purchases of imvertory are on credit, (4) all debits to Accounts Payable reflect cash payments for Irventory, and (5) any chande in Income Taxes Payable reflects the accrual and cash payment of taxes. Additional information on Current Year Transactions a. Purchased equipment for $42,700 cash. b. Issued 12.400 shares of common stock for $5 cash per share. c. Declared and paid $93.000 in cash dividends. Answer is not complete