Use the following financial statements and additional information. Additional Information a. A $40,000 note...
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Accounting
Use the following financial statements and additional information. Additional Information a A $ note payable is retired at its $ carrying book value in exchange for cash. b The only changes affecting retained earnings are net Income and cash dividends pald. c New equipment is acquired for $ cash. d Recelved cash for the sale of equipment that had cost $ ylelding a $ gain. e Prepald Expenses and Wages Payable relate to Other Expenses on the Income statement. f All purchases and sales of Inventory are on credit. 
Use the following financial statements and additional information.
Additional Information
a A $ note payable is retired at its $ carrying book value in exchange for cash.
b The only changes affecting retained earnings are net Income and cash dividends pald.
c New equipment is acquired for $ cash.
d Recelved cash for the sale of equipment that had cost $ ylelding a $ gain.
e Prepald Expenses and Wages Payable relate to Other Expenses on the Income statement.
f All purchases and sales of Inventory are on credit.
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