using direct method thanks

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 $ 622,500 Cost of goods sold. 293,000 Gross profit 329,500 Operating expenses (excluding depreciation) $ 140,400 Depreciation expense 28,750 169, 150 Other gains (losses) Loss on sale of equipment. (13,125) Income before taxes i Income taxes expense 147,225 35,450 Net income $ 111,775 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 61,900 $ 81,500 Accounts receivable 77,850 58,625 259,800 Inventory Prepaid expenses 287,656 1,290 2,055 Total current assets 428,696 401,980 Equipment 116,000 Accumulated depreciation-Equipment 149,500 (40,625) (50,000) Total assets $ 537,571 Liabilities and Equity Accounts payable $61,141 73.400 Tonn-term notes navahle Accounts payable $ 61,141 73,400 Long-term notes payable Total liabilities $ 126,675 64,350 191,025 134,541 Equity Common stock, $5 par value 174,750 158,250 49,500 0 Paid-in capital in excess of par, common stock. Retained earnings 178,780 118,705 Total liabilities and equity $ 537,571 $ 467,980 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $13,125 (details in b). b. Sold equipment costing $70,875, with accumulated depreciation of $38,125, for $19,625 cash. c. Purchased equipment costing $104,375 by paying $46,000 cash and signing a long-term notes payable for the balance. d. Paid $49,325 cash to reduce the long-term notes payable. e. Issued 3,300 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $51,700. Required: Prepare a complete statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Cash received from customers $ 603,275 Cash paid for inventory 27,856 Cash paid for income taxes Cash paid for operating expenses Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Net cash used in investing activities Cash flows from financing activities Cash paid for dividends Cash received from issuing stock Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year Deni $ $ 6 631,131 0 0 631,131 631.131 of 7 *** Naut