|1. Sold plant assets costing $25,000, with accumulated depreciation of $12,000. Income Statement: Gain on sale of plant assets: $7,000 2. Issued preferred stock for cash. 3. Retired the mortgage by issuing common stock 4. Declared and paid cash dividend of ? Net income: 149,000 |5. Purchased plant assets by issuing a note payable, $50,000 |6. Purchased plant assets for cash of ? 7. Depreciation and amortization expense is part of operating expenses. Ending Beginning Plant assets 700,000 (288,000) (250,000)| 116,000 815,000 Accumulated depreciation Patent 102,000 Notes payable Mortgage payable Preferred stock Additional paid-in capital-preferred Common stock Retained earnings 50,000 300,000 350,000 80,000 700,000 93,000 400,000 44,000

|1. Sold plant assets costing $25,000, with accumulated depreciation of $12,000. Income Statement: Gain on sale of plant assets: $7,000 2. Issued preferred stock for cash. 3. Retired the mortgage by issuing common stock 4. Declared and paid cash dividend of ? Net income: 149,000 |5. Purchased plant assets by issuing a note payable, $50,000 |6. Purchased plant assets for cash of ? 7. Depreciation and amortization expense is part of operating expenses. Ending Beginning Plant assets 700,000 (288,000) (250,000)| 116,000 815,000 Accumulated depreciation Patent 102,000 Notes payable Mortgage payable Preferred stock Additional paid-in capital-preferred Common stock Retained earnings 50,000 300,000 350,000 80,000 700,000 93,000 400,000 44,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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