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		$ 627,500
Cost of goods sold		294,000
Gross profit		333,500
Operating expenses (excluding depreciation)	$ 141,400
Depreciation expense	29,750	171,150
Other gains (losses)
Loss on sale of equipment		(14,125)
Income before taxes		148,225
Income taxes expense		36,850
Net income		$ 111,375

FORTEN COMPANY
Comparative Balance Sheets
December 31
	Current Year	Prior Year
Assets
Cash	$ 63,400	$ 82,500
Accounts receivable	79,360	59,625
Inventory	289,156	260,800
Prepaid expenses	1,300	2,075
Total current assets	433,216	405,000
Equipment	148,500	117,000
Accumulated depreciationEquipment	(41,125)	(50,500)
Total assets	$ 540,591	$ 471,500
Liabilities and Equity
Accounts payable	$ 62,141	$ 128,175
Long-term notes payable	73,200	65,550
Total liabilities	135,341	193,725
Equity
Common stock, $5 par value	176,250	159,250
Paid-in capital in excess of par, common stock	51,000	0
Retained earnings	178,000	118,525
Total liabilities and equity	$ 540,591	$ 471,500

Additional Information on Current Year Transactions

1. The loss on the cash sale of equipment was $14,125 (details in b).
2. Sold equipment costing $73,875, with accumulated depreciation of $39,125, for $20,625 cash.
3. Purchased equipment costing $105,375 by paying $48,000 cash and signing a long-term notes payable for the balance.
4. Paid $49,725 cash to reduce the long-term notes payable.
5. Issued 3,400 shares of common stock for $20 cash per share.
6. Declared and paid cash dividends of $51,900.

Required: Prepare a complete statement of cash flows usina a spreadsheet usina the indirect method