Investment Research Associates - Page 16

                                       - 105 -                                        
                                        1976             1977                         
               Income                                                                 
               Gross receipts           $640,000       $112,982                       
               Dividends                  --           9,217                          
               Interest                 9,525          9,409                          
               Partnership              (260,934)       5,214                         
               Total                    388,591        136,822                        
               Deductions                                                             
               Compensation/officers    --             19,300                         
               Salaries/wages           --             986                            
               Commissions              213,333        12,000                         
               Other                     9,209           22,866                       
               Total                    222,542        55,152                         
               Net Income               166,049        81,670                         
               Special deductions                       (7,114)                      
               Taxable Income           166,049        74,556                         
                                                                                     
               Assets                                                                 
               Cash                     301,401        134,270                        
               Loans receivable         40,000         370,500                        
               Securities                                                             
               Marketable          15,663              290,213                        
               Non-marketable            --            65,000                         
               Investment in sub.       15,000         15,000                         
               Investment in pship      (185,834)      (180,620)                      
               Cedilla trust              --           5,000                          
               Other                    361            2,213                          
               Total                    186,591        701,576                        
               Liabilities                                                            
               Payables                   --           2,000                          
               Short term                 --           65,000                         
               Long term                  --           370,000                        
               Other                       6,900        3,182                         
               Total                    6,900          440,182                        
               Net assets               179,691        261,394                        
               Capital stock                                                          
               Preferred                1,050          1,000                          
               Common                   100            100                            
               Capital surplus               50                                       
               Retained earnings        178,491        260,344                        
               Cost of treasury stock      --          (50)                           

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