bought equipment for cash, $18,000. paid $5,400 on the long-term notes payable. issued new shares of stock for $13,000 cash. no dividends were declared or paid. other expenses included depreciation, $4,400; salaries and wages, $19,400; taxes, $5,400; utilities, $6,200. accounts payable includes only inventory purchases made on credit. because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.