Liabilities Current Liabilities: $ 73,000 $ 70,000 Accounts Payable Salaries Payable Long-term Liabilities: 1,000 8,000 Notes Payable 63,000 65,000 Total Liabilities 137,000 143,000 Stockholders' Equity Common Stock, no par 42,000 304,000 38,000 242,000 Retained Earnings Total Stockholders' Equity 346,000 280,000 483,000 $ 423,000 Total Liabilities and Stockholders' Equity 1 Data Table Trainer Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 22,000 $ 19,000 Accounts Receivable 52,000 49,000 85,000 94,000 Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets 272,500 223,800 (45,500) 97,000 (37,800) 75,000 Investments 483,000 $ 423,000 Total Assets Liabilities Print Done Data Table X i - Trainer Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 716,000 Cost of Goods Sold 341,000 Gross Profit 375,000 Operating Expenses: Depreciation Expense $ 50,000 205,000 Other Operating Expenses 255,000 Total Operating Expenses $ 120,000 Net Income Print Done 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 $42,300. 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