Required information [The following information applies to the questions displayed below.] Forten Company, a merchandiser, recently completed its calendar-year 2017 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 and balance sheets follow FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equitv Accounts pavable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par valuee Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 79,900 $ 93,500 70,625 271,800 2,295 438,220 128,000 95,970 305,656 1,410 482,936 137,500 (46,625) (56,000) $573,811$510,220 $ 73,141$144,675 10,000 154,675 68,750 223,425 16,000 89,141 55,000 144,141 202,750 57,500 169,420 170,250 116,545 $573,811 $510,220