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Ch 17 - Cash Flow Investing/Financing 1. Sold plant assets costing $25,000, with accumulated depreciation of $12,000. Income Statement: Gain on sale of plant assets: $7,000 2. Issued preferred stock for cash. 3. Retired the mortgage by issuing common stock 4. Declared and paid cash dividend of? Net income: 149,000 5. Purchased plant assets by issuing a note payable, $50,000 6. Purchased plant assets for cash of ? 7. Depreciation and amortization expense is part of operating expenses. Ending Beginning Plant assets Accumulated depreciation Patent 815,000 700,000 (288,000) (250,000) 102,000 116,000 50,000 300,000 Notes payable Mortgage payable Preferred stock Additional paid-in capital-preferred Common stock Retained earnings 350,000 80,000 700,000 93,000 400,000 44,000