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z 5 eBook 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 For Current Year Ended December 31 Sales $ 602,500 Cost of goods sold 209,000 Gross profit 313,500 Operating expenses (excluding depreciation) $ 136,400 Depreciation expense 24,750 161, 150 Other gains (losses) Loss on sale of equipment (9,125) Income before taxes 143, 225 Income taxes expense 29,850 Net income $ 113,375 References FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable Long-tern notes payable ---- $ 55,900 $ 77,500 71,810 54,625 281,656 255,00 1,250 1,975 410,616 389, 900 153,500 112.000 (38,625) (480) $ 525,491 $493,900 $ 57.141 74,200 44 $ 120,675 59,550 A MS F. --- Required information $ 120,675 59,550 180,225 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 $ 57,141 74,200 131, 341 168,750 43,500 181,900 $ 525,491 154,250 0 119,425 $ 453,900 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $9,125 (details in b). b. Sold equipment costing $58,875, with accumulated depreciation of $34,125, for $15,625 cash. c. Purchased equipment costing $100,375 by paying $38,000 cash and signing a long-term notes payable for the balance. d. Paid $47725 cash to reduce the long-term notes payable. e, Issued 2,900 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $50,900. 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.)