues (see Exhibit 5). Thereafter, an annual hedging target would be set to ensure that the remaining US$300 million debt issues were covered by December 31 of 2005.

Whichever option was chosen, SaskPower would structure the swaps in sums of US$25–50 million, solicit quotes from multiple dealers, and spread the deals over many banks to reduce credit risk. THE DECISION Having read the management team’s recommendations and reviewed the data provided, James agreed with management that a course of action needed to be taken—doing nothing was not an option. He pondered the details of a proposed swap for US$25 million of the 2008 debt issue. The U.S. dollar principal amount would be swapped for CA$35.6 million, and the 7.125 per cent coupon rate on the U.S. dollar principal, starting with the payment on September 15, 2003, would be swapped for an 8.875 per cent coupon rate on the Canadian dollar principal (see Exhibit 6). However, to ensure the most effective financial position for SaskPower, James had to decide between hedging option 1 or option 2.

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Page 6 9B18N011

EXHIBIT 1: CONSOLIDATED FINANCIAL STATEMENTS FOR FISCAL YEAR 2001

Consolidated Statement of Income and Reinvested Earnings (in CA$ million) For the year ended December 31 2001 2000 (Restated) Revenue Electric Sales Domestic 994 952 Export 109 128 Other 23 21 Total revenue 1,126 1,101 Expenses Fuel and purchased power 468 384 Operating, maintenance, and administration 254 264 Depreciation and amortization 156 151 Taxes 26 24 Future asset removal and site restoration 12 14 Total Expenses 916 837 Income before finance charges 210 264 Finance Charges Interest expense and other 148 131 Foreign exchange losses 44 27 Allowance for funds used during construction (11) (2) Total finance charges 181 156 Net income 29 108 Reinvested earnings, beginning of year 467 428 Dividend declared (16) (69) Reinvested earnings, end of year 480 467

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Page 7 9B18N011

EXHIBIT 1 (CONTINUED)

Consolidated Statement of Financial Position (in CA$ million) As at December 31 2001 2000 (Restated) Assets Current Assets Cash and cash equivalents 203 68 Accounts receivable and unbilled revenue 142 153 Materials, fuel and supplies 105 105 450 326 Property, plant, and equipment Property, plant, and equipment 5,158 4,982 Less: Accumulated depreciation 2,126 1,976 Contributions in aid of construction 231 224 2,801 2,782 Construction in progress 270 97 3,071 2,879 Other assets 71 19 Total assets 3,592 3,224 Liabilities and equity Current liabilities Accounts payable and accrued liabilities 234 205 Dividend payable 7 17 241 222 Long-term debt Recourse debt 1,918 1,661 Non-recourse debt 91 – Equity in sinking funds (98) (77) 1,911 1,584 Other liabilities 300 291 Total liabilities 2,452 2,097 Equity Equity advances 660 660 Reinvested earnings 480 467 Total equity 1,140 1,127 Total liabilities and equity 3,592 3,224

Source: Company documents.

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Page 8 9B18N011

EXHIBIT 2: BREAKDOWN OF U.S. DOLLAR DEBT

Coupon Principal Maturity

Issue Settlement

Date

US$ All-in Cost at Issue

Estimated All- in Cost for CA$ Debt at Issue*

US$ Rate at Issue

Approximate Breakeven US$ Rate**

• 6.625% • US$50 million • July 15, 2003***

July 20, 1993 6.74% 8.50% CA$1.28 CA$1.47

• 7.125% • US$194 million • March 15, 2008****

March 22, 1993 7.25% 9.06% CA$1.25 CA$1.43

• 7.375% • US$75 million • July 15, 2013*

July 20, 1993 7.55% 9.25% CA$1.28 CA$1.47

• 9.375% • US$100 million • December 15, 2020

December 20, 1990 9.53% 11.15% CA$1.15 CA$1.33

• 8.500% • US$200 million • July 15, 2022

July 21, 1992 8.60% 9.80% CA$1.19 CA$1.35

Note: * This is the estimated all-in-cost if SaskPower had originally issued Canadian dollar debt. Estimates were provided in the original deal term sheets. The rate for the 2008 issue was interpolated based on the 10-year and 20-year Government of Canada rates, plus a spread based on the other four issues (to adjust for credit and issue costs). ** This is the US dollar rate that would bring the Canadian dollar cost of the U.S. dollar debt equal to the estimated cost of SaskPower originally issuing Canadian dollar debt. *** US$42 million of this amount was hedged by currency swaps, and US$8 million by coupon swaps. **** US$70 million of this amount was hedged by currency swaps, and US$75 million by coupon swaps. * US$75 million of this amount was hedged by coupon swaps. Source: Company documents.

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Page 9 9B18N011

EXHIBIT 3: CANADIAN DOLLAR EXCHANGE RATE VERSUS THE U.S. DOLLAR, 1991–2002

Source: Company documents.

$0.60

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

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91

Ju l-9

1

Ja n-

92

Ju l-9

2

Ja n-

93

Ju l-9

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Ja n-

94

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4

Ja n-

95

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5

Ja n-

96

Ju l-9

6

Ja n-

97

Ju l-9

7

Ja n-

98

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US$ per CA$1.00

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Page 10 9B18N011

EXHIBIT 4: IMPACT OF REVISED ACCOUNTING TREATMENT OF FOREIGN CURRENCY TRANSLATION

Source: Company documents.

Impact on Financial Results of 2001 (in CA$ million) Revised Standards

Previous Standards Change

Finance Charges 181 150 31 Net Income 29 60 (31)

Equity 1,140 1,292 (152)

Restatement of Prior Period Financial Statements Using the New Accounting Standards (in CA$ millions) 2000 1999 1998 1997

2000 Annual Report Finance Charges 138 155 169 176 Net Income 126 114 140 132 Equity 1,248 1,191 1,140 1,077

2001 Annual Report with prior years restated Finance Charges 156 95 215 200 Net Income 108 174 94 108 Equity 1,127 1,088 977 959

Impact of Accounting Change Finance Changes 18 (60) 46 24 Net Income (18) 60 (46) (24) Equity (121) (103) (163) (118)

US$ per CA$1.00 Beginning of Year $0.6929 $0.6523 $0.6997 $0.7296 End of Year $0.6666 $0.6929 $0.6523 $0.6997 Change ($0.0263) $0.0406 ($0.0474) ($0.0299)

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Page 11 9B18N011 EXHIBIT 5: ESTIMATED ORIGINAL CANADIAN DOLLAR ALL-IN COSTS VERSUS THE WOULD-BE

HEDGED ALL-IN COST

U.S. Dollar Debt Issue

Estimated All-in Cost for Canadian Dollar Debt at Issue*

Would-Be Hedged All-in Cost**

• 6.625% • $50 million • July 15, 2003***

8.50% 7.697%

• 7.125% • $194 million • March 15, 2008****

9.06% 9.120%

• 7.375% • $75 million • July 15, 2013*

9.25% 9.195%

• 9.375% • $100 million • December 15, 2020

11.15% 11.671%

• 8.500% • $200 million • July 15, 2022

9.80% 10.647%

Note: * This is the estimated all-in cost were SaskPower originally to issue Canadian dollar debt. Estimates were provided in the original deal term sheets. The rate for the 2008 issue was interpolated based on the 10- and 20-year Government of Canada rates, plus a spread based on the other four issues (to adjust for credit and issue costs). ** The would-be hedged all-in cost was based on estimated market swap quotes in December 2002 and based on all future debt-related flows on the swapped flows. *** US$42 million of this amount was hedged by currency swaps, and US$8 million by coupon swaps. **** US$70 million of this amount was hedged by currency swaps, and US$75 million by coupon swaps. * US$75 million of this amount was hedged by coupon swaps. Source: Company documents.

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Page 12 9B18N011

EXHIBIT 6: U.S. DOLLAR–CANADIAN DOLLAR SWAP AGREEMENT

Principals: US$25,000,000

CA$35,600,000

Coupon rates: 7.125% on US$ principal

8.875% on CA$ principal Coupon frequency: Half coupon rate, paid semi-annually First settlement date: September 15, 2003 Last settlement date: March 15, 2008

SWAP CASH FLOWS

Date SaskPower Will Receive

SaskPower Will Pay September 15, 2003 US$890,625

CA$1,579,750

March 15, 2004 US$890,625

CA$1,579,750 September 15, 2004 US$890,625

CA$1,579,750

March 15, 2005 US$890,625

CA$1,579,750 September 15, 2005 US$890,625

CA$1,579,750

March 15, 2006 US$890,625

CA$1,579,750 September 15, 2006 US$890,625

CA$1,579,750

March 15, 2007 US$890,625

CA$1,579,750 September 15, 2007 US$890,625

CA$1,579,750

March 15, 2008 US$890,625 + US$25,000,000

CA$1,579,750 + CA$35,600,000

Source: Company documents.

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