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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 $ 55,9ee 71,810 281,656 1,25e 410,616 153,500 (38,625) $ 525,491 $ 77,500 54,625 255,888 1,975 389,900 112,680 (48,680) $ 453,980 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Short-tern notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 57,141 11,200 68,341 63,880 131,341 $ 120,675 6. Bee 127,475 52.750 189, 225 156,25 170,75e 43,5ee 179,900 $ 525,491 117,425 $ 453,900 $622,5ee 289,080 313,500 FORTEN COMPANY Income Statement For Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 24,750 Other expenses 136, 4ee Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 161, 15e (9.125) 143, 225 29,850 $ 113,375 Additional Information on Year 2018 Transactions a. The loss on the cash sale of equipment was $9,125 (details in bj. b. Sold equipment costing $58.875, with accumulated depreciation of $34,125, for $15.625 cash. c. Purchased equipment costing $100.375 by paying $38.000 cash and signing a long-term note payable for the balance. d. Borrowed $4.400 cash by signing a short-term note payable. e. Pald $52,125 cash to reduce the long-term notes payable. f. Issued 2,900 shares of common stock for $20 cash per share. 9. Declared and paid cash dividends of $50,900. FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities $ 0 Cash flows from investing activities 0 Cash flows from financing activities: 0 $ 0 Net increase (decrease) in cash Cash balance at December 31, 2017 Cash balance at December 31, 2018 $