Question
a . Beginning and ending Retained Earnings are $ 46 comma 000 $46,000 and $ 70 comma 000 $70,000, respectively. Net income for the period
a. Beginning and ending Retained Earnings are $ 46 comma 000
$46,000 and $ 70 comma 000
$70,000, respectively. Net income for the period is $ 61 comma 000
$61,000.
b.
Beginning and ending Plant Assets are $ 121 comma 500
$121,500 and $ 126 comma 500
$126,500, respectively.
c.
Beginning and ending Accumulated Depreciationlong dash
Plant Assets are $ 21 comma 500
$21,500 and $ 23 comma 500
$23,500, respectively.
d.
Depreciation Expense for the period is $ 14 comma 000
$14,000, and acquisitions of new plant assets total $ 30 comma 000
$30,000. Plant assets were sold at a $ 3 comma 000
$3,000 gain.
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