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c Required information The following information applies to the questions displayed below.] 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 $ 652,500 299,000 353,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 146,400 Depreciation expense 34,750 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 181,150 (19,125 153,225 43,850 $ 109,375 FORTEN COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Current Year Prior Year $ 70,900 $ 87,500 86,910 64,625 296,656 265,800 1,350 2,175 455,816 420, 100 143,500 122,000 (43,625) (53,000) FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 70,900 86,910 296,656 1,350 455,816 143,500 (43,625) $ 555, 691 $ 87,500 64,625 265,800 2,175 420, 100 122,000 (53,000) $ 489,100 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 $ 67,141 72,200 139,341 $ 135,675 71,550 207, 225 183,750 58,500 174,100 $ 555,691 164,250 0 117,625 $ 489,100 Additional Information on Current Year 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 notes payable for the balance. d. Paid $51725 cash to reduce the long-term notes payable. e. Issued 3,900 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $52,900. Required information Prepare a complete statement of cash flows using the direct method (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 activities Cash received from customers Cash paid for inventory Cash paid for operating expenses Cash paid for income taxes Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment $ 0 0 Net cash used in investing activities Cash flows from financing activities Cash paid for dividends Cosh paid on long-term notes Cash received from issuing stock Required information Cash received from customers Cash paid for inventory Cash paid for operating expenses Cash paid for income taxes Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment $ $ 0 0 Net cash used in investing activities Cash flows from financing activities Cash paid for dividends Cash paid on long-term notes Cash received from issuing stock 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 $ 0 $