11 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, (1) nail sales are credit sales, (2) all credits to Accounts Recevable 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 Assets Current Year Prior Year Cash $ 179,00 $123,500 Accounts receivable 185,500 86,000 Inventory 623 588 541,00 Total current assets 988,888 758,500 Equipment 375,480 314,000 Accumulated depreciation-Equipment (165, 5ee) (111 580) Total assets $ 1,117,988 953,000 Liabilities and Equity Accounts payable $ 117,00 5 86,000 Income taxes payable 43,000 32 588 Total current liabilities 160,000 118,608 Equity Common stock. $2 par value 610, eee 583,000 Paid-in capital in excess of par value, common stock 223, see 182,500 Retained earnings 124,980 68,982 Total Liabilities and equity $ 1,117,980 $ 953,000 GOUDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,867,000 Cost of goods sold 1,101.000 Operating expenses (excluding depreciation) 766,888 509,000 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 b. Issued 13,500 shares of common stock for $5 cash per share Declared and paid $104,000 in cash dividends. 11 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 Statamento Cash Flowe For Current Year Ended December 31 Canh flows from operating activities Adjustments to roconvols not income to net canh provided by operations Income statement come not affecting cash Changou in current anseta and current abilities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash belona Decamber 31, prior you Cash balance at December 31, current year