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<br />I <br />I The Terrace Irrigation Company <br /> Balance Sheet <br /> as of October 31,2003 <br />I Assets <br />Currenl Assels <br /> Checking/Savings <br />I 1020-Checking-ANB $209.38 <br />1025-Savings-ANB $7,678.62 <br />1030-Community Banks CD 4321 $55,363.38 <br /> 1032-Community Banks CD 1007 $100,000.00 <br />I 1040-CD-FHA Exlra Paymenl $5,602.36 <br /> Total Checking/Savings $168,853.74 <br /> Other Currenl Assets <br />I 2010-Cost/Ditch Lining $2,075,498.23 <br /> T alai Currenl Assets $2,244,351.97 <br />I Fixed Assets <br /> 2020-Property Rights & Reservoir $417,448.88 <br />I 2030-0ther Property & Equipment $3,032.69 <br /> $420,481.57 <br /> Tolal Fixed Assets <br />I Other Assels <br />2040-Cost/Dam Repair $801,075.70 <br />2120-Accumulated Depreciation -$1,362,288.00 <br /> -$561,212.30 <br />I TOTAL ASSETS $2,103,621.24 <br />I Liabilities & Equity <br />Liabilities <br />Currenl Liabilities <br /> Olher Currenl Liabilities <br />I 3020-Accrued Inleresl Payable $33,744.00 <br />3040-Social Security/Medi Payable $124.31 <br />3050-Federal W/H Payable $38.00 <br /> 3060-Slate W/H Payable $24.00 <br />I $33,930.31 <br />I Long Term Liabilities <br />4010-CWCB-dam $361,834.46 <br />4015-Farmers Home Adminislralion $25,979.19 <br /> 4020-CWCB-ditch lining $1,499,395.57 <br />I $1,887,209.22 <br /> TOTAL LIABILITIES $1,921,139.53 <br />I Equity <br />3000-0pening Bal Equity $365,147.73 <br />3900-Retained Earnings $757,597.22 <br /> S01O-Capital Stock -$249,563.50 <br />I 5020-Donated Funds -$690,699.74 <br /> $182,481.71 <br />I TOTAL LIABILITIES & EQUITY $2,103,621.24 <br />I D-2 <br />