Preston Media Corporation had the following income statement and balance sheet for 2024:

Requirements
1. Compute the acquisition of plant assets for Preston Media Corporation during 2024. The business sold no plant assets during the year. Assume the company paid cash for the acquisition of plant assets.
2. Compute the payment of a long-term note payable. During the year, the business issued a $4,400 note payable.

Transcribed Image Text:

PRESTON MEDIA CORPORATION Income Statement Year Ended December 31, 2024 Sales Revenue Depreciation Expense-Plant Assets Other Expenses Net Income $ 80,000 11,000 50,000 $ 19,000