Kyler Media Corporation had the following income statement and balance sheet for 2018: EClick the icon...

  
 

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Kyler Media Corporation had the following income statement and balance sheet for 2018: EClick the icon to view the income statement.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Compute the acquisition of plant assets for Kyler Media Corporation during 2018. The business sold no plant assets during the year. Assume the company paid cash for the acquisition of plant assets. The acquisition of equipment is $ Requirement 2. Compute the payment of a long-term note payable. During the year, the business issued a $5,300 note payable. The payment of a long-term note payable is S Kyler Media Corporation Income Statement Year Ended December 31, 2018 Sales Revenue $ 78,000 Depreciation Expense-Plant Assets 8,000 49,000 Other Expenses 2$ 21,000 Net Income Kyler Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash 4.700 $ 4,100 Accounts Receivable 9,000 4,100 Long-term Assets: Plants Assets 100,350 87,350 Accumulated Depreciation-Plant Assets (28,350) (20,350) 85,700 S 75,200 Total Assets %24 Liabilities Current Liabilities: Accounts Payable 9,500 $ 6,500 Long-term Liabilities: Notes Payable 10,000 15,000 Total Liabilities 19,500 21,500 Stockholders' Equity Common Stock, no par 26.000 22,000 Retained Earnings 40,200 31,700 Total Stockholders' Equity 66,200 53,700 85,700 S 75,200 Total Liabilities and Stockholders' Equity %24 Kyler Media Corporation had the following income statement and balance sheet for 2018: EClick the icon to view the income statement.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Compute the acquisition of plant assets for Kyler Media Corporation during 2018. The business sold no plant assets during the year. Assume the company paid cash for the acquisition of plant assets. The acquisition of equipment is $ Requirement 2. Compute the payment of a long-term note payable. During the year, the business issued a $5,300 note payable. The payment of a long-term note payable is S Kyler Media Corporation Income Statement Year Ended December 31, 2018 Sales Revenue $ 78,000 Depreciation Expense-Plant Assets 8,000 49,000 Other Expenses 2$ 21,000 Net Income Kyler Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash 4.700 $ 4,100 Accounts Receivable 9,000 4,100 Long-term Assets: Plants Assets 100,350 87,350 Accumulated Depreciation-Plant Assets (28,350) (20,350) 85,700 S 75,200 Total Assets %24 Liabilities Current Liabilities: Accounts Payable 9,500 $ 6,500 Long-term Liabilities: Notes Payable 10,000 15,000 Total Liabilities 19,500 21,500 Stockholders' Equity Common Stock, no par 26.000 22,000 Retained Earnings 40,200 31,700 Total Stockholders' Equity 66,200 53,700 85,700 S 75,200 Total Liabilities and Stockholders' Equity %24

Answer rating: 100% (QA)

Requirement L As we know that Plant assets 2018 Plont ... View the full answer