Use the Inland Medical Supply, Inc., data in S11-10 to compute the amount of fixed assets acquired
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Use the Inland Medical Supply, Inc., data in S11-10 to compute the amount of fixed assets acquired by Inland Medical Supply, Inc., assuming Inland sold no fixed assets in 2018.
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Inland Medical Supply, Inc. Income Statement Year Ended December 31, 2018 Revenue: $684,000 Sales Revenue Expenses: Cost of Goods Sold $334,000 Depreciation Expense Other Expenses Total Expense 61,000 192,000 587,000 $ 97,000 Net Income Inland Medical Supply, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 ASSETS 2017 LIABILITIES 2018 2017 Current: Current: $ 55,000 $ 32,000 $ 25,000 $ 10,000 Accounts Payable Salaries Payable Cash Accounts Receivable 63,000 77,000 10,000 72,000 43,000 84,000 21,000 4,000 62,000 11,000 9,000 75,000 Inventory Prepaid Expenses Long-Term Investments Fixed Assets, Net Accrued Liabilities Long-Term Notes Payable 4,000 91,000 180,000 226,000 STOCKHOLDERS' EQUITY Common Stock 41,000 290,000 30,000 255,000 Retained Earnings Total Liabilities and $473,000 $412,000 Stockholders' Equity $473,000 | $412,000 Total Assets
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