Required Information The following information applies to the questions displayed below] Forten Companys 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 Recelvable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for irventory. Additional informetion on Current Yeor Transactions 6. The loss on the cash sale of equipment was $6,125 (details in D ) b. Sold equipment costing $49,875, whth accumulated depreciation or $31,125, for $12,625 cash. c. Purchased equipment costing $97,375 by paying $32,000 cash and signing a long-term notes payable for the balance a. Paid $46,525 cash to reduce the long-term notes payabie. e. Issued 2.600 shares of common stock for $20 cash per share 1. Declared and paid cash dividends of $50,300