Forten Company, a merchandiser, recently completed its calendar-year 2018 operations. For the year, () 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 Prepald Expenses. The company's income statement, balance sheets, and additional information follow. FORTEN COMPANY Comparative Balance Sheets Decenber 31, 2018 and 2017 2018 2017 Assets Cash Accounts receivable Inventory Prepaid expenses Total eurrent ansets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total ourrent 11abilitien Long-term notes payable Total 1iabilities Eqaity Common stock,$5 par value Paid-in capital in excess of par, common stock Retained earnings $ 54,400 76,500 3, 625 280,156 254, 800 2,005 386,930 111,000 (38-125) 47,500 $522,521 $450,430 0,310 1,280 406,146 154,500 56,141 $119,175 6,600 67,041 125, 775 30,541 177,525 168,750154,750 42,000 101 230110 195 Total liabilities and equity 522,521 $450,430