Fisher 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, (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.

Additional Information on Current Year Transactions

1. The loss on the cash sale of equipment was $8,500 (details in b).
2. Sold equipment costing $79,000, with accumulated depreciation of $41,000, for $29,500 cash.
3. Purchased equipment costing $168,000 by paying $40,000 cash and signing a long-term note payable for the balance.
4. Borrowed $7,000 cash by signing a short-term note payable.
5. Paid $103,000 cash to reduce the long-term notes payable.
6. Issued 5,400 shares of common stock for $20 cash per share.
7. Declared and paid cash dividends of $244,500.

General Journal tab - Reconstruct the entries to summarize the activity between December 31 , prior year and December 31 , current year. Direct Method tab - Prepare the Statement of Cash flows for the year ended December 31 , current year using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the December 31 , current year balances. Journal entry worksheet Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Journal entry worksheet 814 Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. Notes were not issued for the purchase of inventory. Note: Enter debits before credits. Journal entry worksheet Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Journal entry worksheet 8 Reconstruct the journal entry for cash paid for operating expenses, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Journal entry worksheet 1 814 Reconstruct the journal entry for the sale of equipment at a loss, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Journal entry worksheet Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Journal entry worksheet