Check my work [The following information applies to the questions displayed below.] Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Required: c. Declared and paid $93,000 in cash dividends. Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Assets Cash Accounts receivable Inventory Total current assets Equipment GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 168,000 89,000 $ 111,400 75,000 607,000 530,000 864,000 716,400 345,700 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 Sales GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,812,000 1,090,000 722,000 498,000 54,000 170,000 27,600 $ 142,400 (160,000) 303,000 (106,000) $ 913,400 $ 1,049,700 $ 95,000 32,000 $ 75,000 27,100 127,000 102,100 596,800 572,000 203,200 166,000 122,700 73,300 $ 1,049,700 $ 913,400 Additional Information on Current Year Transactions a. Purchased equipment for $42,700 cash. b. Issued 12,400 shares of common stock for $5 cash per share. c. Declared and paid $93,000 in cash dividends. Required: Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities Net income GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0 0 0 $ 0 $ 0