D Required Information (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. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash 5 169,000 5 112,300 Accounts receivable 90,500 76,000 Inventory 608,500 531,000 Total current assets 868,000 719,500 quipment 348,400 304, Neerunulated depreciation-Iquipment (160.500) (2055001 Total assets 61,055,900 $.917.000 Liabilities and Equity Accounts payable $ 97,000 $ 76,000 Income taxes payable 33.000 37,600 Total current liabilities 130,000 10300 Equity Common stock, 02 par value 598.000 573,000 Paid-in capital in excess of par value, common stock 205,000 167,500 Retained earnings 122.900 22.900 Total liabilities and equity $ 1.055,900 917.000 GOLON CORPORATION Income statement For Current Year Ended December 31 Sales 51,817,000 cost of goods sold 1.091.000 Gross profit 726,000 Operating expenses toxeluding depreciation) 499,000 Depreciation expense 54.000 Income before taxes 175,000 Income taxes expense 29.000 tlet incon $ 144,000 Additional Information on Current Year Transactions a. Purchased equipment for $44.400 cash. b. Issued 12,500 shares of common stock for $5 cash per share. c. Declared and paid $94,000 in cash dividends Required: Prepare a complete statement of cash flows using the direct 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 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