2 Corrent Year Prior Year Part 1 of 2 $ 67.900 83,890 293,656 1,330 446,776 165,500 (42,625) $549,651 $ 85,500 62,625 263,800 2,135 414,060 120,000 152.000) $482,060 5 points Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Aceun. depreciation Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-tern notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity eBook $ 65,141 13,600 78,741 59,000 137,741 $132,675 8,400 141,075 60, 750 201,825 Print References 180,750 55,500 175,660 $549,651 162,250 0 117,985 $482.060 $ 642,500 297,000 345,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Coat of goods sold Gross profit Operating expenses Depreciation expense $ 32,750 Other expenses 144.400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 177,150 (17/125) 151,225 41,050 $110,175 MC GA H 2 Required Information art 1 of 2 a. The loss on the cash sale of equipment was $17,125 (details in b). b. Sold equipment costing $82,875, with accumulated depreciation of $42,125, for $23,625 cash. c. Purchased equipment costing $108,375 by paying $54,000 cash and signing a long-term note payable for the balance. d. Borrowed $5,200 cash by signing a short-term note payable. e. Paid $56,125 cash to reduce the long-term notes payable. f. Issued 3.700 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $52,500. nts eBook Print Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be Indicated with a minus sign.) leferences FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: MacBook AS Required information Cash flows from operating activities Part 1 of 2 Adjustments to reconcile net income to net cash provided by operations 5 points Book Print References $ 0 Cash flows from investing activities 0 Cash flows from financing activities: $ olo Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0 CO M GEW HITI MacBook Air