in Financial Reporting - Port Freeport

PORT FREEPORT
Notes to Financial Statements
For the Years Ended September 30, 2009 and 2008
NOTE 4: CAPITAL ASSETS - Continued
The following is a summary of capital asset activity for the year ended September 30, 2008:
Useful Life Balance Balance
In Years 10-01-07 Additions Deletions 9-30-08
Capital assets, not being depreciated:
Land & improvements $ 58,330,740 $ 8,066,252 $ $ 66,396,992
Construction in progress 7,730,106 21,452,682 2,270,205 26,912,583
Total capital assets, not being depreciated 66,060,846 29,518,934 2,270,205 93,309,575
Capital assets, being depreciated:
Buildings 50 26,896,458 27,605 26,924,063
Docks & appurtenances 5 - 50 26,218,095 200,591 26,418,686
Utilities 20 - 50 3,508,193 278,077 3,786,270
Roads, lots & railways 50 4,430,932 20,060 4,450,992
Storage yard 50 10,153,508 2,288,670 12,442,178
Equipment, furniture & vehicles 5 - 50 5,953,959 2,808,603 77,327 8,685,235
Other 10 - 50 283,550 283,550
Total capital assets, being depreciated 77,444,695 5,623,606 77,327 82,990,974
Accumulated depreciation:
Buildings 6,990,926 1,281,104 8,272,030
Docks & appurtenances 7,606,492 603,657 8,210,149
Utilities 1,665,210 160,804 1,826,014
Roads, lots & railways 1,620,068 118,498 1,738,566
Storage yard 2,482,195 290,696 2,772,891
Equipment, furniture & vehicles 3,414,865 500,323 76,710 3,838,478
Other 126,331 21,792 148,123
Total accumulated depreciation 23,906,087 2,976,874 76,710 26,806,251
Total capital assets, being depreciated, net 53,538,608 2,646,732 617 56,184,723
Total capital assets, net $119,599,454 $ 32,165,666 $ 2,270,822 $149,494,298
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