15 Required Information Part 2 of 3 6.25 points [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) 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. eBook Assets Cash Print References Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 164,000 $ 107,000 83,000 71,000 601,000 526,000 848,000 704,000 335,000 299,000 (158,000) (104.000) 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 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes $ 1,792,000 1,086,000 706,000 494.000 54,000 Income taxes expense 158,000 22,000 $ 136,000 Net income Additional Information on Current Year 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. $ 1,025,000 $ 87,000 28,000 115,000 592,000 $899,000 $ 71.000 25,000 568,000 196,000 160,000 122,000 75,000 $ 1,025,000 $ 899,000 Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 December 31, Prior Year Analysis of Changes Debit Credit December 31, Current Year Balance sheet-debit balance accounts Cash $ 107,000 Accounts receivable 71,000 Inventory 526,000 Equipment 299,000 S 1,003,000 Balance sheet-credit balance accounts Accumulated depreciation-Equipment $ 104,000 Accounts payable 71,000 Income taxes payable 25,000 Common stock, $2 par value 568,000 Paid-in capital in excess of par value, common stock 160,000 Retained earnings 75,000 S 1,003,000 Statement of cash flows Operating activities Investing activities Financing activities $ 164,000