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Microcap & Penny Stocks : Madera International - Symbol WOOD -- Ignore unavailable to you. Want to Upgrade?

To: Proletariat who wrote (1696)	4/14/1999 7:41:00 PM
From: Alastair McIntosh	Read Replies (4) \| Respond to of 1979

To the thread: I have been periodically lurking here for some time and I have a problem trying to understand the book value of the company. The land is supposedly carried on the books for a "conservative" $40.00/acre. However, the only transaction I can find is the May 1997 purchase of 251,000 acres for $441,000 or $1.76/acre. Now we are told that this value will increase approximately 100 times. In general, accounting principles require assets to be carried at the lesser of cost or market value. Also, it does seem strange that the company was able to purchase land in 1997 for 1/100 of its market value today. If there are any accountants reading this I would be interested in their comments. Al