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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 COMPANYIncome StatementFor Current Year Ended December $31$Sales$$$ $612,500$Cost of goods sold$291,000$Gross profit$321,500$Operating expenses $($excluding depreciation$)$$ $138,400$Depreciation expense$26,750165,150$Other gains $($losses$)$Loss on sale of equipment$(11,125)$Income before taxes$145,225$Income taxes expense$32,650$Net income$$$ $112,575$

FORTEN COMPANYComparative Balance SheetsDecember $31$Current YearPrior YearAssets$$Cash$ $58,900$$ $79,500$Accounts receivable$74,83056,625$Inventory$284,656257,800$Prepaid expenses$1,2702,015$Total current assets$419,656395,940$Equipment$151,500114,000$Accumulated depreciation$$Equipment$(39,625)(49,000)$Total assets$ $531,531$$ $460,940$Liabilities and Equity$$Accounts payable$ $59,141$$ $123,675$Long$-$term notes payable$73,80061,950$Total liabilities$132,941185,625$Equity$$Common stock, $$5$ par value$171,750156,250$Paid$-$in capital in excess of par, common stock$46,5000$Retained earnings$180,340119,065$Total liabilities and equity$ $531,531$$ $460,940$

Additional Information on Current Year Transactions

The loss on the cash sale of equipment was $$11,125($details in b$).$

Sold equipment costing $$64,875,$ with accumulated depreciation of $$36,125,$ for $$17,625$ cash.

Purchased equipment costing $$102,375$ by paying $$42,000$ cash and signing a long$-$term notes payable for the balance.

Paid $$48,525$ cash to reduce the long$-$term notes payable.

Issued $3,100$ shares of common stock for $$20$ cash per share.

Declared and paid cash dividends of $$51,300.$

Problem $16-4$AA $($Algo$)$ Indirect: Cash flows spreadsheet LO P$4$

Required:

Prepare a complete statement of cash flows using a spreadsheet using the indirect method.

Note: Enter all amounts as positive values. Required information

FORTEN COMPANY

Spreadsheet for Statement of Cash Flows

For Current Year Ended December $31$