30 3.43 points References Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below) Golden Corp.'s current year income statement comparative balance sheets, and additional information follow. For the year, (t) 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 Assets Cash $ 180,000 $ 124,600 Accounts receivable 107.000 87.000 Inventory 625,000 542.000 Total current assets 912.000 753,600 Equipment 378,100 335.000 Accum. depreciation Equipment (266,000 (112.000) Total assets $1,124,100 $956, 600 Liabilities and Equity Accounts payable $ 119.000 $ 37,000 Income taxes payable 44,000 33,100 Total current liabilities 163,000 120,100 Equity Comon stock, 52 par value 611,200 584,000 Pald-in capital in excess of par value, common stock 224,800 184.000 Retained earnings 125,100 68.500 Total liabilities and equity $1,124,100 956, 600 GOLDEN CORPORATION Income statement For current Year Ended December 11 Sales cost of goods sold Cross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Het income 91.872,000 1,102,000 770,000 510,000 54,000 205,000 44.400 $ 161,600 to.mheducati Saved 44,000 163,000 33,100 120,100 Income taxes payable Total current liabilities Equity Common stock, $2 par valve Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity 611,200 224,800 125.100 $1,124,100 584.000 184,000 68,500 $ 956,600 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 Income taxes expense Net incon $1,872,000 1,102,000 790,000 510,000 54,000 206,000 44,400 $ 161,600 Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash b. Issued 13,600 shares of common stock for $5 cosh per share c. Declared and paid $105,000 in cash dividends Problem 12-6A (Algo) Indirect: Statement of cash flows LO P2, P3 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 reconcle net income lo net cash provided by operations Income statement fems notecting cash