Property And Equipment

12 Months Ended

Dec. 31, 2013

Note 6 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following:


	December 31,
	2013		2012
Land	$	1,856,370	$	1,178,160
Buildings and improvements		14,587,022		11,904,919
Machinery and equipment		19,633,164		15,185,204
Vehicles		1,244,560		1,346,078
Office equipment		433,679		411,773
Construction in process		177,519		612,468
		37,932,314		30,638,602
Less accumulated depreciation		17,107,866		15,651,826
Total property and equipment	$	20,824,448	$	14,986,776

Lifeway completed the purchase of Golden Guernsey's assets on July 2, 2013. The cost was approximately $7.4 million and none of the purchased assets have been placed in service.

Depreciation expense during the years ended December 31, 2013 and 2012 was $1,626,575 and $1,629,594, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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