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 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $ 1,792,000 1,086,000 706,000 $ 54,000 494,000 548,000 158,000 22,000 $136,000 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. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method (158,000) $ 1,025,000 $ 87,000 (104,000) $ 899,000 $ 71,000 25,000 96,000 568,000 28,000 115,000 592,000 196,000 160,000 122,000 $ 1,025,000 75,000 $ 899,000 General Journal tab Reconstruct the entries to summarize the activity between December 31, prior year and December 31, current year. Direct Method tab - Prepare the Statement of Cash flows for the year ended December 31, current year using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. General Journal >