Golden Corp., a merchandiser, recently completed its 2015 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 companys balance sheets and income statement follow.

GOLDEN CORPORATION Comparative Balance Sheets December 31, 2015 and 2014
	2015			2014
Assets
Cash	$	167,000		$	117,000
Accounts receivable		80,000			65,000
Inventory		603,000			527,000
Total current assets		850,000			709,000
Equipment		331,000			301,000
Accum. depreciationEquipment		(155,000	)		(105,000	)
Total assets	$	1,026,000		$	905,000
Liabilities and Equity
Accounts payable	$	80,000		$	72,000
Income taxes payable		30,000			26,000
Total current liabilities		110,000			98,000
Equity
Common stock, $2 par value		590,000			570,000
Paid-in capital in excess of par value, common stock		191,000			161,000
Retained earnings		135,000			76,000
Total liabilities and equity	$	1,026,000		$	905,000

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2015
Sales				$	1,797,000
Cost of goods sold					1,087,000
Gross profit					710,000
Operating expenses
Depreciation expense	$	50,000
Other expenses		495,000			545,000
Income before taxes					165,000
Income taxes expense					21,000
Net income				$	144,000

Additional Information on Year 2015 Transactions
a.	Purchased equipment for $30,000 cash.
b.	Issued 10,000 shares of common stock for $5 cash per share.
c.	Declared and paid $85,000 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 with a minus sign.)