[68] Fixed capital of Southern Power Co.-Buck Steam Electric Station-Final statement of cost, Mar. 31, 1929 Fixed capital of Southern Power Co.-Buck Steam Electric Station-Final statement of cost, Mar. 31, 1929-Continued [69] Fixed capital of Southern Power Co.-Buck steam-electric station-Classification of costs, Mar. 31, 1929 Total indirect and overhead Fixed capital of Southern Power Co.-Buck steam-electric station-Classification of costs, Mar. 31, 1929-Continued Total cost [70] The first of these statements is a comparison of costs by construction accounts, as at March 31, 1929, with an estimate of cost, together with quantities and unit costs calculated on the basis of final costs. This statement shows that the estimated cost of this plant was $5,270,000, and that the recorded cost of $5,120,887 was $149,113 under the estimate. The second statement is a summary of construction costs by accounts and by classes of charges and is summarized in total herewith: Transmission system.-The recorded book value of the transmission system of Southern Power Co. was $14,849,374.26 as at November 30, 1927, and was 32.9 percent of total recorded fixed capital at that date. The above amount was further subdivided as follows: [71] These book values included appreciation, recorded as the result of appraisals, as shown in the following tabulation: As previously stated, this revaluation of property was recorded December 31, 1024, and was based upon the average of two appraisals as of August 31, 1923. One of these was made by the firm of J. E. Sirrine & Co., engineers, Greenville, S. C., and the other by W. S. Lee, consulting engineer, Charlotte, N. C. It has also been pointed out that Mr. Lee was vice president and chief engineer of Southern Power Co. Both appraisals were based upon reproduction cost and observed depreciation. In giving effect to the revaluation of its transmission system, Southern Power Co. first reversed the accrued depreciation by crediting fixed capital accounts and charging retirement reserve with the amount of $2,306,748.81. The resulting depreciated book value of $6,758,154.47 was then increased to $10,258,118.37, by charging fixed capital accounts and crediting surplus with an amount of $3,499,963.90. Construction of transmission system facilities was performed mainly by company forces under the supervision and general direction of W. S. Lee, chief engineer. The transmission system, together with all other assets, was conveyed to Duke Power Co. at the recorded book value, through merger December 31, 1927. 102777-35-PT 76-11 |