Net Income $300,000 Depreciation Expense 50,000 Gain on Sale of Plant Assets 5,000 Accounts Payable

Net Income $300,000 Depreciation Expense 50,000 Gain on Sale of Plant Assets 5,000 Accounts Payable

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Net Income $300,000
Depreciation Expense 50,000
Gain on Sale of Plant Assets 5,000 Accounts Payable decrease by 4,000 Purchase of land 250,000
Sale of Equipment 105,000
Additional Information: Beginning Cash Balance: $50,000 Ending Cash Balance: $216,000
Equipment was sold for 105,000 in cash.
Land was paid for in cash. Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000