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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 Cost of goods sold $ 622,500 293,000 329,500 Gross profit 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 147,225 35,450 Income taxes expense Net income $ 111,775 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 81,500 $ 61,900 77,850 Accounts receivable 58,625 259,800 Inventory 287,656 1,290 Prepaid expenses 2,055 Total current assets 428,696 401,980 Equipment 149,500 116,000 Accumulated depreciation-Equipment (40,625) (50,000) Total assets $ 537,571 $ 467,980 Liabilities and Equity Accounts payable $ 126,675 $ 61,141 73,400 Long-term notes payable 64,350 Total liabilities 134,541 191,025 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: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (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 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash 111,775 Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ $ $ 111,775 0 0 111,775 111,775