5/22/2020 Data Table Traynor Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 715,000 349,000 Cost of Goods Sold Gross Profit 366,000 Operating Expenses: Depreciation Expense $ 50,000 215,000 Other Operating Expenses Total Operating Expenses 265,000 $ 101,000 Net Income 5/22/2020 Data Table Traynor Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 18,000 $ 17,000 Accounts Receivable 54,000 50,000 Merchandise Inventory 85,000 89,000 Long-term Assets: Plant Assets 268,800 224,400 Accumulated DepreciationPlant Assets (41,800) 90,000 (36,400) 72,000 Investments $ 474,000 $ 416,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ 80,000 $ 78,000 6,000 7,000 Salaries Payable Long-term Liabilities: Notes Payable 59,000 71,000 Total Liabilities 145,000 156,000 Stockholders' Equity Common Stock, no par 46,000 283,000 33,000 227,000 Retained Earnings Total Stockholders' Equity 329,000 260,000 $ 474,000 $ 416,000 Total Liabilities and Stockholders' Equity Traynor Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) B (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 $44,600. No cash was received upon disposal The acquisitions of plant assets amounts to $ Requirement Compute new borrowing or payment of long-term notes payable, with Traynor Exercise having only one long-term notes payable transaction during the year. The of long-termi notes payable is s A Requirements Requirement 3. Compute the issuance of common stock with Traynor Exercise having only one common stock transaction during the year. Issuance of common stock is s Requirement 4. Compute the payment of cash dividends. Payment of cash dividends is $ 1. Compute the amount of Traynar 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 $44,600. 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. Print Done