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Fonten Company's current year income statement comparative balance sheets, and additional information follow For the year. 17 al 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 5 627,500 Cost of goods sold 294,00 Gross profit 333,520 Operating expenses (excluding depreciation) 5 141,400 Depreciation expense 29,75e 171, 150 Other gains (losses) Loss on sale of equipment (14,125) Income before taxes 148, 225 Income taxes expense 36,85e Net income $ 211,375 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 2,75 Total current assets 433,216 405,000 Equipment 148,500 117,000 Accumulated depreciation-Equipment (41,125) (50,500 Total assets $540,591 $ 471,500 Libilities and Equity Accounts payable $ 62,141 $ 128,175 Long-tere notes payable 23,200 65,55e Total liabilities 135,341 193,725 Equity Connon stock, 35 par value 176,250 159, 250 Paldin capital in excess of par, common stock 51,000 Retained earnings 175.000 118, 525 Total liabilities and equity $546,591 5471,500 4 Additional Information on Current Year Transactions .. The loss on the cash sale of equipment was $14,125 (details in ) b. Sold equipment costing $73,875, with accumulated depreciation of $39,125, for $20.625 cash c. Purchased equipment costing $105,875 by paying $48.000 cash and signing a long-term notes payable for the balance d. Paid $49.725 oth to reduce the long term notes payablo e issued 3.400 shares of common stock for $20 cash per share Declared and paid cash dividends of $51.900 2. 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.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating adivities Adjustments to reconcile net income to net cash provided by operations Income statement tems not affecting cash Changes in content assets and current liabilities Cashflows from investing activities Cashows from financing activites Not increase (decrease in cash Cash balance December 31, priory Cashbalance December 31, current year