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Required information Use the following information for Problem 12-6A below. [The following information applies to the questions displayed below.] Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 170, 000 $ 113, 600 Accounts receivable 92,000 77,000 Inventory 610, 000 532,000 Total current assets 872, 000 722, 600 Equipment 351, 100 305,000 Accum. depreciation-Equipment (161, 000) (107 , 000) Total assets $1, 062, 100 $ 920, 600 Liabilities and Equity Accounts payable S 99,000 $ 77,000 Income taxes payable 34, 000 28, 100 Total current liabilities 133, 000 105, 100 Equity Common stock, $2 par value 599, 200 574,000 Paid-in capital in excess of par value, common stock 206, 800 169,000 Retained earnings 123, 100 72, 500 Total liabilities and equity $1 , 062, 100 $ 920, 600GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1, 822,000 Cost of goods sold 1, 092,000 Gross profit 730,000 Operating expenses Depreciation expense $ 54, 000 Other expenses 500, 000 554,000 Income before taxes 176,000 Income taxes expense 30, 400 Net income $ 145, 600 Additional Information on Current Year Transactions a. Purchased equipment for $46,100 cash. b. Issued 12,600 shares of common stock for $5 cash per share. c. Declared and paid $95,000 in cash dividends. Problem 12-6A Indirect: Statement of cash flows LO P2, P3 Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be Indicated with a minus sign.)GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income 145,600 Adjustments to reconcile net income to net cash provided by operations: E. .. Depreciation expense 54,000 Accounts receivable increase Inventory increase Income taxes payable increase Accounts payable increase $ 199,600 Cash flows from investing activities 0 Cash flows from financing activities: 0 Net increase (decrease) in cash $ 199,600 Cash balance at December 31, prior year Cash balance at December 31, current year $ 199,600