Use the spreadsheet you created by following the videos to answer the following questions The problem starts in the middle of P$$s fiscal year. P has balances in both its balance sheet and income statement accounts.

Use the same beginning balances as in the videos

Assume that it is P$$s policy to take a full year of depreciation and amortization in the year it purchases a long$-$lived asset

Transactions during $2025$

Date Transaction

$2025-04-01$ Pays $$83075$ to purchase equipment, have it delivered for $$6895$ and installed for $$7560$

The equipment has an estimated useful life of $4$ years and no residual value value

$2025-05-01$ Pays $$298325$ to purchase property that includes a building valued at $$68615$ and land valued at $$229710$

The building has an estimated useful life of $11$ years and a residual value of $$2878$

$2025-05-01$ Pays $$27578$ for a customer list for future sales prospects

The list has an estimated useful life of $6$ years and no residual value

$2025-05-01$ Sells a plot of land that has a carrying value of $$100814$ for $$112993$ cash

$2025-05-01$ Sells a machine that has carrying value of of $$3863($cost $=$ $$16271$ and accumulated depreciation $=$ $$12408)$ for $$1375$ cash

Record the adjusting entries at the end of the year

Date Transaction

$2025-12-31$ Depreciation expense for the equipment

$2025-12-31$ Depreciation expense for the building

$2025-12-31$ Amortization expense for the customer list

Closing entry

Record the entry to close all of the income statement accounts to Retained Earnings $($SE$).$

Financial Statements

Prepare all the financial statements $($Income statement, Balance Sheet and Statement of Cash Flows$)$ for the year ending on December $2025$

Which of the following statements are correct for items on your updated spreadsheet for the year ended $2025($more than one answer may be correct$).$ Round to $2$ digits.

Group of answer choices

Net Income is $$54736\mathrm{.}08$

Gain on sale of PPE $($Ga$)$ is $$12189$

Intangibles $($A$)$ is $$27568$

Gain on sale of PPE $($Ga$)$ is $$12179$

Cash $($A$)$ is $$470925$

Intangibles $($A$)$ is $$27578$

Gain on sale of PPE $($Ga$)$ is $$12169$

Property$/$Plant$/$Equipment $($A$)$ is $$518770$

Total Assets is $$904726\mathrm{.}08$

Accumulated Depreciation $($XA$)$ is $$-107960\mathrm{.}59$

Total Equity is $$904736\mathrm{.}08$

Accumulated Depreciation $($XA$)$ is $$-107950\mathrm{.}59$

Property$/$Plant$/$Equipment $($A$)$ is $$518780$

Revenue $($R$)$ is $$80010$

Retained Earnings $($SE$)$ is $$54746\mathrm{.}08$

Accumulated Amortization $($XA$)$ is $$-4586\mathrm{.}33$

Retained Earnings $($SE$)$ is $$54726\mathrm{.}08$

Cash $($A$)$ is $$470945$

Cash from Operating Activities is $$0$

Depreciation Expense $($E$)$ is $$30348\mathrm{.}59$