Question
Press Exercise Equipment, Inc. reported the following financial statements for 2018: Complete the following requirements- a: Compute the amount of Press Exercise's acquisition of plant
Press Exercise Equipment, Inc. reported the following financial statements for 2018:
Complete the following requirements-
a: 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 $42,300. No cash was received upon disposal. What does the acquisitions of plant assets amount to?
b: Compute new borrowing or payment of long-term notes payable, with Press Exercise having only one long-term notes payable transaction during the year.
c: Compute the issuanace of common stock with Press Exercise having only one common stock transaction during the year.
d: Compute the payment of cash dividends.
Data Table Press Exercise Equipment, Inc Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses S 717,000 340,000 377,000 Depreciation Expense Other Operating Expenses Total Operating Expenses S 52,000 185,000 237,000 S 140,000 Net IncomeStep by Step Solution
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