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UPPER PLATTE AND BEAVER CANAL COMPANY UPPER PLATTE AND BEAVER CANAL COMPANY NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS As of January 31,2014 As of January 31,2014 NOTE 1(Con't)-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 3—INVESTMENT IN RESERVOIR COMPANIES Use of Uncertain Tax Position Investment in reservoir companies consists of: The company adopted the income standard related to the recognition and measurement of uncertain tax positions.The adoption of this standard had no financial No of Date Estimated statement effect for the company.The company is no longer subject to federal tax Riahts Acquired Cost examinations for the years prior to 2010 and no longer subject to state income tax Riverside Reservoir examinations for the years prior to 2009. and Land Company 31 1920 $15,500 Riverside Reservoir Depreciation of Property and Equipment and Land Company 5 2006 173,275 Jackson Lake Reservoir and Property and equipment is recorded at cost,see accounting principle above. Irrigation Company 33 1920 7,755 Depreciation is computed by the straight-line over the estimated useful lives of the Jackson Lake Reservoir and assets. Maintenance and repairs are charged to operating expenses on the period in Irrigation Company 1 2006 40,384 which they occur. Cost of renewals and betterments,which materially extend the Morgan Prewitt Reservoir useful lives of the assets or increase their productivity,are capitalized. Company 5D 1972 14 750 $241 6¢g NOTE 2-BUILDING AND IMPROVEMENTS Property and Improvements consist of: NOTE 4—PRIORITY RIGHTS,DISTRICT ONE Date Priority Rights consist of the following Rights in District One: Acquired Life Cost Priority Date Cubic Feet Buildings 01-31-52 70 $ 15,000 Number Acauired Per Sec ge.31 Dam 01-31-52 70 28,237 Dam 01-31-52 70 34,679 1 1910 20 $55,000 Ditch System 1882 70 25,000 28 06-02-1882 50 Augmentation Structure 11.30491 70 22,020 33 04-15-1888 164 Augmentation Structure 11-30-93 70 13,641 Augmentation Structure 06-30-94 40 4,635 Morton Building 11-04-99 20 9,659 Diversion Dam Improvement 06-30-02 40 93,000 NOTE 4—PRIORITY RIGHTS,DISTRICT ONE(con't) JW Augmentation Site 02-01-05 40 63,174 Diversion Dam Reconstruction 01-31-14 40 99 e2 Priority number in District No.1 was acquired by purchases in 1910 at the cost of $4211.947 $55,000.The priority is dated April 20,1888.The remaining rights were part of the original allocation and there is apparently no cost of acquisition. Page 7 Page 8