Assets Cash Accounts receivable Inventory GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Prior Year Year $ 180,000 124,600 107,000 87,000 625,000 542,000 912,000 753,600 378,100 315,000 Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable (166,000) (112,000) $ $ 1,124,100 956,600 $ 119,000 $ 87,000 Income taxes payable 44,000 33,100 Total current liabilities 163,000 120,100 Equity Common stock, $2 par value 611,200 584,000 Paid-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 31 Sales Cost of goods sold 1,872,000 1,102,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash. 770,000 510,000 54,000 206,000 400 44,000 $ 161,600 b. Issued 13,600 shares of common stock for $5 cash per share. c. Declared and paid $105,000 in cash dividends. Problem 16-8AB (Algo) Direct: Statement of cash flows LO P5 Required: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign.