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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. (4) all debits to Accounts Payable reflect cash payments for Inventory, and (5) Other Expenses are paid in advance and are Initially debited to Prepaid Expenses. FORTEN COMPANY Comparative Balance Sheets December 31 Current Prior Year Year Assets Cash $ 49,800 $ 73,500 Accounts receivable 65,810 50,625 Inventory 275,656 251,800 Prepaid expenses 1,250 1.875 Total current assets 392,516 377,800 Equipment 157,500 108,000 Accun. depreciation Equipment (36,625) (46,000) Total assets $513,391 $439,800 Liabilities and Equity Accounts payable $ 53,141 $114,675 Short-term notes payable 10,000 6,000 Total current liabilities 63,141 120,625 Long-ter notes payable 65,000 48,750 Total liabilities 128,141 169,425 Equity Common stock, ss par value 162,750 150,250 Paid-in capital in excess of par, common stock 37,500 Retained earnings 185,000 120, 125 Total liabilities and equity 5513,391 5439,800 @ $582,500 285, een 297,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 20,750 Other expenses 132,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 153, 150 (5,125) 139, 225 24,250 $114,975 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11.625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,100. General General Indirect Requirement Trial Balance Direct Method Journal Ledger Method General Journal tab - Reconstruct the entries to summarize the activity between December 31, prior year and December 31, current year Direct Method tab - Prepare the Statement of Cash flows for the year ended December 31, current year using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. Dates: Dec 31 Unadjusted FORTEN COMPANY Statement of Cash Flows (Direct Method) For Current Year Ended December 31 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: FORTEN COMPANY Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities