Additional Information Additional Information a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained eamings are net income and cash dividends paid. c. New equipment is acquired for $60,600cash. d. Received cash for the sale of equipment that had cost $51,600, yielding a $2,300 gain e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Additional Information Additional Information a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained eamings are net income and cash dividends paid. c. New equipment is acquired for $60,600cash. d. Received cash for the sale of equipment that had cost $51,600, yielding a $2,300 gain e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit