Required information

Use the following information for the Problems below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Forten Company's 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 Receivable reflect cash receipts from customers, $(3)$ all purchases of inventory are on credit, and $(4)$ all debits to Accounts Payable reflect cash payments for inventory.

$\backslash$table$[[\backslash$table$[[$FORTEN COMPANY$],[$Income Statement$],[$For Current Year Ended December $31]]],[,,$$$662,500],[$Cost of goods sold,,$(301,000)/(361500)],[$Gross profit,,$361,500],[$Operating expenses $($excluding depreciation$),$$$148,400,],[$Depreciation expense,$36,750,185,150],[\backslash$table$[[0$ther gains $($losses$)],[$Loss on sale of equinment$]],,(21\mathrm{.}125),(2)],[$Income before taxes,,$155,225],[$Income taxes expense,,$46,650],[$Net income,,$$108,575]]$

$\backslash$table$[[\backslash$table$[[$FORTEN COMPANY$],[$Comparative Balance Sheets$],[$December $31]],],[$Assets$,$Current Year Prior Year,$],[$Cash$,$$$73,900,$$$89,500],[$Accounts receivable,$89,930,66,625],[$Inventory$,299,656,267,800],[$Prepaid expenses,$1,370,2,215],[$Total current assets,$464,856,426,140],[$Equipment$,141,500,124,000],[$Accumulated depreciation$-$Equipment,$(44,625),(54,000)],[$Total assets,$$561,731,$$$496,140],[$Liabilities and Equity,,$],[$Accounts payable,$$69,141,$$$138,675],[$Long$-$term notes payable,$71,800,73,950],[$Total liabilities,$140,941,212,625],[$Equity$,186,750,166,250],[$Common stock, $$5$ par value,$61,500,],[$Paid$-$in capital in excess of par, common stock,$172,540,117,265],[$Retained earnings,$$561,731,$$$496,140],[$Total liabilities and equity,,$]]$

Additional Information on Current Year Transactions

a$.$ The loss on the cash sale of equipment was $$21,125($details in $b).$

b$.$ Sold equipment costing $$94,875,$ with accumulated depreciation of $$46,125,$ for $$27,625$ cash.

c$.$ Purchased equipment costing $$112,375$ by paying $$62,000$ cash and signing a long$-$term notes payable for the balance.

d$.$ Paid $$52,525$ cash to reduce the long$-$term notes payable.

e$.$ Issued $4,100$ shares of common stock for $$20$ cash per share.

f$.$ Declared and paid cash dividends of $$53,300.$