Required Informatiorn [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 Recelvable reflect cash recelpts from customers, (3) all purchases of Inventory are on credit, (4) all deblts to Accounts Payable reflect cash payments for Inventory, and (5) Other Expenses are paid In advance and are Initially deblted to Prepald 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 receirable Inventory Prepaid expenses $ 58,900 74, 830 284, 656 ,270 419, 656 151,500 79,500 56, 625 257,800 2,015 395, 940 114,000 (49,000) 460,940 (39, 625) $ 531,531 Liabilities and Equity Account 8hort-term notes payable Total current liabilitie S 59,141 11,800 70.941 62,000 132,941 $ 123, 675 7,200 130,875 54, 750 185, 625 s payable notes payable Total liabilitie Equity stock, $5 par value 174,750 43,500 180,340 $ 531,531 156,250 Paid-in capital in excess of par, common stoct Retained earnings Total liabilities and equity 119,065 460,940