[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 $ 76,900 91,500 68,625 269,800 1,390 2,255 432,180 126,000 (55,000 $567,771 $503,180 92,950 302,656 473,896 139,500 (45,625 Liabilities and Equity Accounts payable Short-term 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 $ 71,141 $141,675 9,600 151,275 56,00066,750 218,025 15,400 86,541 142,541 198,750 168,250 55,500 170,980116,905 $567,771 $503,180 Total 1iabilities and equity