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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 Current Year Prior Year $ 69,400 85,400 295, 156 1,340 451,296 144,500 (43,125) $ 552,671 $ 86,500 63,625 264,800 2,155 417,080 121,000 (52,500) $ 485,580 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 Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 66,141 13,900 80,041 58,500 138,541 $ 134,175 8,600 142,775 61,750 204,525 163, 250 182,250 57,000 174,880 $ 552,671 117,805 $ 485,580 $ 647,500 298,000 349,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 33,750 Other expenses 145,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 179,150 (18,125) 152,225 42,450 $ 109,775 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $18,125 (details in b). b. Sold equipment costing $85,875, with accumulated depreciation of $43,125, for $24,625 cash. c. Purchased equipment costing $109,375 by paying $56,000 cash and signing a long-term note payable for the balance. d. Borrowed $5,300 cash by signing a short-term note payable. e. Paid $56,625 cash to reduce the long-term notes payable. f. Issued 3,800 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $52,700. FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year December 31, Current Year $ Balance sheetdebit Cash Accounts receivable Inventory Prepaid expenses Equipment 21,775 30,356 86.500 63,625 264,800 2,155 121,000 538,080 69,400 85,400 295,156 1,340 144,500 595,796 815 85,875 109,375 $ $ 33,750 43,125 68,034 Balance sheet-credit Accumulated depreciationEquipment Accounts payable Short-term notes payable Long-term notes payable Common stock, $5 par value Paid-in capital in excess of par value, common stock Retained earnings 52,500 134,175 8,600 61,750 163,250 56,625 5,300 53,375 19,000 57,000 109,775 43,125 66,141 13,900 58,500 182,250 57,000 174,880 117,805 52,700 52.700 $ 538,080 595,796 Statement of cash flows Operating activities Net income Increase in accounts receivable Depreciation expense 109,775 21,775 33,750 18,125 Loss on sale of equipment Increase in inventory Decrease in accounts payable Decrease in prepaid expenses 30,356 68,034 8151 Investing activities Receipt from sale of equipment Payment to purchase equipment 24,625 56,000 76,000 Financing activities Issued common stock for cash Payment of cash dividends Borrowed on short-term note Payment on long-term note 52,700 5,300 56,625 Non cash investing and financing activities Purchase of equipment financed by long-term note payable 53,375 703,755 53,375 703,755 $ $