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“Mortgages, notes, and bonds payable in 1 year or more” on the
Schedule L attached to PKVI LP’s Form 1065 for 1989.
PKVI LP renegotiated its loan agreement with MGFP during
1990. The renegotiated loan agreement between PKVI LP and MGFP
was for the principal balance of $401,284, an amount that
included the $328,500 principal balance from their original loan
agreement plus $72,784 of accrued interest.
As of December 31, 1990, PKVI LP had the following loan
agreements outstanding:
Outstanding
Interest Principal Balance
Lender Maturity Date Rate as of 12/31/90
Liberty Life Dec. 1, 1998 10.50% $559,372
Liberty Life Apr. 1, 2001 10.70 762,224
Liberty Life Aug. 20, 2001 11.35 387,716
MGFP Dec. 31, 1991 10.00 401,284
As of that date, the outstanding principal balances of the
transfers associated with these agreements totaled $2,110,596.
On the Balance Sheet included in PKVI LP’s audited financial
statements for the year ended December 31, 1990, PKVI LP’s
“Current portion of long-term debt” was listed as $403,473, and
its “LONG-TERM DEBT DUE AFTER ONE YEAR” was listed as $1,829,201.
On the Schedule L attached to PKVI LP’s Form 1065 for 1990,
“Mortgages, notes, and bonds payable in less than 1 year” was
listed as $425,000 as of the end of that year, and “Mortgages,
notes, and bonds payable in 1 year or more” was listed as
$1,685,596.
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