Golden Corp., a merchandiser, recently completed its 2017 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 company's balance sheets and income statement follovw GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment rotal assets $ 167,000 110,300 74,000 605,500 529,000 713,300 302,000 87,500 860,000 343,000 159,500) 105,500) $1,043,500 909,800 Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $93,000 74,000 31,00026,600 100,600 124,000 598,000 199,000 122,500 571,000 164,500 73,700 $1,043,500 909,800 GOLDEN CORPORATION Income Statement For Year Ended December 31,2017 Sales Cost of goods sold Gross profit Operating expenses $1,807,000 1,089,000 718,000 54,000 497,000 Depreciation expense threxpenses Income before taxes Income taxes expense Net income 551,000 167,000 26,200 $ 140,800 Additional Information on Year 2017 Transactions a. Net income was $140,800. b. Accounts receivable increased c. Inventory increased d. Accounts payable increased e. Income taxes payable increased f. Depreciation expense was $54,000 g. Purchased equipment for $41,000 cash h. Issued 12,300 shares at $5 cash per share i. Declared and paid $92,000 of cash dividends Required Prepare a complete statement of cash flows using a spreadsheet; report operating activities under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Year Ended December 31, 2017 Analysis of Changes December 31 2016 December 31 2017 Debit Credit Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 110,300 74,000 529,000 302,000 1,015,300 167,000 167,000 Balance sheet-credit balance accounts Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common 105,500 74,000 26,600 571,000 164,500 73,700 1,015,300 stock Retained earnings Statement of cash flows Operating activities Net income Increase in accounts receivable Increase in inventory Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common 105,500 74,000 26,600 571,000 164,500 73,700 1,015,300 stock Retained earnings 0 Statement of cash flows Operating activities Net income Increase in accounts receivable Increase in inventory Decrease in accounts payable Loss on sale of equipment Depreciation expense Increase in income tax payable Investing activities Receipts from sale of equipment Payment for equipment Financing activities Issued common stock for cash Paid cash dividends