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BAIANC& SHEETS
<br />FELLSMERE JOINT VENTURE (A PARTNERSHIP)
<br />September 30
<br />1988 1987
<br />ASSETS
<br />CURRENT ASSETS
<br />Cash and cash equivalents (at cost
<br />which approximates market)
<br />$ 2,476,373
<br />$10,515,012
<br />Short-term investments --Note B
<br />171,462
<br />444,332
<br />Accounts receivable --Note C
<br />2,402,433
<br />1,418,069
<br />Inventories:
<br />Crops
<br />64,361
<br />Cattle
<br />92,944
<br />Deferred cattle costs
<br />228,220
<br />374,373
<br />Deferred citrus costs --Note C
<br />1,468,327
<br />1,251,786
<br />Deferred farming costs
<br />47,171
<br />Supplies and parts
<br />636,691
<br />585,720
<br />Citrus tree deposits and other current assets
<br />121,588
<br />162,965
<br />TOTAL CURRENT ASSETS
<br />7,569,455
<br />14,892,372
<br />PROPERTY AND EQUIPMENT, at cost --Note C
<br />Land
<br />6,062,459
<br />6,062,459
<br />Land improvements
<br />1,959,963
<br />2,113,208
<br />Citrus trees
<br />14,657,863
<br />12,622,319
<br />Buildings and structures
<br />4,095,342
<br />3,714,338
<br />Breeding herd
<br />1,674,285
<br />1,905,874
<br />Transportation equipment
<br />2,588,198
<br />2,803,882
<br />Machinery and other equipment
<br />10,775,786
<br />12,153,384
<br />41,813,896
<br />41,375,464
<br />Less allowances for depreciation
<br />19,510,785
<br />19,976,649
<br />22,303,111
<br />21,398,815
<br />Property under development
<br />6,899,067
<br />7,102,010
<br />29,202,178 28,500,825
<br />OTHER ASSETS 246,450 199,053
<br />$43,592,250
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