Forten Company's current year Income statement, comparatlve balance sheets. and addltlonal Informatlon follow For the year, (1) all sales are credlt sales, (2) ell credlts to Accounts Recelvable reflect cash recelpts from customers. (3) all purchases of Inventory are on credlt, (4) all debrs to Accounts Payable reflect cash payments for Inventory, and (5) Other Expenses are pold In advance and are Inltlally deblted to Prepald Expenses. COMPANY ; SS, soo ; 77, soo 71,210 281, 2ss,aoo 410, 818 sag, soo lssr soo 11 z, ooo csa, (48,000) ; S7,141 $120, 11,200 u, 841 ooo ISI,S41 E tock, 1S4,2so 48, soo 11 s, 42; Total liab 1 t 81 s, soo ; 24,7so 1 SS, 400 181, Iso 148, us 29, aso expe d e p e i at Ipt 1, zso Total Ictal Liabi 1 i Short t e Long t e Ictal li Equ i ty cost expe Equity s payable s payable and equ It y COMPANY r Ended De 8,800 eember (9,12S) Addltlonal Informatlon on Current Year Transectlons a. The loss on the cash sale of equipment was $9,125 (detalls In b. Sold equlpment costlng $58,875. wlth accumulated deprecldtlon of $34,125, for $15,625 cash. c. Purchased equlpment costlng $100,375 by paylng $38,000 cash and slgnlng d long-term note payable for the balance. d. Borrowed $4,400 cash by slgmng a short-term note payable. e. Pald S52125 cash to reduce the long-term notes payable. f. Issued 2.goo shares of common stock for $20 cash per share. g. Declared and pald cash dlvldends of $50,900