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UPPER PLATTE AND BEAVER CANAL COMPANY UPPER PLATTE AND BEAVER CANAL COMPANY <br /> NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS <br /> As of January 31,2014 As of January 31,2014 <br /> NOTE 1(Con's)-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> NOTE 3—INVESTMENT IN RESERVOIR COMPANIES <br /> Use of Uncertain Tax Position <br /> Investment in reservoir companies consists of: <br /> The company adopted the income standard related to the recognition and <br /> measurement of uncertain tax positions.The adoption of this standard had no financial No.t Date Estimated <br /> statement effect for the company.The company is no longer subject to federal tax Richts Awuired Cost <br /> examinations for the years prior to 2010 and no longer subject to state income tax Riverside Reservoir <br /> examinations for the years prior to 2009. and Land Company 31 1920 515,500 <br /> Riverside Reservoir <br /> Depredation of Property and Equipment and Land Company 5 2006 173.275 <br /> Jackson Lake Reservoir and <br /> Property and equipment is recorded at cost,see accounting principle above. Irrigation Company 33 1920 7.755 <br /> Depredation is computed by the straight-line over the estimated useful lives of the Jackson Lake Reservoir and <br /> assets. Maintenance and repairs are charged to operating expenses on the period in Irrigation Company 1 2006 40,384 <br /> which they occur. Cost of renewals and betterments,which materially extend the Morgan Prewitt Reservoir <br /> useful!ryes of the assets or increase their productivriy,are capitalized. Company 50 1972 14 75Q <br /> NOTE 2-BUILDING AND IMPROVEMENTS <br /> Property and Improvements consist of. NOTE 4—PRIORITY RIGHTS,DISTRICT ONE <br /> Date <br /> Priority Rights consist of the following Rights in District One: <br /> Acouired lifg Sag! Priority Date Cubic Feet <br /> Buildings 01-31-52 70 S 15.000 14151 halals:11 Per Sec S <br /> Darn 01-31-52 70 28,237 <br /> Dam 01.31-52 70 34,679 1 1910 20 555.000 <br /> Ditch System 1882 70 25.000 28 06-02-1882 50 <br /> Augmentation Structure 11-30-91 70 22.020 33 04-15-1888 164 <br /> Augmentation Structure 11-30-93 70 13,641 <br /> Augmentation Structure 06-30-94 40 4,635 <br /> Morton BuIding 11-04-99 20 9,859 <br /> Diversion Dam Improvement 0630-02 40 93,000 NOTE 4—PRIORITY RIGHTS,DISTRICT ONE(can't) <br /> JW Augmentation Site 02-01-05 40 63,174 <br /> Diversion Dam Reconstruction 01-31-14 40 99.902 Priority number in District No.1 was acquired by purchases in 1910 at the cost of <br /> # }Z 555,000.The priority is dated April20,1868.The remaining rights were part of the <br /> original allocation and there is apparently no cost of acquisition. <br /> Page 7 Page 8 <br />