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NEW YORK AIRWAYS, INC. 
STATEMENT OF CAPITAL SURPLUS
For the Year ended December 31, 1953
Balance, December 31, 1952 ... $974,066.93
Add – Amount paid in by stockholders in excess of the par value of capital stock issued:
Proceeds of 100,000 shares of capital stock sold in 1953s at $12.50 per share ... $1,250,000.00
Less – Par value of 100,000 shares at $1.00 per share ... 100,000,000 1,150,000.00
$2,124,066.93
Deduct – Capital stock expense written off (see Note 6) ... 155,141.63
Balance, December 31, 1953 – per Balance Sheet ... $1,968,925.30

STATEMENT OF EARNED SURPLUS
For the Year ended December 31, 1953
Earned surplus (deficit), December 31, 1952, as previously reported... $(81,627.17)
Adjustments made in 1953, relating to revenue and expenses of the operating period of 2 1/2 months ended December 31, 1952:
Additional revenue for the transportation of United States mail (see Note 2) ... $75,153.50
Reversal of excess provision for aircraft and engine overhaul charged to direct maintenance in 1952 ... 2,885.49
Reduction of provision for depreciation on flight equipment to accord with rates approved by the Civil Aeronautics Board ... 4,046.47
Legal fees charged to general and administrative expense in 1952 reclassified as capital stock expense and charged against capital surplus in 1953... 2,663.63
Reduction of 1952 amortization of extension and development costs... 162.15 84,911.21
Earned surplus, December 31, 1952, as adjusted ... $3,284.07
Net profit for year ended December 31, 1953 ... 48,241.15
Earned surplus, December 31, 1953 – per Balance Sheet... $51,525.22

See notes herewith relating to financial statements which are an integral part of these statements.