Masterson 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 Masterson Exercise's acquisition of plant assets. Masterson 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 $ Masterson Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 1 Masterson Exercise Equipment, Inc. 2 Income Statement 3 |Year Ended December 31, 2018 4 Net Sales Revenue S Cost of Goods Sold 6 Gross Profit 20182017 709,000 345,000 364,000 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Plant Assets Accumulated Depreciation,IPlant Assets 22,00018,000 52,000 84,000 91,000 7 Operating Expenses: 8 Depreciation Expense 50,000 9 Other Operating Expenses 205,000 10 Total Operating Expenses 11 Net Income 12 13 14 15 16 17 54,000 255,000 109,000 266,600223,400 (40,600)(37400) 71,000 477,000418,000 91,000 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 77,00070,000 8,000 5,500 19 59,00066,000 141,500144,000 21 46,00037,000 289,500 237,000 335,500274,000 23 24 25 4table (50)+ EC-25 (similar to) (0/5) PC-35A (similar to) (O/25)