Check my work Required information Use the following information for the Problems below. [The following information applies to the questions displayed below.) Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets follow TORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Accounts receivable Inventory Prepaid expenses Total current assets $ 60,4000 , 500 76,340 57,625 286,156 253,800 1.280 2.035 424,176 150.500 115.000 (40, 125) 49.500) $530,551 464,460 $125, 125 Reun. depreciation Equipment Total assets Liabilities and Equity Recounts payable Short-tern notes payable Sotal current liabilities Long-term notes payable Total liabilities Equity Common stock, 55 par value Pald-in capital in excess of par, con Retained earnings Total liabilities and equity $ 60,161 12,100 72,241 61,500 133,241 132,575 55,750 108,325 stock $534,551 $617,500 292,000 325,500 PORTIN COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense # 27,750 Other expenses 139,000 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Bet income 167.150 14,050 Problem 12-3A Indirect: Statement of cash flows LO A1, P1, P2, P3 Additional Information on Year 2017 Transactions a. The loss on the cash sale of equipment was $12.125 (details in b. Sold equipment costing $67,875, with accumulated depreciation of $37,125, for $18.625 cash c. Purchased equipment costing $103.375 by paying $44.000 cash and signing a long-term note payable for the balance d. Borrowed $4.700 cash by signing a short term note payable Help Save & Exit Submit Problem 12-3A Indirect: Statement of cash flows LO A1, P1, P2, P3 Check my work Additional Information on Year 2017 Transactions 4.25 points a. The loss on the cash sale of equipment was $12,125 (details in bj. b. Sold equipment costing $67,875, with accumulated depreciation of $37,125, for $18.625 cash c. Purchased equipment costing $103.375 by paying $44.000 cash and signing a long-term note payable for the balance. d. Borrowed $4.700 cash by signing a short-term note payable. e. Paid $53,625 cash to reduce the long-term notes payable. f. Issued 3.200 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $51,500. Required: 1. Prepare a complete statement of cash flows report its operating activities using the Indirect method (Amounts to be deducted should be indicated with a minus sign.) Print References FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcilie net income to net cash provided by operations: Cash flows from investing Activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year