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Traynor Exercise Equipment, Inc. reported the following financial statements for 2024: (Click the icon to view the income statement.) 6 (Click the icon to view the comparative balance sheet.) Read the requirements Requirement 1. Compute the amount of Traynor Exercise's acquisition of plant assets. Traynor Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $48, 100. No cash was received upon disposal. The acquisitions of plant assets amounts to 89,000 1 Data table Requirement 2. Compute new borrowing or payment of long-term notes payable, with Traynor Exercise having only one long-term notes payable transaction during the year. 2024 2023 Net borrowing or payment? Payment Amount of net borrowing/payment 9,000 Assets Data table Requirement 3. Compute the issuance of common stock with Traynor Exercise having only one c Current Assets: Cash $ 21,000 $ 17,000 Issuance of common stock is Accounts Receivable 53,000 48,000 Traynor Exercise Equipment, Inc. Income Statement Year Ended December 31, 2024 87,000 95,000 Requirements Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets Net Sales Revenue $ 262,500 221,600 712,000 343,000 Cost of Goods Sold (38,500) 94,000 (33,600) 71,000 Profit 369,000 Investments $ 479,000 $ 419,000 Total Assets 1. Compute the amount of Traynor Exercise's acquisition of plant assets. Assume the acquisition was for cash. Traynor Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $48,100. No cash was received upon disposal. 2. Compute new borrowing or payment of long-term notes payable, with Traynor Exercise having only one long-term notes payable transaction during the year. 3. Compute the issuance of common stock with Traynor Exercise having only one common stock transaction during the year. 4. Compute the payment of cash dividends. $ Operating Expenses: Depreciation Expense Other Operating Expenses Total Operating Expenses 53,000 200.000 Liabilities Current Liabilities: 253,000 $ 76,000 $ 73,000 $ 116,000 Net Income 3,500 7,500 Accounts Payable Salaries Payable Long-term Liabilities: Notes Payable Total Liabilities 62,000 71,000 Print Done 141,500 151,500 Print Done Stockholders' Equity Common Stock, no par 47,000 33,000 Retained Earnings 290,500 234,500 337,500 267,500 Total Stockholders' Equity Help me solve this Demodocs example Get more help 479,000 $ 419,000 Total Liabilities and Stockholders' Equity Check answer Traynor Exercise Equipment, Inc. reported the following financial statements for 2024: 5 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 Traynor Exercise's acquisition of plant assets. Traynor Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $48,100. No cash was received upon disposal. S The acquisitions of plant assets amounts to 89.000 - X Data table Requirement 2. Compute new borrowing or payment of long-term notes payable with Traynor Exercise having only one long-term notes payable transaction during the year. Net borrowing or Amount of net payment? borrowing/payment Data table 2024 2023 Assets Current Assets Cash $ 21,000 $ 17,000 53,000 48,000 Traynor Exercise Equipment, Inc. Income Statement 87,000 95.000 Accounts Receivable Merchandise Inventory Long-term Assets Plant Assets Year Ended December 31, 2024 Net Sales Revenue $ 712,000 262,500 221,600 Cost of Goods Sold 343,000 Accumulated DepreciationPlant Assets (38,500) 94,000 (33,600) 71,000 369,000 Investments Gross Profit Operating Expenses Depreciation Expense $ 479,000 $ Total Assets 419,000 $ 53,000 Liabilities 200,000 Current Liabilities: Other Operating Expenses Total Operating Expenses 253,000 $ 73,000 $ 116,000 Accounts Payable Salaries Payable Long-term Liabilities: 76,000 $ 3,500 Net Income 7,500 62,000 71,000 Notes Payable Total Liabilities Print Done 141,500 151,500 Stockholders' Equity Common Stock, no par 47,000 290,500 33,000 234,500 Retained Earnings Total Stockholders' Equity 337,500 267,500 Help me solve this Demodocs example Get more help $ 479,000 $ 419,000 all Check answer Total Liabilities and Stockholders' Equity Traynor Exercise Equipment, Inc. reported the following financial statements for 2024: (Click the icon to view the income statement.) 6 (Click the icon to view the comparative balance sheet.) Read the requirements Requirement 1. Compute the amount of Traynor Exercise's acquisition of plant assets. Traynor Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $48, 100. No cash was received upon disposal. The acquisitions of plant assets amounts to 89,000 1 Data table Requirement 2. Compute new borrowing or payment of long-term notes payable, with Traynor Exercise having only one long-term notes payable transaction during the year. 2024 2023 Net borrowing or payment? Payment Amount of net borrowing/payment 9,000 Assets Data table Requirement 3. Compute the issuance of common stock with Traynor Exercise having only one c Current Assets: Cash $ 21,000 $ 17,000 Issuance of common stock is Accounts Receivable 53,000 48,000 Traynor Exercise Equipment, Inc. Income Statement Year Ended December 31, 2024 87,000 95,000 Requirements Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets Net Sales Revenue $ 262,500 221,600 712,000 343,000 Cost of Goods Sold (38,500) 94,000 (33,600) 71,000 Profit 369,000 Investments $ 479,000 $ 419,000 Total Assets 1. Compute the amount of Traynor Exercise's acquisition of plant assets. Assume the acquisition was for cash. Traynor Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $48,100. No cash was received upon disposal. 2. Compute new borrowing or payment of long-term notes payable, with Traynor Exercise having only one long-term notes payable transaction during the year. 3. Compute the issuance of common stock with Traynor Exercise having only one common stock transaction during the year. 4. Compute the payment of cash dividends. $ Operating Expenses: Depreciation Expense Other Operating Expenses Total Operating Expenses 53,000 200.000 Liabilities Current Liabilities: 253,000 $ 76,000 $ 73,000 $ 116,000 Net Income 3,500 7,500 Accounts Payable Salaries Payable Long-term Liabilities: Notes Payable Total Liabilities 62,000 71,000 Print Done 141,500 151,500 Print Done Stockholders' Equity Common Stock, no par 47,000 33,000 Retained Earnings 290,500 234,500 337,500 267,500 Total Stockholders' Equity Help me solve this Demodocs example Get more help 479,000 $ 419,000 Total Liabilities and Stockholders' Equity Check answer Traynor Exercise Equipment, Inc. reported the following financial statements for 2024: 5 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 Traynor Exercise's acquisition of plant assets. Traynor Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $48,100. No cash was received upon disposal. S The acquisitions of plant assets amounts to 89.000 - X Data table Requirement 2. Compute new borrowing or payment of long-term notes payable with Traynor Exercise having only one long-term notes payable transaction during the year. Net borrowing or Amount of net payment? borrowing/payment Data table 2024 2023 Assets Current Assets Cash $ 21,000 $ 17,000 53,000 48,000 Traynor Exercise Equipment, Inc. Income Statement 87,000 95.000 Accounts Receivable Merchandise Inventory Long-term Assets Plant Assets Year Ended December 31, 2024 Net Sales Revenue $ 712,000 262,500 221,600 Cost of Goods Sold 343,000 Accumulated DepreciationPlant Assets (38,500) 94,000 (33,600) 71,000 369,000 Investments Gross Profit Operating Expenses Depreciation Expense $ 479,000 $ Total Assets 419,000 $ 53,000 Liabilities 200,000 Current Liabilities: Other Operating Expenses Total Operating Expenses 253,000 $ 73,000 $ 116,000 Accounts Payable Salaries Payable Long-term Liabilities: 76,000 $ 3,500 Net Income 7,500 62,000 71,000 Notes Payable Total Liabilities Print Done 141,500 151,500 Stockholders' Equity Common Stock, no par 47,000 290,500 33,000 234,500 Retained Earnings Total Stockholders' Equity 337,500 267,500 Help me solve this Demodocs example Get more help $ 479,000 $ 419,000 all Check answer Total Liabilities and Stockholders' Equity