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. Sales FORTEN COMPANY Income Statement For Current Year Ended December 31 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 $ 657,500 300,000 357,500 $ 147,400 35,750 183,150 (20,125) 154,225 45,250 $ 108,975 Assets FORTEN COMPANY Comparative Balance Sheets December 31 Current Prior Year Year Cash $ 72,400 88,500 Accounts receivable 88,420 65,625 Inventory 298,156 266,800 Prepaid expenses 1,360 2,195 Total current assets 460,336 423,120 Equipment 142,500 123,000 Accumulated depreciation-Equipment (44,125) (53,500) $ $ Total assets 558,711 492,620 Liabilities and Equity Accounts payable $ $ 68,141 137,175 Long-term notes payable 72,000 72,750 Total liabilities 140,141 209,925 Equity Common stock, $5 par value 185,250 165,250 | stock Paid-in capital in excess of par, common Retained earnings Total liabilities and equity 60,000 0 173,320 117,445 $ $ 558,711 492,620 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $20,125 (details in b). b. Sold equipment costing $91,875, with accumulated depreciation of $45,125, for $26,625 cash. c. Purchased equipment costing $111,375 by paying $60,000 cash and signing a long-term notes payable for the balance. d. Paid $52,125 cash to reduce the long-term notes payable. e. Issued 4,000 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,100. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.) FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Balance sheet-debit Cash Analysis of Changes December 31, Prior Year Debit Credit 88,500