Rite Way Exercise Equipment, Inc. reported the following financial statements for 2024: B (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 Rite Way Exercise's acquisition of plant assets. Rite Way Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. The acquisitions of plant assets amounts to Rite Way Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 Assets Current Assets: Cash 22,000 $ 14,000 Accounts Receivable 51,000 47,000 Merchandise Inventory 84,000 94,000 Long-term Assets: Plant Assets 271,700 220,200 Accumulated Depreciation-Plant Assets (43,700) 90,000 (34,200) 72,000 Investments $ 475,000 $ 413,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ 81,000 $ 70,000 Salaries Payable 3,500 6,500 Long-term Liabilities: Notes Payable 58,000 68,000 Total Liabilities 142,500 144,500 Stockholders' Equity Common Stock, no par 32,000 44,000 288,500 Retained Earnings 236,500 Total Stockholders' Equity 332,500 268,500 $ 475,000 $ 413,000 Total Liabilities and Stockholders' Equity Data table Rite Way Exercise Equipment, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue $ 712,000 340,000 Cost of Goods Sold Gross Profit 372,000 Operating Expenses: Depreciation Expense $ 50,000 195,000 Other Operating Expenses Total Operating Expenses 245,000 $ 127,000 Net Income