Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, all sales are credit sales, all credits to Accounts Receivable reflect cash receipts from customers, all purchases of inventory are on credit, all debits to Accounts Payable reflect cash payments for inventory, and Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
Additional Information on Current Year Transactions
The loss on the cash sale of equipment was $details in b
Sold equipment costing $ with accumulated depreciation of $ for $ cash.
Purchased equipment costing $ by paying $ cash and signing a longterm notes payable for the balance.
Paid $ cash to reduce the longterm notes payable.
Issued shares of common stock for $ cash per share.
Declared and paid cash dividends of $
