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HUU WYWCape 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, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paldin advance and are initially debited to Prepard Expenses FORTIN COMPANY Current Year Prior Year $63,400 79,36 289,156 1,300 433,216 148,50 (81125) $540,591 $ 2,500 59,625 260,000 2,675 405, 117.ee (56.500) $ 471,50 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipent Total assets Liabilities and Equity Accounts payable Short-ters notes payable Total current liabilities Long-ters notes payable Total liabilities Equity Connon stock, 35 par value Paid in capital in excess of a Con stock Betained in Total liabilities sed equity $ 62,141 12,700 74,841 60,500 135, 141 $ 128,175 7. 135,925 57.750 193,725 159.25e - 175,250 53,000 17. $548,591 116,525 5471,500 627,500 30 FORTEN COMPANY Inco Staten For Current Yearded December 31 Sales cost of goods told Grous profit Operating expenses Depreciation exente 5 295 Other expenses Other in losses) Los on sale of upset In case before the Income Taxes expen et loco 1117 Additional Information on Current Year Transactions 6. The loss on the cash sale of equiment was $14:25 [detalii b. Sold equipment costing S73.875. th accumulated depreciation of $39125. for $20.625 cash c. Purchased equipment costing 5105 375 by paying $48.000.com and signing a long-term note payable for the balance d. Borrowed $4.900 cash by signing a shortcem note payable e. Poid $54.625 cosh to reduce the long term.notes payable f.issued 3 400 shares of common stock for $20 cash per share 9. Declared and paid cash didends 67551900 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be Indicated with a minus sign.) FORTEN COMPANY Stalent of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile not income to not ons provided by operations Depreciation expense I 111,375 Cash flows from investing activities Cash bow from financing activities $ 111.30 Net inesse (de) lo cash Cash balance at Docene 31. prior year Cabana Docer. Current year $ 141375