3 Part 2 of 3 3.57 points Skipped 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) 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 Accounts receivable Print Inventory Total current assets Equipment Accumulated depreciation-Equipment GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 183,000 $ 127,900 111,500 90,000 629,500 545,000 924,000 762,900 386,200 (167,500) $ 1,142,700 $ 125,000 47,000 $ 967,400 $ 90,000 34,600 318,000 (113,500) References 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 Sales GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,887,000 1,105,000 782,000 513,000 54,000 215,000 48,600 $ 166,400 Additional Information on Current Year Transactions a. Purchased equipment for $68,200 cash. b. Issued 13,900 shares of common stock for $5 cash per share. c. Declared and paid $108,000 in cash dividends. 172,000 124,600 614,800 587,000 230,200 188,500 125,700 67,300 $ 1,142,700 $ 967,400 Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. Note: 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 December 31, Credit Current Year Balance sheet-debit balance accounts Cash $ 127,900 $ 183,000 Accounts receivable 90,000 Inventory 545,000 Equipment 318,000 $ 1,080,900 $ 183,000 Balance sheet-credit balance accounts Accumulated depreciation-Equipment $ 113,500 Accounts payable 90,000 Income taxes payable 34,600 Common stock, $2 par value 587,000 Paid-in capital in excess of par value, common stock 188,500 Retained earnings 67,300 $ 1,080,900 $ 0 Statement of cash flows Operating activities Investing activities Financing activities $ 0 $