Required information (The roilowing infomation appies to the questians diplayed beiow) Fortea Company's culrent year ncome statemen, gompafatve balance sheets, and additional information follow. For the year, (1) all sales are credit sales, 2) al crecits to Acco . 1 . Rece vable reflect casn receipts from customers, (3) all purchases of inventory bre on credit, and (4) all deb is 10 Acoounts Payable reflect cash payments for inventory. Additional information on Current Year Transactions a. The loss on the cosh sale of equipment was $5.125 (detalls in br) b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96.375 by paying $30,000 cash and signing a long-term notes payable for the ilbalence. d. Raid $46,125 cesh to reduce the long-tern notes poryoble e. issued 2.500 shares of common stock for $20 cash pel strare. f. Deciared ond paid casi dividends of $50,100 d. Paid $46,125 cast to fetuce the iong-term notes payable. e. Istued 2,500 shares of commion stock for 520 cash pet snare. t. Declared and pold cash dividends of $50,100 Required: 1. Prepare a complete statement of cosn 0 ovs using the indilect methodfor the current year. Note; Amounts to be deducted should be indicated with o minus sign