$9$

Required information

$[$The following information applies to the questions displayed below.$]$

Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year,

$(1)$ all sales are credit sales,

$(2)$ all credits to Accounts Receivable reflect cash receipts from customers,

$(3)$ all purchases of inventory are on credit, and

$(4)$ all debits to Accounts Payable reflect cash payments for inventory.

$\backslash$table$[[\backslash$table$[[$FORTEN COMPANY$],[$Income Statement$],[$For Current Year Ended December $31]],,],[,$$$597,500],[$Cost of goods sold,$288,000],[$Gross profit,$(200,000)/(309,500)],[$operating expenses $($excluding depreciation$),,],[$Depreciation expense,,$],[$other gains $($losses$),159,150],[$Loss on sale of equipment,,$],[$Income before taxes,$\{$

$\backslash$table$[[142,225],[28,450]]\}],[$Income taxes expense$],[$Net income,$$113,775],[\backslash$table$[[$FORTEN COMPANY$],[$Comparative Balance Sheets$],[$December $31]]],[,$Current Year,Prior Year$],[$Assets$,,],[$Cash$,$$$54,400,$$$76,500],[$Accounts receivable,$70,310,53,625],[\backslash$table$[[$Inventory$]],280,156,254,800],[$Prepaid expenses,$1,280,2,005],[$Total current assets,$406,146,386,930],[$Equipment$,154,500,111,000],[$Accumulated depreciation$-$Equipment,$(38,125),(47,500)],[$Total assets,$$522,521,$$$450,430],[$Liabilities and Equity,$56\mathrm{.}141,],[$Long$-$term notes payable,$\backslash$table$[[34,141],[74,400]],\backslash$table$[[119,175],[58,350]]],[$Total liabilities,$130,541,177,525],[$Equity$,,],[$Common stock, $$5$ par value,$167,250,153,250],[$Paid$-$in capital in excess of par, common stock,$42,000,],[$Retained earnings,$182,730,119,655],[$Total liabilities and equity,$$522,521,$$$450,430]]$

Additional Information on Current Year Transactions

a$.$ The loss on the cash sale of equipment was $$8,125($details in $b).$

b$.$ Sold equipment costing $$55,875,$ with accumulated depreciation of $$33,125,$ for $$14,625$ cash.

c$.$ Purchased equipment costing $$99,375$ by paying $$36,000$ cash and signing a long$-$term notes payable for the balance.

d$.$ Paid $$47,325$ cash to reduce the long$-$term notes payable.

e$.$ Issued $2,800$ shares of common stock for $$20$ cash per share.

f$.$ Declared and paid cash dividends of $$50,700.$

Required:

Prepare a complete statement of cash flows using the indirect method for the current year.

Note: Amounts to be deducted should be indicated with a minus sign.