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® HEWETT-BIER CONSTRUCTION, INC. <br /> NOTES TO FINANCIAL STATEMENTS <br /> FOR THE YEAR ENDED DECEMBER 31, 1997 <br /> NOTE 2. MARKETABLE SECURITIES (Continued) <br /> For the year ended December 31, 1997 the change in unrealized holding gains <br /> and losses was $180,099 after reflecting current unrealized gains of <br /> $184, 581 and disposal of various securities with combined net gains of <br /> $4,482. <br /> NOTE 3. CONTRACTS IN PROCESS <br /> Contracts in process consisted of the following: <br /> Costs incurred on uncompleted contracts $29, 161,989 <br /> _ 2,399,643 <br /> Recognized profit 31,561, 632 <br /> Billings on uncompleted contracts <br /> 31,379,568 <br /> $ 182,064 <br /> These amounts are. included in the accompanying balance sheet as follows: <br /> Unbilled work on contracts in process -$ 379, 184 <br /> Advance billings on contracts in process $ 197,120 <br /> NOTE 4. PROPERTY AND EQUIPMENT <br /> Property and equipment, which is recorded at cost, consisted of the <br /> following: Estimated <br /> Useful Life <br /> in Years <br /> Equipment 5 $ 282,247 <br /> Automobiles and trucks 3-7 122,594 <br /> 94,337 <br /> Leasehold improvements 7 499, 178 <br /> Accumulated depreciation <br /> 230, 179 <br /> $ 268,999 <br /> NOTE S. PENSION AND PROFIT SHARING PLANS <br /> The Company maintains pension and profit sharing plans covering all <br /> employees who meet the eligibility requirements. The contribution formula <br /> and current period expense for each Plan is as follows: <br /> Money Purchase Pension Plan - The Company's annual contribution is 3€ of <br /> compensation per eligible employee. The contribution for the year ended <br /> December 31, 1997 amounted to $18, 637. <br /> - - <br />