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 follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 166,000 86,000 604,000 856,000 340, 300 (159.000) $1,037,300 $ 109,200 73,000 528,000 710,200 301,000 (105,000) $ 906,200 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets 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 Retained earnings Total liabilities and equity S $ 91.000 30,000 121,000 73,000 26,100 99,100 596,000 198.000 122,300 $1,037,300 570,000 163,000 74,100 $906,200 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales $1,802,000 Cost of goods sold 1,088,000 Gross profit 714,000 Operating expenses Depreciation expense $ 54,000 Other expenses 496.000 550,000 Income before taxes 164.000 Income taxes expense 24,800 Net Income $ 139,200 Additional Information on Year 2017 Transactions a. Purchased equipment for $39,300 cash. b, issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. Additional Information on Year 2017 Transactions a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 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.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities: Cash flows from financing activities: Net increase (decrease in cash Cash balance at beginning of year Cash balance at end of year