- 64 - period beginning September 16, 1983, and ending June 30, 1985, are as follows: EA 84-III 9/19/83 to 1/1/84 to1/1/85 to 12/31/83 12/31/84 6/30/85 Revenue: Rental income $76,790.36 $228,516 $107,858 Interest income--general partner6,097.26 -0- -0- Other income -0- -0- 2,866 Total revenue 82,887.62 228,516 110,724 Expenses: Interest on first mortgage 118,081.87 504,391 250,902 Additional mortgage interest -0- -0- -0- Other interest expense -0- -0- 5,000 Real estate taxes, insurance, HOA26,480.69 83,110 45,240 Audit fee 5,000.00 5,000 2,500 Repairs and maintenance 10,225.44 120,032 30,811 Property administration fee 8,250.00 33,000 16,500 Interest expense--general partner-0- 28,175 18,680 Rental commission 5,305.42 23,198 10,118 Legal fees 15.00 687 167 Other expenses 140.81 -0- 90 Total expenses 173,499.23 797,593 380,008 Net results of operations -90,611.61 -569,077 -269,284 Taxable income (loss): Net results of operations -90,611.61 -569,077 -269,284 Plus: mortgage amortization -0- -0- -0- Less: depreciation 42,685.50 170,742 85,372 Amortization of loan fees 3,454.45 13,812 6,906 Amortization of refinancing costs-0- -0- -0- Accrued mortgage interest -0- -0- -0- Misc. expenses -0- 28 -5 Taxable income (loss) -136,750.56-753,659 -361,557 The above amounts can be compared with the cash-flow projection that was set out in the 84 offering memorandum and is reproduced as appendix B. As shown above, one of the expenses recorded as having been paid on behalf of EA 84-III during the period begin- ning September 19, 1983, and ending June 30, 1985, is interest expense--general partner of zero during 1983, $28,175 during 1984, and $18,680 during 1985. Three ofPage: Previous 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 Next
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