11 Required Information The following information applies to the questions displayed below) Golden Corporation's current year Income statement, comparative belance sheets, and additionat Information follow. For the year. (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 debts to Accounts Payable retea 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 Prior Year Year Assets Cash $ 179,000 $ 123,580 Accounts receivable 105,500 86,000 Inventory 623,500 541, Total current assets 988, doa 750,500 Equipment 375,400 314,000 Accumulated depreciation-Equipment (165,508) (111 500) $ $ Total assets 1,117,900 953, 100 Liabilities and Equity Accounts payable $ 117,000 $ 86,00 Income taxes payable 43. eee 32,600 Total current Liabilities 168,000 118,600 Equity Common stock, $2 par value 610,000 583, 280 Paid-in capital in excess of par value, common stock 223,000 182,500 Retained earnings 124,900 68,909 $ Total liabilities and equity 1,117,968 953, eso GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales 1,867,000 Cost of goods sold 1,101,8 Gross profit 766,880 Operating expenses (excluding depreciation) 509,000 Depreciation expense 54,000 Income before taxes 283,000 Income taxes expense 43,000 Net income $ 160,000 Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash h. Issued 13,500 shares of common stock for $5 cash per share. c Declared and paid $104.000 in cash 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.) Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign) GOLDEN CORPORATION Blainment of Cash Flow For Current Year Ended December 31 Canh flow from operating activities Net Income 180,000 Adjuntaments to reconcile net income lo nel canh provided by operations: Income statement kome not affecting canh Cash paid for equipment Changes in current assets and current linbeities Depreciation expense 54,000 Increase in accounts receivable (19,500) Increase in inventory (82,500) Increase in accounts payable 31,000 Increase in taxes payable 10,400 Net cash provided by operating activities $ 153,400 Cash flows from investing activities Cash received from stock issuance 61,400 Cash received from stock insan 104,000 165,400 Cashflows from finanong activities: Cash received from STOCK SUNCE Cash paid for cash dividende Natch und in financing activities Not increaso (decrease in cash Canh balance in December 31, prior year Cash balance at December 31, current year 104000 (67,500) 36,500 $355,300 122500 $ 478,800