i More Info a. Acquisition of plant assets is $118,000. Of this amount, $106,000 is paid in cash and $12,000 by signing a note payable. b. Cash receipt from sale of land totals $29,000. There was no gain or loss. Cash receipts from issuance of common stock total $34,000. d. Payment of note payable is $11,000. Payment of dividends is $8,000. f. From the balance sheet: e. Septembe 11 IN A Cash $ 38,000 4,000 40,000 51,000 50,000 Accounts Receivable Merchandise Inventory Land Plant Assets Accumulated Depreciation Accounts Payable Accrued Liabilities Aloto Davablo long torm 62,000 203,000 (38,000) 39,000 14,000 12 000 86,000 91,000 85,000 (10,000) 24,000 19,000 110 Print Done . Data Table Minerals Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 240,000 99,000 Cost of Goods Sold Gross Profit s Profit 141,000 Opera ting Expenses: Salaries Expense 55,000 28,000 Depreciation Expense-Plant Assets Total Operating Expens 83,000 Net Income Before Income Taxes 58,000 4,000 Income Tax Expense 54,000 Net Income Print | Done September 30 2018 2017 Cash Accounts Receivable Merchandise Inventory Land Plant Assets $ 38,000 40,000 93,000 62,000 203,000 (38,000) 39,000 14,000 12,000 45,000 288,000 4,000 51,000 86,000 91,000 85,000 (10,000) 24,000 19,000 11,000 Accumulated Depreciation Accounts Payable Accrued Liabilities Notes Payable (long-term) Common Stock, no par Retained Earnings 11,000 242,000