Golden Corp., a merchandiser, recently completed its 2016 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, 2016 and 2015
	2016				2015
Assets
Cash	$	247,000			$	174,000
Accounts receivable		105,000				84,000
Inventory		641,000				546,000
Total current assets		993,000				804,000
Equipment		388,000				339,000
Accum. depreciationEquipment		(193,000	)			(124,000	)
Total assets	$	1,188,000			$	1,019,000
Liabilities and Equity
Accounts payable	$	107,000			$	91,000
Income taxes payable		56,000				45,000
Total current liabilities		163,000				136,000
Equity
Common stock, $2 par value		636,000				608,000
Paid-in capital in excess of par value, common stock		222,000				180,000
Retained earnings		167,000				95,000
Total liabilities and equity	$	1,188,000			$	1,019,000

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2016
Sales				$	1,892,000
Cost of goods sold					1,106,000
Gross profit					786,000
Operating expenses
Depreciation expense	$	69,000
Other expenses		514,000			583,000
Income before taxes					203,000
Income taxes expense					27,000
Net income				$	176,000

Additional Information on Year 2016 Transactions

Purchased equipment for $49,000 cash.

Issued 14,000 shares of common stock for $5 cash per share.

Declared and paid $104,000 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.