Traynor Exercise Equipment, Inc. reported the following financial statements for 2018: B (Click the icon to view the income statement.) E (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 $ Traynor Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 714,000 344,000 370,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 51,000 200,000 Other Operating Expenses Total Operating Expenses 251,000 $ 119,000 Net Income December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ Accounts Receivable 22,000 $ 52,000 85,000 17,000 45,000 91,000 Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets 263,500 (39,500) 98,000 481,000 $ 219,600 (36,600) 79,000 415,000 Investments $ Total Assets Liabilities Current Liabilities: 72,000 Accounts Payable Salaries Payable 77,000 $ 1,000 4,500 Long-term Liabilities: Notes Payable 57,000 71,000 Total Liabilities 135,000 147,500 Stockholders' Equity Common Stock, no par 43,000 303,000 36,000 231,500 Retained Earnings Total Stockholders' Equity 346,000 267,500 $ 481,000 $ 415,000 Total Liabilities and Stockholders' Equity