0 Required Information [The following Information applies to the questions displayed below) Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (7) 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 181, 108,500 626, See 916,00 380,800 (266,500) $ 1,130,300 $ 125,700 88,000 543,00 756,700 316, (112,500) $960,200 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid in capital in excess of par value, common stock Retained earnings Total liabilities and equity 5 121,080 45,000 166.000 $ 88,000 33,500 121,600 612,400 226,600 125,300 $1,130,300 585,000 285, see 68.100 $ 950,200 GOLDEN CORPORATION Income Statement For Current Year Ended December 33 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net Incore $1,877.000 3.103,000 724,00 $11,000 56.000 209.000 45,800 $ 163,200 Additional Information on Current Year Transactions a. Purchased equipment for $64.800 cash b. Issued 13700 shares of common stock for $5 cash per share c. Declared and paid $106,000 in cosh dividends. Required: Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities Net increase (decrease in cash Cash balance at December 31, prior year Cash balance at December 31, current year