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 Recelvable reflect cash recelpts from customers, $(3)$ all

purchases of Inventory are on credit, and $(4)$ all deblts to Accounts Payable reflect cash payments for Inventory.

FORTEN COMPANY

Income Statement

For Current Year Ended December $31$

Sales

Cost $of$ goods sold $$602,500$

Gross profit $289,000$

$,313,500$

Operating expenses $($excluding depreciation$)$

Depreciation expense

$$136,460$

other gains $($losses$)$

$24,750,161,150$

Loss on sale of equipment

Income before taxes

Income taxes expense

Net income

Additional Information on Current Year Transactions

a$.$ The loss on the cash sale of equipment was $$9,125($details in $b).$

b$.$ Sold equlpment costing $$58,875,$ with accumulated depreclation of $$34,125,$ for $$15,625$ cash.

c$.$ Purchased equipment costing $$100,375$ by paylng $$38,000$ cash and signing a long$-$term notes payable for the

balance.

d$.$ Pald $$47,725$ cash to reduce the long$-$term notes payable.

e$.$ Issued $2,900$ shares of common stock for $$20$ cash per share.

t$.$ Declared and pald cash dividends of $$50,900.$

Requlred:

Prepare a complete statement of cash flows using the Indlrect method for the current year.