Required information Use the following information for the Problems 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 Assets 2016 Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 69,400 86,500 63,625 264,800 2,155 417,080 121,000 85,400 295,156 1,340 451,296 144,500 43,125 52,500 $ 552,671 $ 485,580 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total 1iabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings $ 66,141 $ 134,175 8,600 142,775 61,750 204, 525 13,900 80,041 58,500 138,541 188,750 50,500 174,888 163,2560 117,805 $ 552,671 $ 485,580 Total liabilities and equity