required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.)

3 Part 2 of 2 4 points eBook Print References Required information [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 582,500 Cost of goods sold 285,000 Gross profit 297,500 Operating expenses (excluding $ depreciation) 132,400 20,750 153, 150. Depreciation expense Other gains (losses)) Loss on sale of equipment (5,125) Income before taxes 139,225 Income taxes expense 24,250 $ Net income 114,975 FORTEN COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets 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 114,975 Prior Current Year Year $ $ 49,800 73,500 65,810 50,625 275,656 251,800 1,250 1,875 392,516 377,800 157,500 108,000 (36,625) (46,000) $ $ 439,800 513,391 $ $ 53,141 114,675 75,000 54,750 128,141 169,425 162,750 150,250 37,500 0 185,000 120, 125 $ $ 513,391 439,800 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long- term notes payable for the balance. d. Paid $46,125 cash to reduce the long-term notes payable. e. Issued 2,500 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $50,100