4 4 points 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 Print GOLDEN CORPORATION Comparative Balance Sheets December 31 Reference Current Year Prior Year $ $ 178,000 122,400 104,000 85,000 622,000 540,000 904,000 747, 400 372,700 313,000 (165,000) (111, 000) $ $ 1,111,700 949, 400 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment 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 $ 115,000 $ 85,000 42,000 32, 100 157,000 117, 100 608,800 221,200 124,700 $ 1,111,700 582,000 181,000 69, 300 $ 949,400 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales 1,862,000 Cost of goods sold 1,100,000 Gross profit 762,000 Operating expenses (excluding depreciation) 588,000 Depreciation expense 54,000 Income before taxes 200,000 Income taxes expense 41,600 Net income $ 158,400 Additional Information on Current Year Transactions a. Purchased equipment for $59,700 cash. b. Issued 13,400 shares of common stock for $5 cash per share. c. Declared and paid $103,000 in cash dividends. 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, Analysis of Changes December 31, Prior Year Debit Credit Current Year Balance sheet-debit balance accounts Cash $ 122,400 S 178,000 Accounts receivable 85,000 Inventory 540,000 Equipment 313,000 $ 1,060,400 Balance sheet-credit balance accounts Accumulated depreciation Equipment $ 111,000 Accounts payable 85,000 Income taxes payable 32,100 Common stock, $2 par value 582,000 Paid-in capital in excess of par value, common stock 181,000 Retained earnings 69,300 $ 1,060,400 Statement of cash flows Operating activities Investing activities Financing activities