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.

Additional Information on Current Year Transactions

The loss on the cash sale of equipment was $$5,125($details in b$).$

Sold equipment costing $$46,875,$ with accumulated depreciation of $$30,125,$ for $$11,625$ cash.

Purchased equipment costing $$96,375$ by paying $$30,000$ cash and signing a long$-$term notes payable for the balance.

Paid $$46,125$ cash to reduce the long$-$term notes payable.

Issued $2,500$ shares of common stock for $$20$ cash per share.

Declared and paid cash dividends of $$50,100.$