please help

Check my work Required information Use the following Information for the Problems below. (Algo) [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 $ 637,500 Cost of goods sold 296,000 Gross profit 341,500 Operating expenses (excluding depreciation) $ 143,400 Depreci expense 31, 750 175, 150 other gains (losses) Loss on sale of equipment (16,125) Incone before taxes 150, 225 Income taxes expense 39,650 $ 110,575 Net income FORTEN COMPANY Check my work FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 66.400 82.300 292.156 1.320 422,256 146.500 (42.125 $ 546,631 5 $4,500 61,625 262, 800 2.135 411.040 119.000 (51.500) $ 478,540 nes Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable Long-ter notes payable Total liabilities Equity Common stock. 55 par value Paid-in capital in excess of par. connon stock Retained earnings Total liabilities and equity S 64, 141 72.000 130991 $ 131,275 67.950 10025 161,250 179,250 54,000 1764140 $ 546,831 118,165 $ 478,540 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $16,125 (dotasin NO Check my work Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $16.125 details in b. Sold equipment costing $79,875, with accumulated depreciation of $41125, for $22,625 cash. c. Purchased equipment costing $107,375 by paying $52,000 cash and signing a long term notes payable for the balance d. Paid $50.525 cash to reduce the long-term notes payable e. Issued 3,600 shares of common stock for $20 cash per share. 1. Declared and paid cash dividends of $52,300. Problem 12-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 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 PE 1ort 5 110,575 FORTEN COMPANY Statement al Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Depreciation expense Loss on disposal of equipment Changes in current assets and current liabilities Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Decrease in accounts payable 31.750 16 125 | $ 158450 Cash flows from investing activities Pro 1 of 1 11 NA