E14-23 (similar to) Question Help 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 $46,800. No cash was received upon disposal. The acquisitions of plant assets amounts to $ (similar to) Question Hel ercise Equipment, Inc. reported the following financial statements for 2018: the icon to view the income statement.) (Click the icon to view the comparative bala equi * Data Table . her Exe ent fpla ed ass Trainer Exercise Equipment, Inc. Income Statement sition Year Ended December 31, 2018 Net Sales Revenue 709,000 347,000 Cost of Goods Sold Gross Profit 362,000 Operating Expenses: Depreciation Expense $ 47,000 185,000 Other Operating Expenses Total Operating Expenses 232,000 $ Net Income 130,000 Print Done number in the edit fields and then click Check Answer. ning Clear All Check Answer 23 (similar to Question He i Data Table Trainer Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 21,000 $ 55,000 14,000 48,000 93,000 80,000 Accounts Receivable Merchandise Inventory Long-term Assets: Plant Assets Accumulated Depreciation-Plant Assets 258,300 (35,300) 99,000 224,100 (35,100) 77,000 Investments $ 478,000 $ 421,000 Total Assets Liabilities S 76,000 Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: 77,000 $ 5,500 6,500 Print Done maming Questions - i Data Table 80,000 93,000 Merchandise Inventory Long-term Assets: Plant Assets Accumulated Depreciation-Plant Assets 258,300 (35,300) 99,000 224,100 (35,100) 77,000 Investments 478,000 $ 421,000 Total Assets Liabilities 76,000 Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: 77,000 $ 5,500 6,500 62,000 66,000 Notes Payable Total Liabilities 144,500 148,500 Stockholders' Equity Common Stock, no par 46,000 287,500 37,000 235,500 Retained Earnings Total Stockholders' Equity 333,500 272,500 $ 478,000 $ 421,000 Total Liabilities and Stockholders' Equity Print Done maming Data Table - X Trainer Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 14,000 Accounts Receivable 21,000 $ 55,000 80,000 48,000 93,000 Merchandise Inventory Long-term Assets: Plant Assets Accumulated Depreciation-Plant Assets 258,300 (35,300) 99,000 224,100 (35,100) 77,000 Investments $ 478,000 $ 421,000 Total Assets Liabilities $ Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: Notes Payable 77,000 $ 5,500 76,000 6,500 62,000 66,000 KA Print Done i Data Table - X w Accounts Receivable 55,000 80,000 48,000 93,000 ccur 258,300 (35,300) 99,000 224,100 (35,100) 77,000 421,000 478,000 $ Merchandise Inventory Long-term Assets: Plant Assets Accumulated Depreciation-Plant Assets Investments $ Total Assets Liabilities Current Liabilities: Accounts Payable $ Salaries Payable Long-term Liabilities: Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity $ Total Liabilities and Stockholders' Equity 77,000 $ 5,500 76,000 6,500 62,000 66,000 144,500 148,500 46,000 287,500 37,000 235,500 272,500 333,500 478,000 $ 421,000 Print Done to view the comparative balance sheet.) ond 0 cost a Data Table - Trainer Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 709,000 347,000 Cost of Goods Sold Gross Profit 362,000 $ Operating Expenses: Depreciation Expense Other Operating Expenses Total Operating Expenses 47,000 185,000 232,000 Net Income 130,000 Print Done wer. Clear All statements for 2018: icon to view the comparative balance sheet.) isition . x cost an Data Table - X - i Requirements 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 $46,800. 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 Print Done uswer. Clear All