Golden Corp., a merchandiser, recently completed its 2016 operations. 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,
(4) All debits to Accounts Payable reflect cash payments for inventory,
(5) Other Expenses are all cash expenses, and
(6) Any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow.
GOLDEN CORPORATION
Comparative Balance Sheets
December 31, 2016 and 2015

GOLDEN CORPORATION
Income Statement
For Year Ended December 31, 2016
Sales . . . . . . . . . . . . . . . . . . . . . . . . . $1,792,000
Cost of goods sold . . . . . . . . . . . . . . . 1,086,000
Gross profit . . . . . . . . . . . . . . . . . . . . . . 706,000
Operating expenses
Depreciation expense . . . . . . . . . . . . $ 54,000
Other expenses . . . . . . . . . . . . . . . . . 494,000 . . . . . . . 548,000
Income before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,000
Income taxes expense . . . . . . . . . . . . . . . . . . . . . . . . . . 22,000
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 136,000
Additional Information on Year 2016 Transactions
a. Purchased equipment for $36,000 cash.
b. Issued 12,000 shares of common stock for $5 cash per share.
c. Declared and paid $89,000 in cash dividends.
Required
Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method?

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$ 164,000 $107,000 Accounts receivable Inventory.._. . Total current assets Accum. depreciation-Equipment Total assets . (158,000) (104,000) Liabilities and Equity Income taxes payable Total current liabilities Paid-in capital in exces of par value, common stock.... Total liabilities and equity