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When her ladies' club finds itself short of funds -- thanks largely to her own "creative bookkeeping" -- Lucy (Lucille Ball) frets that the club will not be able to afford the royalty fees for the operetta that is slated to be performed for its 25th anniversary. Then, inspiration strikes: Lucy and Ethel (Vivian Vance) will pen a royalty-free operetta themselves, and rent all sets and costumes with a post-dated check. And as icing on the cake, Lucy, Ethel, Ricky (Desi Arnaz), and Fred (William Frawley) will play the main roles themselves. Unfortunately, the premiere performance of "The Pleasant Peasant" is rudely interrupted by the men from the rental company, who proceed to remove all the costumes and sets even as the four "stars" sing their hearts out.