Additional Information on Current Year Transactions

a$.$ The loss on the cash sale of equipment was $$17,125($details in b$).$

b$.$ Sold equipment costing $$82,875,$ with accumulated depreciation of $$42,125,$ for $$23,625$ cash.

c$.$ Purchased equipment costing $$108,375$ by paying $$54,000$ cash and signing a long$-$term notes payable for the balance.

d$.$ Paid $$50,925$ cash to reduce the long$-$term notes payable.

e$.$ Issued $3,700$ shares of common stock for $$20$ cash per share.

f$.$ Declared and paid cash dividends of $$52,500.$

Problem $16-3$A $($Algo$)$ Indirect: Statement of cash flows LO A$1,$ P$2,$ P$3$

Required:

Prepare a complete statement of cash flows using the indirect method for the current year.

Note: Amounts to be deducted should be indicated with a minus sign.

$\backslash$table$[[$FORTEN COMPANY,,$],[$Statement of Cash Flows,,$],[$Cash flows from operating activities,,$],[$Net income,Year Ended December $31,],[$Adjustments to reconcile net income to net cash provided by operations:,,$],[$Income statement items not affecting cash,,$],[$Depreciation expense,,$],[,,],[$Changes in current assets and current liabilities,,$],[$Increase in accounts receivable,,$],[$Increase in inventory,,$],[$Decrease in prepaid expenses,,$],[$Decrease in accounts payable,,$],[,,],[,,],[$Cash flows from investing activities,,$],[$Cash paid for equipment,,$]]$