Forten Company's current year income statement, comparative balance sheets, and additional information follow. 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. FORTEN COMPANY Comparative Balance Sheets December 31 Check 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 Current Year Prior Year $ 60,400 76,340 286,156 1,280 $ 80,500 57,625 258,800 424,176 2,035 398,960 150,500 115,000 (40,125) (49,500) $534,551 $464,460 $ 60,141 $125,175 12,100 7,400 72,241 132,575 61,500 55,750 133,741 188,325 Common stock, $5 par value 173,250 157,250 Paid-in capital in excess of par, common stock 48,000 Retained earnings 179,560 118,885 $ 534,551 $464,460 Total liabilities and equity