Required information$[$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 COMPANYIncome StatementFor Current Year Ended December $31$Cost of goods soldGross profitOperating expenses $($excluding depreciation$)$Depreciation expense utner gains stosses,Loss on sale of equipmentIncome before taxesIncome taxes expenselNet income$ $652,500299,000353,500$$ $146,40034,750181,150(19,125)153,22543,850$$ $109,375$FORTEN COMPANYComparative Balance SheetsDecember $31$CashAccounts receivableInventoryPrepaid expensesTotal current assetsEquipmentAccumulated depreciation$-$EquipmentTotal assetsLiabilities and EquityAccounts payableLong$-$term notes payableTotal liabilitiesEquityCommon stock, $$5$ par valuePaid$-$in capital in excess of par, common stockRetained carningsTotal liabilities and equityCurrent Year Prior Year$ $70,900$$ $87,50080\mathrm{.}910296,65664,625265,8001,3502,175455,816143,500420,100122,000(43,625)(53,000)$$ $555,691$$$489,100562,200131,55072,200139,341207,225183,75058,500164,250174,100117,625$$ $555,691$$ $489,100$Additional Information on Current Year Transactionsa. The loss on the cash sale of equipment was $$19,125($details in b$).$b$.$ Sold equipment costing $$88,875,$ with accumulated depreciation of $$44,125,$ for $$25,625$ cash.c$.$ Purchased equipment costing $$110,375$ by paying $$58,000$ cash and signing a long$-$term notes payable for thed. Paid $$51,725$ cash to reduce the long$-$term notes payable.e$.$ Issued $3,900$ shares of common stock for $$20$ cash per share.f$.$ Declared and paid cash dividends of $$52,900.$Required:Prepare a complete statement of cash flows using a spreadsheet using the indirect method.Note: Enter all amounts as positive values.FORTEN COMPANYSpreadsheet for Statement of Cash FlowsFor Current Year Ended December $31$December $31,$ PriorYearAnalysis of ChangesDebitCreditDecember $3$rBalance sheet$-$debitCashnecounts reveradleInventoryPrepaid expensescauloment$87,50064,625$$$265,8002,175122,000|542,10022,28530,856110,37582588,87570,90086,910296,6561,350143,500599,316$Balance sheet$-$creditAccumulated depreciation$-$EquipmentAccounts payableLong$-$term notes payableCommon stock, $$5$ par valuePaid$-$in capital in excess of par value, common stockRetained earnings$$53,000]135,67571,550164,25007117,625542,10044\mathrm{.}125]68,53451,72534,750$ $$52,90052,37519,50058,500109,37543,62567\mathrm{.}14172\mathrm{.}200183,75058,500174,100599\mathrm{.}316$Statement of cash flowsOporating activitiesNet incomeLoss on sale of equipmentnemase$109\mathrm{.}37519,125$increase in inventoryDecrease in prepaid expensesDecrease in accounts payableDepreciation expenseinvesting activitesPayment to purchase equipmentReceipt from sale of equipmentFinancing activitiesPayment on long$-$term notesIssued common stock for cash rayment or cash avidendsNon cash investing and financing activitiesPurchase of equipment financed by long$-$term notes payable$509,300$ $$364,200$

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