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Required information Skip to question [ The following information applies to the questions displayed below. ] Forten Company's current year income statement, comparative balance sheets,

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[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 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.
FORTEN COMPANY
Income Statement
For Current Year Ended December 31
Sales $ 587,500
Cost of goods sold 286,000
Gross profit 301,500
Operating expenses (excluding depreciation) $ 133,400
Depreciation expense 21,750155,150
Other gains (losses)
Loss on sale of equipment (6,125)
Income before taxes 140,225
Income taxes expense 25,650
Net income $ 114,575
FORTEN COMPANY
Comparative Balance Sheets
December 31
Current Year Prior Year
Assets
Cash $ 51,400 $ 74,500
Accounts receivable 67,31051,625
Inventory 277,156252,800
Prepaid expenses 1,3002,025
Total current assets 397,166380,950
Equipment 156,500109,000
Accumulated depreciationEquipment (37,125)(46,500)
Total assets $ 516,541 $ 443,450
Liabilities and Equity
Accounts payable $ 54,141 $ 116,175
Long-term notes payable 74,80055,950
Total liabilities 128,941172,125
Equity
Common stock, $5 par value 164,250151,250
Paid-in capital in excess of par, common stock 39,0000
Retained earnings 184,350120,075
Total liabilities and equity $ 516,541 $ 443,450
Additional Information on Current Year Transactions
The loss on the cash sale of equipment was $6,125(details in b).
Sold equipment costing $49,875, with accumulated depreciation of $31,125, for $12,625 cash.
Purchased equipment costing $97,375 by paying $32,000 cash and signing a long-term notes payable for the balance.
Paid $46,525 cash to reduce the long-term notes payable.
Issued 2,600 shares of common stock for $20 cash per share.
Declared and paid cash dividends of $50,300.
Required:
Prepare a complete statement of cash flows using a spreadsheet using the indirect method.
Note: Enter all amounts as positive values.

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