Oy Use the following information for the Problems below. (Algo) The following information applies to the questions daayed below! Forten Company's current year income statement, comparative balance sheets and additional information follow For Me year, (all sales are credit sales. (2) all credits to Accounts Receivable reflect cash receipts from customers purchases of inventory are on credit and (4) all debits to Accounts Payablo reflect cash payments for inventory FONT COWY In State on Curtea de teci Sales 164.100 Custooded 2. Gross profit 340100 Operating expenses (eccluding deprecat $ 145,00 Dupreciation expense 179,50 Other ins (sesses) LUSE on sale of wint (15.1252 Inco before taxes 1522 Incotet expense case Net Inc $100,779 FORTEN COWY Comparative te Sheets December Current Year Per 55,400 205, 156 Auste Accounts receivable Teventory Prepaid wees Total current assets Equipment cu depreciation quant 136,5 3,66 254,500 417, 153,500) 54.550 121,00 453,256 144.500 (4),135) 552031 Chemny TOTES ON Auto Lath Art receive watory expe Tot current . . 29,136 triar en . . . 451, 1 is 3553.63 LIMBA 11.17 1 Auditionen Tural asset Lia and it Accounts payable Short term notes able Total current liabilities Longter notet payable Total liabiliti Equity Conon stock. 35 par valor Pald do capital in fa, como Matinder Totallibilities whity 16.11 1. 0,00 S. 11.14 112,250 24.125 174.00 5552,611 11 545, Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $18.125 (details in 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 not payable for the balance d. Borrowed $5.300 cash by signing a short term note payable e. Paid $56,625 cash to reduce the long term notes payable f.issued 3.800 shares of common stock for $20 cash per share, a. Declated and cold cash dividends of 552700. Required information FOR TEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile not income to net cash provided by operations Income statement des not affecting cash Changes in current assets and Current liabilities Cash flows from investing activities Cashflows from financing activities Changes in current assets and current abilities 30:16 Cash flows from investing activities ces Cash flows from financing activities Not increase (decreaso) in cash Cash balance at December 31, prior year Cash balance at December 31, current year