KS Media Corporation had the following income statement and balance sheet for 2020: B (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Compute the following for KS during 2020: a. Acquisition of equipment. KS sold no equipment during the year. b. Payment of a long-term note payable. During the year, KS issued a $7,500 note payable. Balance sheet a. The acquisition of equipment is $ b. The payment of a long-term note payable is $ KS Media Corporation Balance Sheet Income statement December 31, 2020 and 2019 Assets 2020 2019 Liabilities 2020 2019 Current assets Current liabilities KS Media Corporation Cash $ 7.500 $ $ 12,000 $ 9,000 Income Statement Accounts receivable 15,000 6,000 Accounts payable 9,000 Long-term notes payable 105,000 15,000 18,000 For the Year Ended December 31, 2020 Equipment, net 112,500 Service revenue $ Shareholders' Equity Amortization expense 120,000 9,000 81,000 Common shares 33,000 75,000 30,000 63.000 Other expenses Retained earnings $ 135,000 $ 120,000 $ 30,000 $ 135,000 $ 120,000 Net income Enter your ar Print Done Print Done