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

Comparative Balance Sheets December $31$

Assets

Cash

Accounts receivable

Inventory

Prepaid expenses

Total current assets

Equipment

Accumulated depreciation$-$Equipment

Total assets

Liabilities and Equity

Accounts payable

Long$-$term notes payable

Total liabilities

Equity

Common stock, $$5$ par value

Paid$-$in capital in excess of par, common stock

Retained earnings

Total liabilities and equity

Current Year Prior Year

$\backslash$table$[[551,400,$$$74,500$

Additional Information on Current Year Transactions

a$.$ The loss on the cash sale of equipment was $$6,125($details in b$).$

b$.$ Sold equipment costing $$49,875,$ with accumulated depreciation of $$31,125,$ for $$12,625$ cash.

c$.$ Purchased equipment costing $$97,375$ by paying $$32,000$ cash and signing a long$-$term notes payable for the balance.

d$.$ Paid $$46,525$ cash to reduce the long$-$term notes payable.

e$.$ Issued $2,600$ shares of common stock for $$20$ cash per share.

f$.$ Declared and paid cash dividends of $$50,300.$

Required:

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.

$\backslash$table$[[$FORTEN COMPANY$],[$Statement of Cash Flows$],[$Cash flows from operating activities,,$],[$Net income,,$],[$Adjustments to reconcile net income to net cash provided by operations:,,$],[$Income statement items not affecting cash,,$],[$Depreciation expense,,$],[$Loss on disposal of equipment,,$],[$Changes in current assets and current liabilities,,$],[$Increase in accounts receivable,,$],[$Increase in inventory,,$],[$Decrease in prepaid expenses,,$],[$Decrease in accounts payable,,$],[$Cash paid on long$-$term notes,,$],[$Net cash provided by financing activities,,$],[$Cash flows from investing activities,,$],[$Cash paid for dividends,,$],[$Cash paid for equipment,,$],[$Cash received from sale of equipment,,$],[$Net cash used in investing activities,,$],[$Cash flows from financing activities:,,$]]$