Forten Company's current year income statement, comparative baiance sheets, and additional information follow. For the year, (1) all soles are credit sales, (2) all credits to Accounts Recelvable 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 a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term note payable for the balance d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. 9. Declared and paid cash dividends of $50,100. a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,1 c. Purchased equipment costing $96,375 by paying $30,000 cash and sign d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,100. Using the income statement, the comparative balance sheet, and the additiona the summarized activity of the current fiscal year. Upon completion, the 31 , current year balances. Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related baiance sheet account(s), if any. Notes were not issued for the purchase of inventory. Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Reconstruct the journal entry for cash paid for operating expenses, incorporating the change in the related halanrs ehmer armuint(e) if anv Note : = joumal entry has been entered b. Sold equipment costing $46,875, with accumulated depreciation of $30 c. Purchased equipment costing $96,375 by paying $30,000 cash and sig d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. 9. Declared and paid cash dividends of $50,100 Using the income statement, the comparative balance sheet, and the addition the summarized activity of the current fiscal year. Upon completion, th 31 , current year balances. balance sheet account(s), if any. Reconstruct the journal entry for the sale of equipment at a loss, incorporating the change in the related balance sheet account(s), if any. Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any. Reconstruct the entry for the purchase of new equipment. Reconstruct the entry for the issuance of the short-term note payable. Note : = joumal entry has been entered e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,100. Using the income statement, the comparative balance sheet, and the additio the summarized activity of the current fiscal year. Upon completion, t 31 , current year balances. note payable. Reconstruct the entry for the payment on the long-term note payable. Reconstruct the entry for the issuance of common stock. 11 Reconstruct the entry to record the payment of cash dividends. 12 Close the revenue account(s) to income summary. 13 Close the expense and loss accounts to income summary. 14 Cose Income Summary to Retained Earnings. Note : - journal entry has been entered As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $5,25 (details in b), b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,100. Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the December 31, current year, balance sheet above. Year 2019 represents current year from the problem statement. Prepare the operating activities section of the statement of cash flows using the indirect method. Prepare the operating activities section of the statement of cash flows using the indirect method. reductions to net cash provided by operating activities as negative values