Question: i really need on mini case below. any is much appreciated jacoby corporation, a merchandiser, recently completed its calendar year 2013 operations. 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 problem has been solved! see the answeri really need on mini case below. any is much appreciated corporation, a merchandiser, recently completed its calendar year 2013 operations. 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  other expenses are paid in advance and are initially debited to prepaid expenses.  the company’s balance sheets and income statement follow. jacoby corporation balance sheet december 31, 2012 and 20132013 2012assets cash $136,500 $71,550accounts receivable $74,100 90,750merchandise inventory 454,500 490,200prepaid expenses 17,100 19,200equipment 278,250 216,000accumulated depreciation (108,750) (93,000)total assets $851,700 $794,700liabilities accounts payable $117,450 $123,450short term notes payable 17,250 11,250long term notes payable 112,500 82,500common stock $ 5 par 465,000 450,000paid in capital in excess 18,000 0retained earnings 121,500 127,500total liabilities $851,700 $794,700jacoby corporation income statement december 31, 2013sales $1,083,000cost of goods sold585,000gross profit 498,000operating expenses depreciation expense $36,600 other expenses 392,850 total operating expenses 429,45068,550gain and losses loss on sale of equipment 2,100income before taxes 66,450income tax expense 9,450net income $57,000additional information on year 2011 transactionsa. the loss on the cash sale of equipment was $2,100 (details in b).b. sold equipment costing $51,000, with accumulated depreciation of $20,850, for $28,050 cash. c. purchased equipment costing $113,250 by paying $38,250 cash and signing a long-term note payable for the balanced. e. borrowed $6,000 cash by signing a short-term note payable. f. paid $45,000 cash to reduce the long-term notes payable. g. issued 3,000 shares of common stock for $11 cash per share. h. declared and paid cash dividends of $63,000.