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.FORTEN COMPANYIncome StatementFor Current Year Ended December $31$Sales$ $607,500$Cost of goods sold$290,000$Gross profit$317,500$Operating expenses $($excluding depreciation$)$$ $137,400$Depreciationexpense$25,750163,150$Other gains $($losses$)$Loss on sale of equipment$(10,125)$Income before taxes$144,225$Income taxes expense$31,250$Net income$ $112,975$FORTEN COMPANYComparative Balance Sheetsvecemper $3$Current Year Prior YearAssetsCash$ $57,400$$ $78,500$Accounts receivable$73,32055,625$Inventory$283,156256,800$Prepaid expenses$1,2601,995$Total current assets$415,136392,920$Equipment$152,500113,000$Accumulated depreciation$-$Equipment$(39,125)(48,500)$Total assets$ $528,511$$ $457,420$Liabilities and EquityAccounts payable$ $58,141$$ $122,175$Long$-$term notes payable$74,00060,750$Total liabilities$132,141182,925$EquityCommon stock,$$5$ par value$170,250155,250$Paid$-$in capital in excess of par, common stock$45,000$Retained earnings$181,120119,245$Total liabilities and equity$ $528,511$ $ $457,420$Additional Information on Current Year Transactionsa. The loss on the cash sale of equipment was $$10,125($details in b$).$b$.$ Sold equipment costing $561\mathrm{.}875,$ with accumulated depreciation of $$35,125,$ for $516,625$ cash.c$.$ Purchased equipment costing $$101,375$ by paying $$40,000$ cash and signing a long$-$term notes payable for the balance.d$.$ Paid $$48,125$ cash to reduce the long$-$term notes payable.e$.$ Issued $3,000$ shares of common stock for $$20$ cash per share.f$.$ Declared and paid cash dividends of $$51,100.$Required:$1.$ Prepare a complete statement of cash flows using the indirect method for the current year.Note: Amounts to be deducted should be Indicated with a minus sign.FORTEN COMPANYFORTEN COMPANY