Estate of Frank Johnson - Page 74




                                       - 158 -                                         
          Application of Funds:                                                        
          Schedule C expenditures                            $630                      
          Expenditures adjusted per audit                  10,596                      
          First Union savings account ending balance          397                      
          First Union CDs ending balance                    6,236                      
          First Union IRA-Larry                             1,000                      
          First Union IRA-Nancy                               582                      
          U.S Savings bonds purchases                       7,500                      
          Callahan Property payments                        2,400                      
          Allendale Property payments                       4,500                      
          Suburban purchase                                17,257                      
          Note payments                                       584                      
          Personal living expenses for 4 persons           17,065                      
          Total application of funds                     68,747                        
          Excess of applications over sources of funds    $29,835                      
                                         1985                                          
          Source of Funds:                                                             
          Schedule C gross receipts                       $28,500                      
          Schedule E income (rental)                        2,272                      
          Gambling income                                  10,000                      
          Interest income                                     639                      
          First Union Bank savings accounts                   397                      
          First Union CDs                                   6,236                      
          First Union IRA-Larry                             1,000                      
          First Union IRA-Nancy                               582                      
          Trade in for Mercedes                            28,150                      
          Total source of funds                          77,776                        
          Application of Funds:                                                        
          Schedule C expenditures                         $16,201                      
          Schedule E expenditures                           1,094                      
          First Union savings account                       1,495                      
          First Union CDs                                   6,856                      
          First Union IRA-Larry                             3,000                      
          First Union IRA-Nancy                               582                      
          U.S Savings Bonds purchases                         200                      
          Callahan Property payments                        2,400                      
          Chris Craft boat (titled to Larry and Frank)     35,000                      
          Ford truck                                          300                      
          Ferrari purchase (titled to Larry and Frank)     38,447                      
          GMAC note payments for Suburban                   3,504                      
          Personal living expenses for 4 persons           18,709                      
          Total application of funds                    127,788                        
          Excess of applications over sources of funds    $50,012                      






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