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. Preston Media Corporation Comparative Balance Sheet December 31, 2024 and 2023 Assets Current Assets: Cash Accounts Receivable Long-term Assets: Plants Assets Accumulated Depreciation-Plant Assets Liabilities Total Assets Current Liabilities: Long-term Liabilities: Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Accounts Payable S 2024 $ $ 2023 5,000 $ 3,900 9,600 5,100 105,350 84,350 (29,350) (18,350) 90,600 $ 75,000 8,000 $ 4,500 9,000 12,000 17,000 16,500 27,000 23,000 46,600 35,500 73,600 58,500 $ 90,600 $ 75,000 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