Use the following information for the Problems below. (Static) [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. Additional Information on Current Year Transactions 2 ol 2 FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Additional Information on Current Year 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 notes payable for the balance. d. Paid $46,125 cash to reduce the long-term notes payable e. Issued 2,500 shares of common stock for $20 cash per share f. Declared and paid cash dividends of $50,100 Problem 12-5AB (Static) Direct: Statement of cash flows LO P5 Required: Prepare a complete statement of cash flows using the direct method Note: Amounts to be deducted should be indicated with a minus sign. (1) Required information \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Cash flows from investing activities & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net increase (decrease) in cash financing activities & & \\ \hline Cash balance at December 31, prior year & & \\ \hline Cash balance at December 31, current year & & \\ \hline \end{tabular}