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<br /> <br />1981 <br /> <br />100 to 150 feet in width on the storage canal and by purchase from <br />the state, of the sites of Horse Creek, Adobe Creek and Thurston <br />reservoirs. These rights-of-way of system construction have been <br />valued at the original cost required to obtain them. The costs and <br />dates of acquisition are as fallows: <br /> <br />1884-1905 <br />1905-'1910 <br />1910-1915 <br />1915.1926 <br />1926.1929 <br />Total Historical <br />Cost of the System <br /> <br />$ 558,258 <br />415,051 <br />313,172 <br />45,332 <br />27 005 <br />$1.358.818 <br /> <br />Land was purchased during the year ending October 31, 1989. The <br />total'cost of that land was: <br />lli.ll!l.Q <br /> <br />Depreciation of buildings and equipment was computed as follows: <br /> <br /> Accum. <br /> Dell{' Not Book <br />A=t , MrlhQd Lif.!l QQ$ Dw:. 10 1/93 10/31/93 <br />Buildi~s 8L 25 $ 162,707 $ 6,084 $ 58,423 $104,284 <br />Heavy quip. 8L 15 576,858 28,364 260,638 316,220 <br />Vehicles SL 7 297,183 26,591 215,945 81,238 <br />Other Equip. 8L 15 68,310 2,331 54,391 13,919 <br />Office Equip. 8L 7 29,722 3,354 18,285 11,437 <br />U~er Dam <br />oject SL 50 289,258 5,785 14,070 275,188 <br />Spec. Projects 8L 15 ~ 1.101 1m ~ <br />Total Sll473.106 ~ Sl625 881 $84 7 225 <br /> <br />Majqr repairs which extend the useful lives of equipment are <br />capi\alized if over $5,000. <br />Note 3 . Acc~unts Receivable <br />A detail of accounts receivable is as follows: <br /> <br />Stockholder Assessments <br />Colorado Division of Wildlife <br />Net Receivable <br />Note 4 . Income Taxes <br /> <br />10/31/93 <br />$71,154 <br />2 064 <br />lli.m <br /> <br />10/31/92 <br />$114,795 <br />o <br />$114 795 <br /> <br />The! Company is exempt from federal income tax under Code <br />Sect,on 501(cX12) of the Internal Revenue Code, as long as 85% of <br />its income is from stockholders. The Company is also exempt from <br />stat~ income tax. <br /> <br />24 <br />