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PLANT: The plant, covering over 90,000 sq. ft., is located at Troy, Ohio on the Company's airport, of approximately 102 acres. It is served by a private siding of the Big Four Railroad. The buildings are eight in number, all are new, having been completed the latter part of 1928, and early in 1929.

OFFICERS: C. J. Brukner, President and General Manager: Lee N. Brutus, Vice-President and Treasurer, and L. E. St. John, Secretary.

DIRECTORS: C. J. Brukner, Lee N. Brutus, L. E. St. John, T. O. Freeman, R. E. Lee and J. C. Duncan.


THE ADVANCE AIRCRAFT COMPANY
(Now THE WACO AIRCRAFT COMPANY)

Balance Sheet as at December 31, 1928

(Giving effect as at that date to the issue of 125,000 shares of common stock to the stockholders in exchange for 62,500 shares previously outstanding and the sale of 20,000 additional shares of common stock for cash.)


ASSETS

Current Assets:
[[3-column table]]
|---|---|---|
Cash | $321,580.15
Accounts receivable | 21,119.00
U.S. Government bonds | 48,520.66
Deposits on purchase contracts and rebates receivable | 5,500.00
Inventory of raw materials, motors, work in process and finished product  | 308,576.26 | $705,296.07
                               
Investments |---| 2,000.00 
Capital Assets:
  Land, buildings, machinery and equipment | $278,270.14
   Less-Reserve for depreciation | 9,916.48 | 268,353.66
                                ________
Deferred Charges:
  Unexpired insurance premiums | $  2,259.08 
  Inventory of office supplies and sundry deferred expenses | 1,839.53 |  4,098.61
|---|---| $979,748.34     
Liabilities
Current Liabilities:
   Accounts payable including accrued payrolls | $  13,177.75
   Due to officers | 2,071.49
   Commissions payable | 1,606.51
   Customers' advances on unfilled orders | 8,750.00
   Provision for Federal Income Tax | 52,900,00
   Distributors' deposits | 15,900.00 | $ 94,405.75

Capital Stock and Surplus:
   Capital Stock:
   Authorized-200,000 shares of no par value. Issued and outstanding-
 145,000 shares | $520,000.00
   Paid-in Surplus  |  58,073.78
   Earned Surplus | 307,268.81 | 885,342.59                 
   |---|---| $979,748.34