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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.

GOLDEN CORPORATION

Comparative Balance Sheets

December $31$

Current Year Prior Year

Assets

Cash $ $176,000$ $ $120,200$

Accounts receivable $101,00083,000$

Inventory $619,000538,000$

Total current assets $896,000741,200$

Equipment $367,300311,000$

Accumulated depreciation$$Equipment $(164,000)(110,000)$

Total assets $ $1,099,300$ $ $942,200$

Liabilities and Equity

Accounts payable $ $111,000$ $ $83,000$

Income taxes payable $40,00031,100$

Total current liabilities $151,000114,100$

Equity

Common stock, $$2$ par value $606,400580,000$

Paid$-$in capital in excess of par value, common stock $217,600178,000$

Retained earnings $124,30070,100$

Total liabilities and equity $ $1,099,300$ $ $942,200$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,852,000$

Cost of goods sold $1,098,000$

Gross profit $754,000$

Operating expenses $($excluding depreciation$)506,000$

Depreciation expense $54,000$

Income before taxes $194,000$

Income taxes expense $38,800$

Net income $ $155,200$

Additional Information on Current Year Transactions

Purchased equipment for $$56,300$ cash.

Issued $13,200$ shares of common stock for $$5$ cash per share.

Declared and paid $$101,000$ 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.