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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 $ $183,000$ $ $127,900$

Accounts receivable $111,50090,000$

Inventory $629,500545,000$

Total current assets $924,000762,900$

Equipment $386,200318,000$

Accumulated depreciation$$Equipment $(167,500)(113,500)$

Total assets $ $1,142,700$ $ $967,400$

Liabilities and Equity

Accounts payable $ $125,000$ $ $90,000$

Income taxes payable $47,00034,600$

Total current liabilities $172,000124,600$

Equity

Common stock, $$2$ par value $614,800587,000$

Paid$-$in capital in excess of par value, common stock $230,200188,500$

Retained earnings $125,70067,300$

Total liabilities and equity $ $1,142,700$ $ $967,400$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,887,000$

Cost of goods sold $1,105,000$

Gross profit $782,000$

Operating expenses $($excluding depreciation$)513,000$

Depreciation expense $54,000$

Income before taxes $215,000$

Income taxes expense $48,600$

Net income $ $166,400$

Additional Information on Current Year Transactions

Purchased equipment for $$68,200$ cash.

Issued $13,900$ shares of common stock for $$5$ cash per share.

Declared and paid $$108,000$ in cash dividends.

Problem $16-6$A $($Algo$)$ Indirect: Statement of cash flows LO P$2,$ P$3$

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.