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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. $\backslash$table$[[\backslash$table$[[$FORTEN COMPANY$],[$Comparative Balance Sheets$],[$December $31]]],[,$Current Year,Prior Year$],[$Assets$],[$Cash$,$$ $52,900,$$ $75,500],[$Accounts receivable,$68,810,52,625],[$Inventory$,278,656,253,800],[$Prepaid expenses,$1,270,1,995],[$Total current assets,$401,636,383,920],[$Equipment$,155,500,110,000],[$Accumulated depreciation$-$Equipment,$(37,625),(47,000)],[$Total assets,$ $519,511,$$ $446,920],[$Liabilities and Equity$],[$Accounts payable,$ $55,141,$$ $117,675],[$Long$-$term notes payable,$74,600,57,150],[$Total liabilities,$129,741,174,825],[$Equity$],[$Common stock, $$5$ par value,$165,750,152,250],[$Paid$-$in capital in excess of par, common stock,$40,500,0],[$Retained earnings,$183,520,119,845],[$Total liabilities and equity,$ $519,511,$$ $446,920]]$ Additional Information on Current Year Transactions

a$.$ The loss on the cash sale of equipment was $$7,125($details in $b).$

b$.$ Sold equipment costing $$52,875,$ with accumulated depreciation of $$32,125,$ for $$13,625$ cash.

c$.$ Purchased equipment costing $$98,375$ by paying $$34,000$ cash and signing a long$-$term notes

payable for the balance.

d$.$ Paid $$46,925$ cash to reduce the long$-$term notes payable.

e$.$ Issued $2,700$ shares of common stock for $$20$ cash per share.

f$.$ Declared and paid cash dividends of $$50,500.$ Required:

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.statement of cash flows using the indirect method for the

deducted should be indicated with a minus sign.

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