Additional Information on Year 2017 Transactions

1. Purchased equipment for $59,700 cash.
2. Issued 13,400 shares of common stock for $5 cash per share.
3. Declared and paid $103,000 in cash dividends.

Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

2017 2016 $ 178,000 104,000 622,000 904,000 372,700 (165,000) $1,111,700 $ 122,400 85,000 540,000 747,400 313,000 (111,000) $ 949, 400 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. 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 42,000 157,000 $ 85,000 32,100 117,100 620,000 210,000 124,700 $1,111,700 582,000 181,000 69,300 $ 949, 400 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales $1,862,000 Cost of goods sold 1,100,000 Gross profit 762,000 Operating expenses Depreciation expense $ 54,000 Other expenses 508,000 562,000 Income before taxes 200,000 Income taxes expense 41,600 Net income $ 158, 400