Additional information regarding 2021: 1. Prepaid expenses and property tax payable relate to operating expenses. 2. New equipment costing $86,000 was purchased for $20,200 cash and a $65,800 long term bank loan payable. Additional information regarding 2021: 1. Prepaid expenses and property tax payable relate to operating expenses. 2. New equipment costing $86,000 was purchased for $20,200 cash and a $65,800 long term bank loan payable