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FINANCIAL INSTRUMENTS
12 Months Ended
May 31, 2013
FINANCIAL INSTRUMENTS [Abstract]  
FINANCIAL INSTRUMENTS

Note 10.  FINANCIAL INSTRUMENTS

 

 The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments:

 

Accounts Receivable and Accounts Payable:  The carrying amounts reported in the balance sheet for accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments.

 

Long-Term Debt: The carrying amount of loans with floating rates of interest approximate fair value.  Fixed rate loans are valued based on cash flows using estimated rates for comparable loans.  The carrying amounts reported in the balance sheet approximate fair value.