Press Exercise Equipment, Inc.
Comparative Balance Sheet
December 31, 2018 and 2017
	2018	2017
Assets
Current Assets:
Cash	$ 22,000	$ 17,000
Accounts Receivable	51,000	49,000
Merchandise Inventory	89,000	88,000
Long-term Assets:
Plant Assets	265,900	215,600
Accumulated DepreciationPlant Assets	(42,900)	(36,600)
Investments	90,000	75,000
Total Assets	$ 475,000	$ 408,000
Liabilities
Current Liabilities:
Accounts Payable	$ 76,000	$ 72,000
Salaries Payable	5,000	5,500
Long-term Liabilities:
Notes Payable	63,000	71,000
Total Liabilities	144,000	148,500
Stockholders' Equity
Common Stock, no par	43,000	32,000
Retained Earnings	288,000	227,500
Total Stockholders' Equity	331,000	259,500
Total Liabilities and Stockholders' Equity	$ 475,000	$ 408,000

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Press Exercise Equipment, Inc.
Income Statement
Year Ended December 31, 2018
Net Sales Revenue		$ 717,000
Cost of Goods Sold		341,000
Gross Profit		376,000
Operating Expenses:
Depreciation Expense	$ 52,000
Other Operating Expenses	205,000
Total Operating Expenses		257,000
Net Income		$ 119,000

Press Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) 5 (Click the icon to view the comparative balance sheet.) Read the requirements. Requirement 1. Compute the amount of Press Exercise's acquisition of plant assets. Press Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $45,700. No cash was received upon disposal. The acquisitions of plant assets amounts to Cost and ac Press Exercise Equipment, Inc. reported the following financial statements for 2018: B (Click the icon to view the income statement.) B (Click the icon to view the comparati - Requirements Read the requirements. ed asset was Requirement 1. Compute the amount of Press Exercise's acquisition of plant assets. Press $45,700. No cash was received upon disposal. 1. Compute the amount of Press Exercise's acquisition of plant assets. Assume the acquisition was for cash. Press Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $45,700. No cash was received upon disposal. 2. Compute new borrowing or payment of long-term notes payable, with Press Exercise having only one long-term notes payable transaction during the year. 3. Compute the issuance of common stock with Press Exercise having only one common stock transaction during the year. 4. Compute the payment of cash dividends. The acquisitions of plant assets amounts to Cost and ac Print Done