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15 ints eBook Print 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. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 647,500 Cost of goods sold 298,000 Gross profit 349,500 Operating expenses (excluding depreciation) Depreciation expense 179,150 Other gains losse Loss on sale of equipment (18,125) Income before taxes Income taxes expense 152,225 42,450 Net income $ 109,775 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment $ 145,400 33,750 FORTEN COMPANY O Comparative Balance Sheets December 31 Current Year $ 69,400 85,400 295,156 1,340 451,296 144,500 (43,125) Prior Year $ 86,500 63,625 264,800 2,155 417,080 121,000 (52,500) Equipment Accumulated depreciation-Equipment 144,500 (43,125) Total assets $ 552,671 $ 485,580 Liabilities and Equity Accounts payable $ 66,141 $ 134,175 Long-term notes payable 72,400 70,350 Total liabilities 138,541 204,525 Equity Common stock, $5 par value 182,250 163,250 57,000 0 Paid-in capital in excess of par, common stock Retained earnings 174,880 117,805 Total liabilities and equity $ 552,671 $ 485,580 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $18,125 (details in b). b. Sold equipment costing $85,875, with accumulated depreciation of $43,125, for $24,625 cash. c. Purchased equipment costing $109,375 by paying $56,000 cash and signing a long-term notes payable for the balance. d. Paid $51,325 cash to reduce the long-term notes payable. e. Issued 3,800 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $52,700. 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 Flows For Current Year Ended December 31 Cash flows from operating activities 121,000 (52,500) ok nt FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities. $ 0 0 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 year $ S 0 0 0