51-202 Accounting II Chapter 16 Extra Credit Spring 2023 Name: Golden Corp., a merchandiser, recently completed its 2022 operations. 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheet and income statement follow. Golden Corporation Income Statement For Year Ended December 31,2022 Sales $1,792,000 Cost of Goods Sold 1,086,000 Gross Profit 706,000 Operating Expenses Depreciation Expense $54,000 Other Expenses 494,000 548,000 Income Before Taxes 158,000 Income Taxes Expense Net Income 22,000 $136,000 Golden Corporation Comparative Balance Sheets December 31, 2022 and 2021 2022 2021 Assets Cash $164,000 $107,000 Accounts Receivable 83,000 71,000 Inventory 601,000 526,000 Total Current Assets 848,000 704,000 Equipment 335,000 299,000 Accumulated Depreciation - Equipment (158,000) (104,000) Total Assets $1,025,000 $899,000 Liabilities and Equity Accounts Payable $87,000 $71,000 Income Taxes Payable 28,000 25,000 Total Current Liabilities 115,000 96,000 Equity Common Stock, $2 Par Value 592,000 568,000 Paid-in Capital in Excess of Par Value, Common Stock 196,000 160,000 Retained Earnings 122,000 75,000 Total Liabilities and Equity $1,025,000 $899,000 Additional Information on Year 2022 Transactions: a. Purchased equipment for $36,000. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. Required: Prepare a complete statement of cash flows using the indirect method.