Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The companys income statement and balance sheets follow.

FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016
	2017				2016
Assets
Cash	$	60,400			$	80,500
Accounts receivable		76,340				57,625
Inventory		286,156				258,800
Prepaid expenses		1,280				2,035
Total current assets		424,176				398,960
Equipment		150,500				115,000
Accum. depreciationEquipment		(40,125	)			(49,500	)
Total assets	$	534,551			$	464,460
Liabilities and Equity
Accounts payable	$	60,141			$	125,175
Short-term notes payable		12,100				7,400
Total current liabilities		72,241				132,575
Long-term notes payable		61,500				55,750
Total liabilities		133,741				188,325
Equity
Common stock, $5 par value		176,750				157,250
Paid-in capital in excess of par, common stock		44,500				0
Retained earnings		179,560				118,885
Total liabilities and equity	$	534,551			$	464,460

FORTEN COMPANY Income Statement For Year Ended December 31, 2017
Sales				$	617,500
Cost of goods sold					292,000
Gross profit					325,500
Operating expenses
Depreciation expense	$	27,750
Other expenses		139,400			167,150
Other gains (losses)
Loss on sale of equipment					(12,125	)
Income before taxes					146,225
Income taxes expense					34,050
Net income				$	112,175

Additional Information on Year 2017 Transactions

The loss on the cash sale of equipment was $12,125 (details in b).

Sold equipment costing $67,875, with accumulated depreciation of $37,125, for $18,625 cash.

Purchased equipment costing $103,375 by paying $44,000 cash and signing a long-term note payable for the balance.

Borrowed $4,700 cash by signing a short-term note payable.

Paid $53,625 cash to reduce the long-term notes payable.

Issued 3,200 shares of common stock for $20 cash per share.

Declared and paid cash dividends of $51,500.

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FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Net income 112,175 Adjustments to reconcile net income to net cash provided by operations Depreciation expense Loss on disposal of equipment Accounts receivable increase Inventory increase Prepaid expense decrease Accounts payable decrease 27,750 12,125 (18,715) (27,356) 755 (65,034) 41,700 Net cash provided by operating activities Cash flows from investing activities 18,625 Cash received from sale of equipment Cash paid for equipment (44,000) Net cash used in investing activities (25,375) Cash flows from financing activities Cash paid on long-term note Cash received from issuing stock Cash paid for dividends Cash borrowed on short-term note (53,625) 64,000 (51,500) Net cash used in financing activities Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year (41,125) $ (24,800) 80,500 55,700