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 COMPANY Income Statement Sales Cost of goods sold Gross profit For Current Year Ended December 31 $ 687,500 290,000 317,500 Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income $ 137,400 25,750 163,150 (10,125) 144,225 31,250 $ 112,975 FORTEN COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Current Year Prior Year $ 57,400 73,320 $ 78,500 55,625 256,800 1,995 283,156 1,260 415,136 392,920 152,500 (39,125) $ 528,511 $ 58,141 113,000 (48,500) $ 457,420 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 Additional Information on Current Year Transactions $122,175 74,000 60,750 132,141 182,925 170,250 155,250 45,000 181,120 119,245 $ 528,511 $ 457,420 a. The loss on the cash sale of equipment was $10,125 (details in b). b. Sold equipment costing $61,875, with accumulated depreciation of $35,125, for $16,625 cash. c. Purchased equipment costing $101,375 by paying $40,000 cash and signing a long-term notes payable for the balance. d. Paid $48,125 cash to reduce the long-term notes payable. e. Issued 3,000 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $51,100. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.) Balance sheet-debit Cash Accounts receivable Inventory FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 December 31, Prior Year S 78.500 55,625 256,800 Analysle of Changes December 31, Debit Credit Current Year S 57,400