100 shares Lewiston Realty Co. 90 shares, par value $10,000, present market value $9,900. 9,700.00 Total 20,000.00 Bonds: American Belting Co., 1950, regular 5%, Nos. 511 to 525 inclusive, par value $15,000, present market value $14,850.. 15,000.00 Total Investments Total Principal § 680. Schedules of Sales $40,000.00 $40,000.00 The schedule following in the group having to do with the principal of the trusts is that listing the sales of assets from each trust by the trustee during the year. All information having to do with the sales should be shown, including the date of the court order authorizing the sale, a list of the items sold, the gross proceeds of each sale, the expense of the sale, and the difference between these two amounts or the net proceeds. The value at which the asset now sold has been carried on the books should also be given, and the schedule should be summarized by showing the difference between the net proceeds of the sale and the book value of the assets sold. This difference will be the net increase or decrease in the principal on account of sales during the year. The schedule listing the sales may be in substantially the form given on page 686. If there have been no sales during the year the schedules should be headed up in the manner suggested above, but in ESTATE OF JAMES C. DAWSON FIRST ANNUAL Report of CHARLES FRAzier, Trustee FILED AS OF JANUARY 31, 1922 PRINCIPAL Sales of Assets of Trust No. 3, For the Benefit of Mary Allen Dawsor, During Year ended January 31, 1922 Schedule No. II Bond of American Tinplate Company. Various items not detailed here. stead of any list the words "No sales during the year" should be inserted. § 681. Schedules of Purchases The schedules of purchases of assets for the principal of each trust require usually only the date of the authorizing order, the list of items purchased, their cost, and the expense of purchase, the sum of which makes up the gross amount paid. This schedule may be in the following form: ESTATE OF JAMES C. DAWSON FIRST ANNUAL REPORT OF CHARLES FRAZIER, Trustee If no purchases have been made during the year the schedules should be shown but the words "No purchases during the year" will take the place of the usual list. § 682. Reconciliations of Principal The changes in the Cash, Investments, and Principal accounts (see § 678) during the year are shown in summary in the last of the schedules of principal. To the cash which the trustee took over from the executor (or, after the first periodical report of the trustee has been filed, to the cash on hand at the date of the last previous report) is added the amount of the net proceeds of sales. From this sum there is subtracted the gross amount paid for purchases. Changes in the Cash account arising from any other purchases are then added or subtracted. The changes in the Investments account are shown by subtracting the book value of the assets sold from the book value at the beginning of the period, and adding the gross amount paid for assets purchased. Any other changes must be separately shown below. The principal at the close of the period is ordinarily the amount of the principal at the beginning of the period, amended by any change caused by profit or loss on sales of assets. Should any other items affect the principal they must be shown below. The following is a satisfactory form for such a schedule as this: ESTATE OF JAMES C. DAWSON FIRST ANNUAL REPORT OF CHARLES FRAzier, TrusteE FILED AS OF JANUARY 31, 1922 PRINCIPAL Reconciliations, Trust No. 4, Schedule No. 17 To Guarantee an Annuity to Henry G. Dawson and to The opening figures in each column must be those which appeared on the summary schedule of the last previous report rendered by the trustee. The figures of sales must be taken from the schedules of sales and those of purchases from the schedules of purchases. Any other transactions which must be recorded in order to bring the balances in the various accounts to the figures shown on the summary schedule in the present report are then shown. It is in this way that the mathematical accuracy of the report is demonstrated. It is evident that the sum of the final totals of cash and investments must equal the total of principal in the reconciliation statement of each trust and in the summary schedule (No. 1) for all trusts. § 683. Schedules of Income The schedules of income are ordinarily two for each trust. The first of these has to do with the receipts, and the second |