Michael H. Johnson and Patricia E. Johnson - Page 7






                                                    - 7 -                                                      

                                Assets                                    Value                                

                   Savings accounts and/or certificates                $103,337                                
                   Checking accounts                                   10,021                                  
                   Investment in dealership                            1,328,800                               
                   Real estate                                         2,277,476                               
                   Home furnishings                                    125,000                                 

                          Total assets                                 3,844,634                               

             The real estate assets were broken down as follows:                                               

             Real Estate     Acquisition Cost  Accumulated Depreciation  Net Book Value   Value                
             Personal residence     $405,000                --                   --         $405,000           
             Fox Field Bldg.         423,321             $116,775             $306,546         --              
             Fox Field equip.         72,000               45,530               26,470         --              
             El Monte Bldg.          793,279              187,201              606,078         --              
             El Monte Bldg.            8,000                1,467                6,533         --              
             points                                                                                            
             Subtotal              --                  --                   --          945,627                
             CRV                     721,000              721,000                --            -0-             
             WASU rental,             40,000                -0-                 40,000         --              
             land                                                                                              
             WASU rental,            185,000               23,825              161,175         --              
             rental                                                                                            
             Subtotal              --                  --                   --          201,175                
             Ford dealership:                                                                                  
             land                  111,334                -0-                111,334         --                
             bldg.                 684,009               69,669              614,340         --                
             computer               52,496               52,496                -0-           --                
             Subtotal              --                  --                   --          725,674                
             Real estate                                                                                       
             total               --                  --                   --        2,277,476                  
             The second joint net worth schedule listed the following                                          

             liabilities:                                                                                      

                   Liabilities                                             Value                               

                   Unsecured bank loans                                $71,028                                 
                   Secured loans                                       471,000                                 
                   Taxes payable                                       619,220                                 
                   Real estate loans:                                                                          
                   First Union Mortgage                          401,782                                       
                   CA-Jon Hangar project loan                    591,140                                       
                   CRV                                           1,712,094                                     
                   Havasu rental                                 160,387                                       
                   Antelope Valley Ford & Shuttle                                                              
                   Lincoln-Mercury facilities loan       3,709,959                                             

                          Total liabilities                            7,736,610                               



Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  Next

Last modified: May 25, 2011