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2x EC-23 (similar to) Question Help Jetson Exercise Equipment, Inc. reported the following financial statements for 2018: E: (Click the icon to view the income statement.) : (Click the icon to view the comparative balance sheet.) Read the requirements. Requirement 1. Compute the amount of Jetson Exercise's acquisition of plant assets. Jetson Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $49,200. No cash was received upon disposal. The acquisitions of plant assets amounts to $ 91,000 Requirement 2. Compute new borrowing or payment of long-term notes payable, with Jetson Exercise having only one long-term notes payable transaction during the year. i X - Data Table The payment of long-term notes payable is $ 3,000 Requirement 3. Compute the issuance of common stock with Jetson Exercise having only one common stock transaction during the year. Issuance of common stock is $ 13,000 0 Requirements Requirement 4. Compute the payment of cash dividends. $ 717,000 346,000 Payment of cash dividends is $ 70,000 Jetson Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 53,000 Other Operating Expenses 195,000 Total Operating Expenses 1. Compute the amount of Jetson Exercise's acquisition of plant assets. Assume the acquisition was for cash. Jetson Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $49,200. No cash was received upon disposal. 2. Compute new borrowing or payment of long-term notes payable, with Jetson Exercise having only one long-term notes payable transaction during the year. 3. Compute the issuance of common stock with Jetson Exercise having only one common stock transaction during the year. 4. Compute the payment of cash dividends 371,000 248,000 $ 123,000 Net Income Print Done Print Done This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. All parts showing Similar Question

Answer 1

1	Acquisition of plant assets:			(Analyze plant assets account)
					$	$
	Ending balance of plant assets					263400
	Add: Cost of the asset disposed					49200
						312600
	Less: beginning balance of plant assets					221600
	Acquisition of plant assets:					91000
2	Payment of long-term notes payable:				(Analyze notes payable account)
					$
	Beginning balance				66000
	Less: ending balance				63000
	Payment of long-term notes payable				3000
3	Issuance of common stock:			(Analyze common stock account)
					$
	Ending balance				49000
	Less: Beginning balance				36000
	Issuance of common stock				13000
4	Payment of cash dividends:			(Analyze retained earnings account)
					$
	Beginning balance				236000
	Add: Net income				123000
					359000
	Less: ending balance				289000
	Cash dividend				70000