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1989
IRA recorded the 1989 payments from Schnitzer-PMS and Essex
and distributions to Carlco, TMT, and BWK, Inc. as follows:
Item Carlco TMT BWK, Inc.
Note receivable from
Beginning -- -- --
09/14/89 loan $55,000 $35,000 --
09/18/89 void check (55,000) (35,000) --
09/18/89 loan 117,000 44,000 --
12/04/89 loan 5,355 10,274 --
Ending 122,355 54,274 --
Notes payable to
Beginning -- -- --
01/11/89 Essex 4th quarter dist.(20,573) (20,573) ($4,572)
01/11/89 Dist. 20,573 20,573 4,572
01/18/89 Dist. 20,573 20,573 --
01/18/89 void check (20,573) (20,573) --
07/26/89 Essex 1&2 quarter dist.(15,048) (15,048) (3,344)
08/02/89 Dist. 15,048 14,048 3,344
08/23/89 Essex dist. (8,229) (8,229) (1,829)
08/28/89 Dist. 8,229 8,229 1,829
Ending -- -- --
Investment in stock
Beginning 2,558,437 2,940,531 566,642
Additions
03/20/89 378,190 378,190 84,042
Rcls amended consent dividend
from TMT 1986-1988 (179,686)
Ending 2,936,627 3,139,035 650,684
c. Loans From IRA to KWJ Partnership Through 1989
In addition to payments made to Carlco, TMT, and BWK, Inc.,
that were treated as additions to capital, IRA made distributions
recorded as loans to KWJ partnership as follows:
Receivable 1985 1986 1987 1988 1989
Beginning year $30,000 $75,500 $113,500 $161,500 $181,500
Loans during year45,500 38,000 48,000 20,000 68,370
End year 75,500 113,500 161,500 181,500 249,870
d. Balance Sheets of Carlco, TMT, and BWK, Inc. 1983 Through
1989
The balance sheets for Carlco, TMT, and BWK, Inc. for the
years 1983 through 1989 were as follows:
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