Required information Skip to question [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 $ 612,500 Cost of goods sold 291,000 Gross profit 321,500 Operating expenses (excluding depreciation) $ 138,400 Depreciation expense 26,750 165,150 Other gains (losses) Loss on sale of equipment (11,125) Income before taxes 145,225 Income taxes expense 32,650 Net income $ 112,575 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accumulated depreciationEquipment (39,625) (49,000) Total assets $ 531,531 $ 460,940 Liabilities and Equity Accounts payable $ 59,141 $ 123,675 Long-term notes payable 73,800 61,950 Total liabilities 132,941 185,625 Equity Common stock, $5 par value 171,750 156,250 Paid-in capital in excess of par, common stock 46,500 0 Retained earnings 180,340 119,065 Total liabilities and equity $ 531,531 $ 460,940 Additional Information on Current Year Transactions The loss on the cash sale of equipment was $11,125 (details in b). Sold equipment costing $64,875, with accumulated depreciation of $36,125, for $17,625 cash. Purchased equipment costing $102,375 by paying $42,000 cash and signing a long-term notes payable for the balance. Paid $48,525 cash to reduce the long-term notes payable. Issued 3,100 shares of common stock for $20 cash per share. Declared and paid cash dividends of $51,300. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method.