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LIG 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 Year Prior Year $ 55,900 71,810 281,656 1,25e 410,616 153,500 38,625) $ 525,491 $ 77,500 54,625 255,800 1,975 389,900 112,000 (48,000) $ 453,900 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accun. depreciation Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current Habilities Long-term notes payable Total abilities Equity Common stock, 55 par valve Paid in capital in excess of pary common stock Retained earnings Total Habilities and equity $ 57,141 11,200 68, 341 63.000 131, 341 $ 120,075 6,800 127,475 52,750 180,225 154,250 168,750 43,500 181,000 5.525,491 119,425 453,000 Chec $ 602,500 289,000 313,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 24,250 Other expenses 136,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 161,150 (9,125) 143,225 29,850 $ 113,375 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $9.125 (details in b). b. Sold equipment costing $58,875, with accumulated depreciation of $34.125, for $15,625 cash c. Purchased equipment costing S100,375 by paying $38.000 cash and signing a long-term note payable for the balance d. Borrowed $4,400 cash by signing a short-term note payable e. Paid $52125 cash to reduce the long-term notes payable. 1. Issued 2.900 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50.900. Required: 1. 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 Flow For Current Year Ended December 31 Cash flows from operating activities Net Income Adjustments to reconcile net income to not cash provided by operations Depreciation expense Accounts receivable increase Inventory Increase Prepaid expense decrease Accounts payable decrease Loss on disposal of equipment $ Net cash provided by operating activities 0 Prey 1 of 1 SH BER Next LIVELLUI V HILI Labu Required information Loss on disposal of equipment $ 0 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment 0 Net cash used in investing activities Cash flows from financing activities: Cash borrowed on short-term note Cash paid on long-term note Cash received from issuing stock Cash paid for dividends 0 0 Net cash used in financing activities Net Increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year S Prey 1 of 1 RE Next