KS Media Corporation had the following income statement and balance sheet for 2020: (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. a. The acquisition of equipment is $ b. The payment of a long-term note payable is $ Income statement KS Media Corporation Income Statement For the Year Ended December 31, 2020 Service revenue $ Amortization expense Other expenses $ Net income 120,000 9,000 81,000 30,000 Print Done i Balance sheet 2020 2019 Assets Current assets Cash Accounts receivable Equipment, net KS Media Corporation Balance Sheet December 31, 2020 and 2019 2020 2019 Liabilities Current liabilities $ 7,500 $ 6,000 Accounts payable 15,000 9,000 Long-term notes payable 112,500 105,000 Shareholders' Equity Common shares Retained earnings $ 135,000 $ 120,000 $ 12,000 $ 15,000 9,000 18,000 33,000 30,000 75,000 63,000 $ 135,000 $ 120,000 Print Done