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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, and (4) all debits to Accounts Payable reflect cash payments for inventory FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 587,500 Cost of goods sold. 286,000 Gross profit 301,500 Operating expenses (excluding depreciation). Depreciation expense 155, 150 Other gains (losses) Loss on sale of equipment Income before taxes (6,125) 140,225 25,650 Income taxes expense Net income $ 114,535 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 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $6.125 (details in b). $ 133,400 21,750 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year $ 51,400 67,310 277,156 1,300 397,166 156,500 (37,125) $ 516,541 $ 54,141 74,800 128,941 164,250 39,000 184,350 $ 516,541 Prior Year $ 74,500 51,625 252,800 2,025 380,950 109,000 (46,500) $ 443,450 $116,175 55,950 172, 125 151,250 120,075 $ 443,450 Equity Common stock. $5 par value 164,250 151,250 Pald-in capital in excess of par, common stock 39,000 Retained earnings 184,350 120,075 Total liabilities and equity $ 516,541 $443,450 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $6,125 (details in t b. Sold equipment costing $49,875, with accumulated depreciation of $31125, for $12.625 cash. c. Purchased equipment costing $97,375 by paying $32,000 cash and signing a long-term notes payable for the balance. d. Paid $46,525 cash to reduce the long-term notes payable. e. Issued 2.600 shares of common stock for $20 cash per share.. 1. Declared and paid cash dividends of $50,300. 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.) Answer is not complete. FORTEN COMPANY cash in ADDWCH 1D not compicio. FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Depreciation expense Changes in current assets and current liabilities Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in accounts payable Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31 current vear X 140,800 54,000 (13,500) X (76,500) X 4.400 x 19,000 X $ 128,200 0 0 $ 128,200 S 128.200 23