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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.) E (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. T A Data Table X ated depreciation of the disposed asset was $48,100. No cash was received upon disposal. The acquisitions of plant assets amounts to $ A Requirements Trainer Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 711,000 343,000 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 $48,100. 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. 368,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Other Operating Expenses $ 55,000 185,000 Total Operating Expenses 240,000 Print Done $ 128,000 Net Income Print Done Enter any number in the edit fields and then click Check Answer. * Data Table Trainer Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets Cash 14,000 19,000 $ 52,000 88,000 45,000 95,000 Accounts Receivable Merchandise Inventory Long-term Assets Plant Assets Accumulated DepreciationPlant Assets 266,400 (41,400) 93,000 221,500 (34,500) 80,000 Investments $ 477,000 $ 421,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ 77,000 $ 75,000 Print Done A Data Table LONY-EM ASSES. Plant Assets 266,400 Accumulated DepreciationPlant Assets (41,400) 93,000 221,500 (34,500) 80,000 Investments $ 477,000 $ 421,000 Total Assets Liabilities Current Liabilities 77,000 $ 6,000 75,000 7,000 Accounts Payable Salaries Payable Long-term Liabilities: Notes Payable 63,000 68.000 Total Liabilities 146,000 150,000 Stockholders' Equity 49,000 282,000 36,000 235,000 Common Stock, no par Retained Earnings Total Stockholders' Equity 331,000 477,000 $ 271,000 421,000 $ Total Liabilities and Stockholders' Equity Print Print Done Done