Stenback Exercise Equipment, Inc. reported the following financial statements for 2016:

Requirements
1. Compute the amount of Stenback Exercise€™s acquisition of plant assets. Assume the acquisition was for cash. Stenback Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $43,500. No cash was received upon disposal.
2. Compute new borrowing or payment of long-term notes payable, with Stenback Exercise having only one long-term notes payable transaction during the year.
3. Compute the issuance of common stock with Stenback Exercise having only one common stock transaction during the year.
4. Compute the payment of cash dividends.

STENBACK EXERCISE EQUIPMENT, INC. Income Statement Year Ended December 31, 2016 Sales Revenu Cost of Goods Sold Gross Profit Operating Expenses: S 711,000 343,000 368,000 Depreciation Expense Other Operating Expenses Total Operating Expenses 51,000 215,000 266,000 S 102,000 Net Income STENBACK EXERCISE EQUIPMENT, INC. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets Cash Accounts Raceivable Merchandise Inventory 21,000 15,000 56,000 84,000 50,000 88,000 Long-term Assets Plants Assets Accumulated Depreciation -Pant Assets41,700) investments 268,700 27.200 34,200) 75,000 93,000 481,000411,000 Total Assets Liabilities Current iabilites Accounts Payable Salaries Payable S 75,000 74,000 ,000 2,000 Long-term Liabilities Notes Payable 59,000 136,000 65,000 143,000 Total Liabilites Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders Equity Total Liabilities and Stocikcholders' Equity 35,000 233000 268,000 5 411,000 42,000 345,000 $481,000