$\backslash$table$[[$Sales$,,$$$622,500$

depreciation) Income before taxes Income taxes expense Net income FORTEN COMPANY Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciationEquipment Total assets Liabilities and Equity Accounts payable Longterm notes payable Total liabilities Equity Sales Cost of goods sold 293, Gross profit 329,500 Operating expenses (excluding 140,400 Depreciation expense 169, Other gains (tosses) Loss on sale of equipment (13,125) 147 , 225 259,800 287 , 656 428, 696 401, 980 116,000 149,500 (40,625) 134,541 191,025 158, 250 174,750 118, 705 178,780 28, Comparative Balance Sheets December 31 $ 622,500 35,450 $ 111,775 Current Year $ 61,900 77 ,85 1,290 $ 537,571 $ 61,141 73,400 49,500 $ 537,571 Prior Yea rd $ 81,500 58,625 2,055 (50,000) $ 126,675 64,350 Common stock, $5 par value Paidin capital in excess of par, Retained earnings Total liabilities and equity common stock Additional Information on Current Year Transactions