Investment Research Associates - Page 22

                                       - 110 -                                        
               Preferred                     1,000     --                             
               Common                        100            1,000                     
          Capital surplus                    --             18,024                    
          Retained earnings             1,426,895           42,835                    
          Cost of treasury stock             (50)             --                      
          1980                                                                        












               In January 1980, IRA acquired 1,000 shares (100 percent) of            
          Brickell Enterprises, Inc. (Brickell).                                      
               IRA's consolidated return for 1980 reported consolidated               
          taxable income of $65,094, a net loss for Cedilla Investment Co.            
          of $145,887, net taxable income for Zeus of $118,269, a net loss            
          for KWJ Corp. of $2,620, and net taxable income from Brickell of            
          $90,225 and reflects the following income and end-of-year balance           
          sheets with respect to IRA and Cedilla Co. (unconsolidated):                
                                        IRA                 Cedilla Co.               
               Income                                                                 
               Dividends                $15,467               --                      
               Interest                 578,031         $2,373                        
               Gross rents              581,180             300                       
               Capital gain             217,981             --                        
               Partnerships             1,448,542           --                        
               Commissions & fees        244,920             38,311                   
               Total                    3,086,121           40,984                    

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