1 Data Table ai s Trainer Exercise Equipment, Inc. $ Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 712,000 344,000 Cost of Goods Sold Gross Profit 368,000 Operating Expenses: Depreciation Expense $ 52,000 195,000 Other Operating Expenses Total Operating Expenses 247,000 Net Income $ 121,000 Print Done and the Clear All Data Table Trainer Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: $ 18,000 $ 52,000 81,000 15,000 48,000 91,000 Cash Accounts Receivable Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets Investments 269,500 (40,500) 93,000 222,200 (34,200) 80,000 Total Assets $ 473,000 $ 422,000 Liabilities Print Done . amour e disp i Requirements - ts amo 5 1. Compute the amount of Trainer Exercise's acquisition of plant assets. Assume the acquisition was for cash. Trainer Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $45,700. No cash was received upon disposal. 2. Compute new borrowing or payment of long-term notes payable, with Trainer Exercise having only one long-term notes payable transaction during the year. 3. Compute the issuance of common stock with Trainer Exercise having only one common stock transaction during the year. 4. Compute the payment of cash dividends. Print Done Question Trainer Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) Click the icon to view the comparative balance sheet.) Read the requirements Requirement 1. Compute the amount of Trainer Exercise's acquisition of plant assets. Trainer Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $45,700. No cash was received upon disposal. The acquisitions of plant assets amounts to $ Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Check Answer i Data Table 0 Accumulated Depreciation Plant Assets (40,500) 93,000 (34,200) 80,000 Investments mo di $ Total Assets 473,000 $ 422,000 Liabilities an Current Liabilities: $ 74,000 $ 70,000 Accounts Payable Salaries Payable Long-term Liabilities: 4,000 6,000 59,000 66,000 Notes Payable Total Liabilities 137,000 142,000 Stockholders' Equity Common Stock, no par 49,000 287,000 37,000 243,000 Retained Earnings Total Stockholders' Equity 336,000 280,000 422,000 Total Liabilities and Stockholders' Equity $ 473,000 $ it field Print Done CH