Stenback Exercise Equipment Inc reported the following financial statements for
Stenback Exercise Equipment, Inc. reported the following financial statements for 2016:
Requirements
1. Compute the amount of Stenback Exercise’s acquisition of plant assets. Assume the acquisition was for cash. Stenback Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $43,500. No cash was received upon disposal.
2. Compute new borrowing or payment of long-term notes payable, with Stenback Exercise having only one long-term notes payable transaction during the year.
3. Compute the issuance of common stock with Stenback Exercise having only one common stock transaction during the year.
4. Compute the payment of cash dividends.
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