Additionalinformation

a$.$ A $$45,000$ note payable is retired at its $$45,000$ carrying $($book$)$ value in exchange for cash.

b$.$ The only changes affecting retained eamings are net income and cash dividends paid

c$.$ New equ pment is acquired for $$70,000$cash.

d$.$ Recelved cash for the sale of equipment that had cost $$58,000,$ yleiding a $$3,900$ gain.

e$.$ Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f$.$ All purchases and sales of inventory are on credit.