Required information The following information applies to the questions displayed below) Forten Company, a merchandiser, recently completed its calendar-year 2018 operations. 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. The company's income statement, balance sheets, and additional information follow FORTEN COMPANY Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash $49,800 65,810 275,656 1,250 392,516 157,500 (36,625) (46,000) 73,500 50,625 251, 800 1,875 377,800 108,000 Accounts receivable Inventory Prepaid expen Total current assets Equipment Aceum. depreciation-Equipment Total assets $513,391 $439,800 Liabilities and Equity Aceounts payable Short-ters notes payable total eurrent 1iabilities $114,675 6,000 120,675 S 53,141 10,000 63,141 65,000 128,141 Long-tern notes payable Total 1iabilities Equity Common stok, $5 par valoe Paid-in capital in excess of par, common stock Retained earnings 48,750 169,425 162,750 37,500 185,000 150,250 0 120,125 Total liabilities and equity $513,391 $439,800 of 5