1



1 2
3
4

1

 1
2

 2
5

1 / /

 3
2 /


3 /

1
2

10



4
1

11

2
1

12


3
3

13



3
4

14

15

16

1


17

18

19

10

5 FASB
SEC

20

21

 1
3

22

 2
2



3

23

 3
4 D

C - S /
N

1

24

 4
2 R = D / C
3

25

 5
5

26

 6

1

2 t Rt = (N t +1) /
(1+2+3++N)
3 t D t = C S *
Rt
27

28

 8

1
2

1

2
3

29

 9

1

30

31

32

 1
5

33

 2

1

2



34

 3

1

2 500000
50000
300000 0
40000
20000
35

30000
60000
20000

40000

50000

20000

60000

60000
36

2

/

3


37

 1
4

/

38

 2


5






39

40



1
2

3
4

41

 1
5

42

 2
2

43

 3

1
2

44

 4

1

2

10

40
3

45

2
3

4
5
5 5
46

 1

1
2

3

47

 2

1 1974 FASB 2

48