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26. Capital Adjustments
Details of capital adjustments as of December 31, 2010 and 2009 are as follows:
27. Selling, General and Administrative Expenses
Details of selling, general and administrative expenses for the years ended December 31, 2010 and 2009 are as follows:
28. Income Taxes
(a) The Company was subject to income taxes on taxable income at the following normal tax rates.
(b) The components of income tax expense for the years ended December 31, 2010 and 2009 are summarized as follows:
(c) The deferred tax assets and liabilities that were directly charged or credited to accumulated other comprehensive income as of December
31, 2010 are as follows:
In millions of won 2010 2009
Treasury stock ￦ (14,515) (2,249)
In millions of won 2010 2009
Current ￦ 377,302 53,708
Deferred 395,002 233,971
Charged directly to other comprehensive income (13,639) (34,315)
Tax effect due to consolidation entries (90,254) (53,282)
￦ 668,411 200,082
Temporary
Deferred tax assets
In millions of won differences (liabilities)
Effective portion of changes in fair value of cash flow hedges ￦ 1,777 391
Effective portion of changes resulting from the changes in currency
exchange rate of non-derivative financial instrument 8,543 1,879
Valuation of investments in securities (376,493) (91,171)
Revaluation surplus (1,288,235) (283,412)
￦ (1,654,408) (372,313)
In millions of won 2010 2009
Salaries ￦ 781,930 719,320
Accrual for retirement and severance benefits 93,065 105,275
Other employee benefits 112,741 107,245
Sales promotion 1,155,498 1,060,404
Travel 39,898 29,580
Communications 15,310 17,032
Utilities 13,423 18,717
Taxes and dues 27,375 19,670
Rent 57,017 43,748
Depreciation 61,889 75,472
Amortization of intangible assets 25,674 19,450
Repairs and maintenance 33,382 38,293
Advertising 1,014,255 885,093
Freight 345,773 277,932
Supplies and stationery 18,173 15,307
Commissions and fees 227,983 227,379
Education and training 12,716 10,776
Ordinary research and development 341,568 265,258
Overseas marketing 142,183 83,493
Export expenses 743,388 580,960
Warranty expense 881,245 411,038
Bad debt expense 5,911 5,849
Miscellaneous 205,852 169,042
￦ 6,356,249 5,186,333
Notes to Consolidated
Financial Statements
December 31, 2010 and 2009
Tax rate
Taxable income 2009 2010 & 2011 Thereafter
Up to ￦200 million 12.1% 11.0% 11.0%
Over ￦200 million 24.2% 24.2% 22.0%
102 COMPONENTS OF SUSTAINABLE GROWTH 103
KIA MOTORS ANNUAL REPORT 2010