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Additional Information A $30,000 notes payable is retired at its $30,000 carrying (book)...

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Accounting

Additional Information
A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash.
The only changes affecting retained earnings are net income and cash dividends paid.
New equipment is acquired for $73,600 cash.
Received cash for the sale of equipment that had cost $64,600, yielding a $3,600 gain.
Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.
All purchases and sales of inventory are on credit.
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