Example 1 of a Joint Ownership Record
January 7, 2009
The following is one of four examples of an annual financial record for jointly owned machinery, as referenced in Share Machinery, Reduce Costs — Developing a Joint Ownership Agreement by UNL Extension Educator Tim Lemmons.
Scenario: Farmer A and Farmer B decide on the joint ownership of a new tractor. Farmer A will use the machine on 800 acres and Farmer B will use it on 1000 acres. Each signs an agreement. At the end of the year, the following information has been recorded.
Farmer A has overpaid $2,187.22 and will receive a reimbursement from Farmer B.