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Required Information Use the following Informatlon for the Problems below. (Algo) [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 Recelvable reflect cash recelpts from customers, (3) all purchases of Inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for Inventory. Additional Information on Current Year Transactlons a. The loss on the cash sale of equipment was $16,125 (detalls in b ). b. Sold equipment costing $79,875, with accumulated depreciation of $41,125, for $22,625 cash. c. Purchased equipment costing $107,375 by paying $52,000 cash and signing a long-term notes payable for the balance. d. Pald $50,525 cash to reduce the long-term notes payable. e. Issued 3,600 shares of common stock for $20 cash per share. f. Declared and pald cash dividends of $52,300. Problem 12-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 Required: 1. Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should be Indlcated with a minus sign.) Answer is complete but not entirely correct. 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