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. Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets FORTEN COMPANY Comparative Balance Sheets December 31 Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable. Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity Current Year $73,900 89,930 299,656 1,370 464,856 141,500 (44,625) $ 561,731 $ 69,141 71,800 140,941 186,750 61,500 172,540 $ 561,731 d. Paid $52,525 cash to reduce the long-term notes payable. e. Issued 4,100 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,300. Prior Year $ 89,500 66,625 267,800 2,215 426, 140 124,000 (54,000) $ 496,140 $ 138,675 73,950 212,625 166,250 0 117,265 $ 496,140 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21,125 (details in b). b. Sold equipment costing $94,875, with accumulated depreciation of $46,125, for $27,625 cash. c. Purchased equipment costing $112,375 by paying $62,000 cash and signing a long-term notes payable for the balance.