Indirect: Statement of cash flows Forten Company, a merchandiser, recently completed its calendar-year 2019 operations. 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. The company's balance sheets follow. 2019 2018 Assets Cash $ 49,800 $ 73,500 Accounts receivable 65,810 50,625 Inventory 275,656 251,800 Prepaid expenses 1.250 1.875 Total current assets 392,516 377.800 Equipment 157,500 108,000 Accum. depreciation Equipment (36.625) (46,000 Total assets $513.391 $439,800 Liabilities and Equity Accounts payable S53,141 $114.675 Short-term notes payable 10.000 6.000 Total current liabilities 63,141 120,675 Long-term notes payable 65.000 48.750 Total liabilities 128,141 169,425 Equity Common stock, $5 par value 162.750 150,250 Paid-in capital in excess of par, common stock 0 Retained earnings 185.000 120.125 Total liabilities and equity $513.391 $439.800 Additional Information on Year 2019 Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). 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 note payable for the balance. d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,100. h. Depreciation expense was $ 20,750. i. Net income was $114,975. Required Prepare a complete statement of cash flows; report its operating activities using the indirect method. Disclose any noncash investing and financing activities in a