Revised balance sheet giving effect to acquisition of certain oil and gas properties and application of proposed loan from Reconstruction Finance Corporation on basis of reduced loan requirements Revised balance sheet giving effect to acquisition of certain oil and gas properties and application of proposed loan from Reconstruction Finance Corporation on basis of reduced loan requirements-Continued Summary of liabilities to be retired and securities to be issued in connection with proposed merger and RFC loan 1 Does not include $4,000,000 of the proposed loan to be used as working capital. ·Entries to record issuance of securities shown on revised giving effect balance sheet 3. Notes payable (Petroleum Reserves Corp.).. First national Bank in Dallas... 1. Notes payable, Republic Steel Corp.. Mortgage debt, Republic Steel Corp... Debentures, series A.. To record issuance of serial A debentures to Republic Steel Corp. for cancellation of indebtedness evidenced by mortgage debt notes payable. 2. Accounts payable in acquisition of jointly owned properties (investor group). Debentures, series B.. To record issuance of series B debentures to investor group. $125,000 50,000 69,000 Debentures-Series C.. Accounts payable in acquisition of jointly owned properties (National 78, 500 386, 973 4. Net worth or cost of others (Petroleum Reserves Corp.). To record issuance of series C debentures to Petroleum Reserves 709, 473 562, 000 Debentures, series D.. Preferred stock. 5. Net worth or cost of others (investor group). To record issuance of series D debentures and preferred stock to 550,000 12,000 2,020,000 Debentures, series D. Preferred stock. 6. Net worth or net cost of others. To record series D debentures and preferred stock issued to investor group. 2,000,000 20,000 600,000 Swiss Oil Co.. Midway Oils, Inc.. $500,000 Debentures, series C.. To record issuance of debentures, series C, as follows: Swiss Oil 600,000 To record proposed cancellation of accrued interest on notes. 3. Net worth of other companies (Petroleum Reserves Corp.).... To record estimated oil runs applied against debt to May 31, 1949. $209,000 194, 198 194, 198 To record additional leasehold cost resulting from series C debentures to be issued to Swiss and Midway. |