Prepare a complete statement of cash flows using the indirect method for current year and a complete statement of cash flows using a spreadsheet using the indirect method

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. $ 627,500 294, eee 333,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 141,400 Depreciation expense 29,750 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 171,150 (14, 125) 148, 225 36,850 $ 111,375 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 63,4ee 79,368 289,156 1,300 433,216 148,500 (41,125) $ 540,591 $ 82,500 59, 625 260,800 2, 075 485,00 117, eee (50, 500) $ 471,500 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 $ 62,141 73,209 135,341 $ 128, 175 65,550 193,725 159, 250 176,250 51, eee 178,000 $ 540,591 118,525 $ 471, 500 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $14,125 (details in b). b. Sold equipment costing $73,875, with accumulated depreciation of $39,125, for $20,625 cash. c. Purchased equipment costing $105,375 by paying $48,000 cash and signing a long-term notes payable for the balance. d. Pald $49,725 cash to reduce the long-term notes payable. e. Issued 3,400 shares of common stock for $20 cash per share. f. Declared and pald cash dividends of $51,900