FORTEN COMPANY Comparative Balance Sheets December 31
	Current Year						Prior Year
Assets
Cash		$	78,400					$	92,500
Accounts receivable			94,460						69,625
Inventory			304,156						270,800
Prepaid expenses			1,400						2,275
Total current assets			478,416						435,200
Equipment			138,500						127,000
Accum. depreciationEquipment			(46,125	)					(55,500	)
Total assets		$	570,791					$	506,700
Liabilities and Equity
Accounts payable		$	72,141					$	143,175
Short-term notes payable			15,700						9,800
Total current liabilities			87,841						152,975
Long-term notes payable			55,500						67,750
Total liabilities			143,341						220,725
Equity
Common stock, $5 par value			191,250						169,250
Paid-in capital in excess of par, common stock			66,000						0
Retained earnings			170,200						116,725
Total liabilities and equity		$	570,791					$	506,700

FORTEN COMPANY Income Statement For Current Year Ended December 31
Sales				$	677,500
Cost of goods sold					304,000
Gross profit					373,500
Operating expenses
Depreciation expense	$	39,750
Other expenses		151,400			191,150
Other gains (losses)
Loss on sale of equipment					(24,125	)
Income before taxes					158,225
Income taxes expense					50,850
Net income				$	107,375

Additional Information on Current Year Transactions

1. The loss on the cash sale of equipment was $24,125 (details in b).
2. Sold equipment costing $103,875, with accumulated depreciation of $49,125, for $30,625 cash.
3. Purchased equipment costing $115,375 by paying $68,000 cash and signing a long-term note payable for the balance.
4. Borrowed $5,900 cash by signing a short-term note payable.
5. Paid $59,625 cash to reduce the long-term notes payable.
6. Issued 4,400 shares of common stock for $20 cash per share.
7. Declared and paid cash dividends of $53,900.

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.)