g. Declared and paid cash dividends of $52,900. should be indicated with a minus sign.) of 2 Next > 43,850 $109,375 t 2 Additional Information on Year 2017 Transactions a. The loss on the cash sale of equipment was $19,125 (details in b). b. Sold equipment costing $88,875, with accumulated depreciation of $44,125, for $25,625 cash. c. Purchased equipment costing $110,375 by paying $58,000 cash and signing a long-term note payable for the balance. d. B $5,400 cash by signing a short-term note payable e. Paid $57,125 cash to reduce the long-term notes payable. f. Issued 3,900 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $52,900. nces Required 1. Prepare a complete statement of cash flows; report its operating activities using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) N C For Year Ended r 31, 2017 1 Part 1 of2 Cash flows from investing activities References Net i of Retained earnings Total liabilities and equity $5 FORTEN COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $652,500 299,000 353,500 34,750 146,400 181,150 Depreciation expense Other expenses Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income (19,125) 153,225 43,850 $109,375 Additional Information on Year 2017 Transactions a. The loss on the cash sale of eouinmont was d10125etsie in