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<br />Schmidt Construction <br />(division of Edw. C. Levy Co.) <br />Notes to Divisional Balance Sheet <br />1. Basis of Presentation and Operations: <br />Effective December 31, 1988, Schmidt Construction (the "Division") was merged into Edw. C. <br />Levy Co. (the "Parent company") and became a division. Iu separate corporate existence <br />ceased. <br />The divisional balance sheet includes all of the accounu of the division as of December 31, <br />1998. The corporate staff of the Parent company provides the Division with certain executive, <br />administrative, financial, legal and general services performed on a centralized basis. <br />The Division extracts and processes natural aggregates, provides trucking services, <br />manufactures asphalt products and paves roads, pazking lou and other surfaces in and azound <br />Colorado Springs, Colorado. <br />2. Accounting Policies: <br />a. Cash Equivalents: For purposes of the divisional statement of cash flows, the division <br />considers all highl}~ liquid instruments purchased with a maturit}• date of three months or <br />less to be cash equivalents. <br />b. Inventon• Valuation: Inventories aze stated at the lower of cost or market. Cost is <br />determined using the first-in, first-out ("FIFO") method for substantiall}• all inventory. <br />c. Properth•, Plant and Equipment: Properties are recorded at cost and include expenditures <br />for ne~v facilities and those which materially extend the useful lives of existing equipment. <br />Upon retirement or disposal of property, plant and equipment, the cost and related <br />accumulated depreciation aze e]iminated from the respective accounts. <br />Property, plant, and equipment aze depreciated over the estimated useful lives of the assets <br />using either the straight-line or double-declining balance method. The genera] range of lives <br />is as follows: <br />Years <br />Machinery and equipment <br />Transportation equipment <br />Furniture and fixtures <br />Sto7 <br />Sto7 <br />Sto7 <br />3 <br />