[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, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 54,400 $ 76,500 Accounts receivable 70,310 53,625 Inventory 280,156 254,800 Prepaid expenses 1,280 2,005 Total current assets 406,146 386,930 Equipment 154,500 111,000 Accum. depreciationEquipment (38,125 ) (47,500 ) Total assets $ 522,521 $ 450,430 Liabilities and Equity Accounts payable $ 56,141 $ 119,175 Short-term notes payable 10,900 6,600 Total current liabilities 67,041 125,775 Long-term notes payable 63,500 51,750 Total liabilities 130,541 177,525 Equity Common stock, $5 par value 167,250 153,250 Paid-in capital in excess of par, common stock 42,000 0 Retained earnings 182,730 119,655 Total liabilities and equity $ 522,521 $ 450,430 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 597,500 Cost of goods sold 288,000 Gross profit 309,500 Operating expenses Depreciation expense $ 23,750 Other expenses 135,400 159,150 Other gains (losses) Loss on sale of equipment (8,125 ) Income before taxes 142,225 Income taxes expense 28,450 Net income $ 113,775 Additional Information on Current Year Transactions The loss on the cash sale of equipment was $8,125 (details in b). Sold equipment costing $55,875, with accumulated depreciation of $33,125, for $14,625 cash. Purchased equipment costing $99,375 by paying $36,000 cash and signing a long-term note payable for the balance. Borrowed $4,300 cash by signing a short-term note payable. Paid $51,625 cash to reduce the long-term notes payable. Issued 2,800 shares of common stock for $20 cash per share. Declared and paid cash dividends of $50,700.

Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method.