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LIABILITIES AND VENTURERS' EQUITY <br />CURRENT LIABILITIES <br />September 30 <br />1988 1987 <br />Accounts <br />Accrued <br />payable <br />incentive fee --Note D <br />$ 518,520 <br />$ 672,043 <br />Accrued <br />interest payable <br />1,000,000 <br />300,624 <br />316,018 <br />Accrued <br />expenses and other liabilities <br />865,854 <br />911,005 <br />Current <br />portion of mortgage note <br />payable <br />--Note C <br />1,000,000 <br />1,000,000 <br />TOTAL CURRENT LIABILITIES <br />396849998 <br />2,899,066 <br />LONG-TERM DEBT --Note C <br />Mortgage note payable less portion <br />classified as current <br />Grove development loan <br />VENTURERS' EQUITY <br />E & S Partnership <br />PIC Realty Corporation <br />PIC -FLA, Limited <br />See notes to financial statements. <br />-3- <br />25,000,000 26,000,000 <br />3,788,524 3,440,398 <br />28,788,524 29,440,398 <br />2,272,752 <br />254,023 6,251,547 <br />2,0179786 5,001,239 <br />4,544,561 11,252,786 <br />37.018 08 4 2 <br />