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The following information applies to the questions displayed below.] orten Company's current year income statement, comparative balance heets, and additional information follow. For the year, (1) all sales are redit sales, (2) all credits to Accounts Receivable reflect cash receipts om customers, (3) all purchases of inventory are on credit, and (4) all ebits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes. Income taxes expense Net income FORTEN COMPANY Comparative Balance Sheets December 31 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 $ 132,400 20,750 $ 582,500 285,000 297,500 153, 150 (5,125) 139,225 24,250 $ 114,975 Current Year Prior Year $ 49,800 $ 73,500 65,810 50,625 275,656 251,800 1,250 1,875 392,516 377,800 157,500 108,000 (36,625) (46,000) $ 513,391 $ 439,800 $ 53,141 $ 114,675 75,000 54,750 128,141 169,425 162,750 150,250 37,500 0 185,000 120, 125 $ 513,391 $ 439,800 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term notes payable for the balance. d. Paid $46,125 cash to reduce the long-term notes payable. e. Issued 2,500 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $50,100. 6 points Cash flows from financing activities: Cash paid for dividends Cash received from issuing stock Cash paid on long-term notes Answer is not complete. 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 Loss on disposal of equipment Changes in current assets and current liabilities Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Decrease in accounts payable Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year > > 114,975 (5,125) (15,185) (23,856) 625 (61,534) (96,375) X 11,625 $ 9,9 (84,75 $ (74,85 $ (74.85