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 COMPANY Income Statement For Current Year Ended December 31 Sales $ 657,500 Cost of goods sold 300,000 Gross profit 357,500 Operating expenses (excluding depreciation) $ 147,400 Depreciation expense 35,750 183,150 Other gains (losses) Loss on sale of equipment (20,125) Income before taxes 154,225 Income taxes expense 45,250 Net income $ 108,975 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 72,400 $ 88,500 Accounts receivable 88,420 65,625 Inventory 298,156 266,800 Prepaid expenses 1,360 2,195 Total current assets 460,336 423,120 Equipment 142,500 123,000 Accumulated depreciationEquipment (44,125) (53,500) Total assets $ 558,711 $ 492,620 Liabilities and Equity Accounts payable $ 68,141 $ 137,175 Long-term notes payable 72,000 72,750 Total liabilities 140,141 209,925 Equity Common stock, $5 par value 185,250 165,250 Paid-in capital in excess of par, common stock 60,000 0 Retained earnings 173,320 117,445 Total liabilities and equity $ 558,711 $ 492,620 Additional Information on Current Year Transactions The loss on the cash sale of equipment was $20,125 (details in b). Sold equipment costing $91,875, with accumulated depreciation of $45,125, for $26,625 cash. Purchased equipment costing $111,375 by paying $60,000 cash and signing a long-term notes payable for the balance. Paid $52,125 cash to reduce the long-term notes payable. Issued 4,000 shares of common stock for $20 cash per share. Declared and paid cash dividends of $53,100. 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.)