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. 1 of 3 PORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year eBook $ 76,900 92,950 302,656 1,390 473,896 139,500 (45,625) $567,771 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Aceum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-ter notes payable Total liabilities $ 91,500 68,625 269,800 2.255 432, 180 126,000 (55,000 $503, 180 Print ferences $ 71,141 15,400 86.541 56,000 $141,675 9.600 151.275 66,750 218.025 168,250 Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity 189,750 64.500 170.980 $ 567,771 116,905 $503,180 Part 1 of 3 points $672,500 303,000 369.500 eBook PORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 38,750 Other expenses 150,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Pent 189,150 (23, 125) 157,225 49.450 $107.775 Additional Information on Current Year Transactions points ebook a. The loss on the cash sale of equipment was $23,125 (details in b). b. Sold equipment costing $100,875, with accumulated depreciation of $48,125, for $29,625 cash. c. Purchased equipment costing $114,375 by paying $66,000 cash and signing a long-term note payable for the balance. d. Borrowed $5,800 cash by signing a short-term note payable. e. Paid $59,125 cash to reduce the long-term notes payable. f. Issued 4,300 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $53,700. Print References Part 3 of 3 FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities points Skipped Cash flows from investing activities Cash flows from financing activities Cash flows from financing activities Skipped eBook Print References Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year