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Golden Corp., a merchandiser, recently completed its 2017 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 sheets and income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets $ 119,100 82,000 537,000 738,100 310,000 (109,500) $ 938,600 Cash 175,000 99,500 617,500 Accounts receivable Inventory Total current assets 892,000 364,600 (163,500) $1,093,100 Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities 82,000 30,600 112,600 109,000 39,000 148,000 Equity Common stock, $2 par value Paid-in capital in excess of par value, 579,000 614,000 207,000 176,500 common stock Retained earnings 124,100 70,500 $ 938,600 Total liabilities and equity $1,093,100 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 $1,847,000 1,097,000 750,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation $ 54,000 expense 505,000 559,000 Other expenses Income before 191,000 taxes Income taxes 37,400 expense 153,600 $ Net income Additional Information on Year 2017 Transactions a. Purchased equipment for $54,600 cash b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100,000 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 witha minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities $ Net income 153,600 Adjustments to reconcile net income to net cash provided by operations: Accounts receivable increase (17,500) (80,500) (27,000) Inventory increase Accounts payable increase Depreciation expense 54,000 82,600 Net cash provided by operating activities Cash flows from investing activities: Cash paid for equipment (54,600) Net cash used in investing activities Cash flows from financing activities: Cash received from stock issuance Cash paid for cash dividends (54,600) 65,500 (100,000) Net cash used in financing activities Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year (34,500) (6,500) 119,100 $112,600