Required information Use the following information for the Problems below. (Algo) [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 soles are credit sales, (2) all credits to Accounts Recelvable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable tefiect cash payments for inventory: FORTEN COMPANY Comparative Balance Sheets December 31 \begin{tabular}{lrr} 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 depreciation-Equipment & (39,625) & (49,000) \\ Total assets & $531,531 & $460,940 \\ \hline Liabilities and Equity & & \\ Accounts payable & $59,141 & $123,675 \\ Long-tern notes payable & 73,800 & 61,950 \\ \hline Total liabilities & 132,941 & 185,625 \\ Equity & 171,750 & 156,250 \\ Common stock, $5 par value & 46,500 & 0 \\ Paid-in capital in excess of par, common stock & 180,340 & 119,065 \\ \hline Retained earnings & $531,531 & $460,940 \\ \hline Total liabilities and equity & & \end{tabular} Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $11,125 (details in b ). b. Sold equipment costing $64,875, with accumulated depreciation of $36,125, for $17,625 cash. c. Purchased equipment costing $102,375 by paying $42,000 cash and signing a long-term notes payable for the balance. d. Paid $48,525 cash to reduce the long-term notes payable. e. Issued 3,100 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $51,300. Problem 12-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should indicated with a minus sign.) Required information