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Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (t) 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 $ 587,500 286.000 301,500 FORTEN COMPANY Income Statement For current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 133,400 Depreciation expense 21,750 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net Income 155, 150 6,125) 140,225 25,650 $ 114,575 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 51,400 67,310 277, 156 1,300 397,166 156,500 (37,125) $ 516,541 $ 74,500 51,625 252,800 2.025 380,950 100.000 (46.500) $. 443,450 Assets Canh 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 Paldwin capital in excess of par, common stock Retained earnings Total liabilities and equity $ 54,141 76,800 128,941 $ 116,175 55,950 172,125 151,250 164,250 39,000 184,350 $ 516,541 120.075 $ 443,450 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $6,125 (details in b). b. Sold equipment costing $49,875, with accumulated depreciation of $31,125, for $12,625 cash. c. Purchased equipment costing $97,375 by paying $32,000 cash and signing a long-term notes payable for the balance. d. Paid $46,525 cash to reduce the long-term notes payable. e. Issued 2,600 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $50,300, 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 flows from investing activities FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities 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