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. Sales FORTEN COMPANY Income Statement For Current Year Ended December 31 592,500 Cost of goods sold 287,000 Gross profit 305,500 Operating expenses (excluding depreciation) Depreciation expense 134,400 22,750 157,150 Other gains (losses) Loss on sale of equipment (7,125) Income before taxes Income taxes expense Net income 141,225 27,050 $ 114,175 Assets FORTEN COMPANY Comparative Balance Sheets Cash Accounts receivable Inventory Prepaid expenses Total current assets December 31 Current Prior Year Year $ 52,900 75,500 68,810 52,625 278,656 253,800 1,270 1,995 Equipment Accumulated depreciation-Equipment Total assets 401,636 383,920 155,500 110,000 (37,625) (47,000) $ 519,511 446,928 Liabilities and Equity Accounts payable $ 55,141 117,675 Long-term notes payable 74,600 57,150 Total liabilities 129,741 174,825 Equity Common stock, $5 par value 165,750 152,250 40,500 common stock Paid-in capital in excess of par, Retained earnings Total liabilities and equity Additional Information on Current Year Transactions 183,520 119,845 $ 519,511 446,920 a. The loss on the cash sale of equipment was $7125 (details in b b. Sold equipment costing $52,875, with accumulated depreciation of $32.125, for $13,625 cash. c. Purchased equipment costing $98.375 by paying $34,000 cash and signing a long-term notes payable for the balance. d. Paid $46,925 cash to reduce the long-term notes payable. e. Issued 2.700 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $50,500. 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.)