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[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. Additional Informetion on Current Year Transactions a. The loss on the cash sale of equipment was $17,125 (details in b ) b. Sold equipment costing $82,875, with accumulated depreciation of $42,125, for $23,625 cash. c. Purchased equipment costing $108,375 by paying $54,000 cash and signing a long-term notes payable for the balance. d. Paid $50,925 cash to reduce the long-term notes payable. e. Issued 3700 shares of common stock for $20 cash per share. f. Declored and paid cash dividends of \$\$2,500. Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounte to ha dadiuntad FORTEN COMPANY 5preadsheet for Statement of Cash Flows For Current Year Ended December a1 [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 Additional Information on Current Year Transactions *. The loss on the cash sale of equipment wos $17,125 (detalls in by b. Sold equipment costing $82,875, with occumulated depreciation of $42,125, for $23,625 cash c. Purchased equipment costing $108.375 by paying $54,000 cash and signing o long-term notes payable for the bolance. d. Paid $50,925 cash to reduce the long-term notes poyoble. e. Issued 3700 shares of common stock for $20 cosh per share f. Declared and paid cash dividends of $52,500

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