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Additional Information a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained

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Additional Information a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $67,600 cash. d. Received cash for the sale of equipment that had cost $58,600, yielding a $3,000 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statemen f. All purchases and sales of inventory are on credit. Required information

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