Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) al 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 company's income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 AssetS Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value $ 72,400 $88,500 65,625 298,156 266,800 2,195 423,126e 123,000 88,420 1,360 460, 336 142, 506 (44,125) (53,500) $558,711 $492,620 $ 68,141 $137,175 9,000 146,175 63,750 209,925 14,500 82,641 57, 500 140,141 192,7560 165,250