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Sequoyah Equities, Inc.

Schedule M: Accounting Adjustments

Annual capital vs. expense accts

  Total 2088 2089 2090 2091 2092 2093
Dev.Costs Expensed to Oper.Exp.(A[19])              
Const.Fin.Expensed to Debt Service 743678 130000 246961 188934 123504 49842 4436
Oper.Exp.Capitalized              
Ground Rent Capitalized              
Perm.Fin.Int.Capitalized              
Total 743678 130000 246961 188934 123504 49842 4436



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