Use the following Information for the Problems below. (Algo) (The following Information applies to the questions alsplayed 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) ali 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 5667.580 302.000 365,500 FORTE COMPANY Incose statement Tor current Year Ended December 31 Sales cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 149.400 Deprecation pense 37,750 Other in Boses) Los on sale of poent Income before ta The taxes expense Nettrico 187,150 22.125) 156.225 48.00 $ 108,175 FORTEN COMPANY Cortive Balance Sheets December 31 Current Year Prler Yes $0.90 67,63 260.00 Assets C Accounts receivable Inventory Preppen Total current tout Acculated plation Totalt Listies and Equity ALU Los Nyable Tobie City Costoch 35 puta Pin of pasto $ 75,00 91.440 301.154 1. 49,270 145,500 145,120 $ 564.751 429.21 125,000 (0 $99.000 $140.135 3.70,141 LA 141-731 219, 188,250 20 Totality S. Additional information on Current Year Transactions The loss on the cash sale of automates $22.125 din Income taxes expense Net Income 48,050 $ 108,175 TORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year 5.75,400 91, 440 301,156 3230 469,376 140,500 165,125 5.564,75 $ 90,500 67,635 268,800 2,235 429,160 125.000 ence $ 499,660 Assets Cash Accounts receivable Triventory Prepaid expenses Total current se Lourent Aceste depreciation Equipment Total Liabilities and Equity Accounts payable Longter rote payable Totalities quity Coronto 35 value Pain Cowestock ang aming Tot Luty $70,141 71. $140.175 25.15 215.25 167.250 180,250 63.000 5564.251 117.00 $499,600 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was 522.-25 details in b. Sold equipment costing $97.875, with accutubted depreciation of $47125, for $28.625 cash c. Purchased equorem costing $13.375 by paying $64.000 cash and signing a long-term notes payable for the balance d. Paid $52.925 Cash to reduce the long-term notos payable e sod 4 200 chares of common stock for $20 cash per sharo. 1. Declared and paid canaliciods of 53,500 Problem 16-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 Problem 16-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 Required: 1. Prepare a complete statement of cash flows ueing the Indirect method for the current year. (Amounts to be deducted should be Indicated with a minus sign) FORTEN COMPANY Stafament of Cash Flows For Current Year Ended December Chows from cortega Wants to contento na cabeceros Incremento non Choncus and Com investing Cancro MV Centros