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Problem 12-3A: Forten Company's current year income statement, comparative balance sheets, and additional information follow For the year, all sales or credit sales, all credits to Accounts Receivable reflect cash receipts from customers, All purchases of inventory are on credit, all debits to Accounts Payable reflect cash payments For inventory, and Other Expenses are paid in advance and are initially debited to prepaid expenses. Forten Company Income Statement For the Year Ended December 31, 2020 $ Sales Cost of goods sold Gross profit 582,500 285,000 297,500 $ 20,750 132,400 153,150 Operating Expenses: Depreciation expense Other expenses Other gains/losses): Loss on sale of equipment Income before taxes Income taxes expense Net income (5,125) 139,225 24,250 114,975 $ Forten Company Balance Sheet As of December 31, 2019 and 2020 2020 2019 $ Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation - Equipment Total assets 49,800 $ 65,810 275,656 1,250 392,516 157,500 (36,625) 513,391 $ 73,500 50,625 251,800 1,875 377,800 108,000 (46,000) 439,800 $ $ Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilties 53,141 $ 10,000 63,141 65,000 128,141 114,675 6,000 120,675 48,750 169,425 Problem 12-3A 150,250 Equity Common stock, $5 par value Paid-in-captial in excess of par, common stock Retained earnings Total Equity 162,750 37,500 185,000 385,250 120,125 270,375 Total liabilities and equity $ 513,391 $ 439,800 $ Additional information: a Loss on the cash sale of equipment b. Sold equipment costing Accumulated depreciation on equipment sold Cash received for sale of equipment c. Purchase price of equipment Cash paid for equipment Long-term note payable for equipment purchase d. Borrowed cash by signing a short-term note payable Cash paid to reduce the long-term notes payable f Issued $2500 that shares of common stock for $20 per share & Declared and paid cash dividends 5,125 46,875 30,125 11,625 96,375 30,000 66,375 4,000 50,125 e. 50,100 Part 1: Prepare a complete statement of cash flows using the indirect method for the current year. Disclose any non-cash investing and financing activities in a note to the financial statements. Make sure that you prepare the statement in good form. Part 2: Analyze and discuss the statement of cash flows prepared in Part 1, Giving special attention to the wisdom of the cash dividend payment. You should place that commentary within this document below here. This should be about a paragraph in length