Smith Media Corporation had the following income statement and balance sheet for 2024 : (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) assets. The acquisition of equipment is Requirement 2. Compute the payment of a long-term note payable. During the year, the business issued a $4,700 note payable. The payment of a long-term note payable is Smith Media Corporation Income Statement Year Ended December 31, 2024 Sales Revenue Depreciation Expense-Plant Assets Other Expenses Net Income \begin{tabular}{rr} $ & 84,000 \\ 6,000 \\ 55,000 \\ \hline$23,000 \\ \hline \hline \end{tabular} Smith Media Corporation Comparative Balance Sheet December 31, 2024 and 2023 Assets 20242023 Current Assets: Cash Accounts Receivable $4,900$11,1003,5007,100 Long-term Assets: Plants Assets \begin{tabular}{rrr} 100,350 & & 88,350 \\ (26,350) & & (20,350) \\ \cline { 1 - 3 } & & $ \end{tabular} Liabilities Current Liabilities: Accounts Payable $7,000$6,000 Long-term Liabilities: LUTg-tetII ASSETS. Liabilities Current Liabilities: Accounts Payable $7,000$6,000 Long-term Liabilities: Notes Payable Total Liabilities 19,00012,00022,00016,000 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity \begin{tabular}{rrr} 22,000 & & 15,000 \\ 49,000 & & 41,600 \\ \cline { 1 - 3 } & & 56,600 \\ \hline \end{tabular} 1. Compute the acquisition of plant assets for Smith Media Corporation during 2024. The business sold no plant assets during the year. Assume the company paid cash for the acquisition of plant assets. 2. Compute the payment of a long-term note payable. During the year, the business issued a $4,700 note payable