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 companys balance sheets and income statement follow.

GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016
	2017				2016
Assets
Cash	$	168,000			$	111,400
Accounts receivable		89,000				75,000
Inventory		607,000				530,000
Total current assets		864,000				716,400
Equipment		345,700				303,000
Accum. depreciationEquipment		(160,000	)			(106,000	)
Total assets	$	1,049,700			$	913,400
Liabilities and Equity
Accounts payable	$	95,000			$	75,000
Income taxes payable		32,000				27,100
Total current liabilities		127,000				102,100
Equity
Common stock, $2 par value		600,000				572,000
Paid-in capital in excess of par value, common stock		200,000				166,000
Retained earnings		122,700				73,300
Total liabilities and equity	$	1,049,700			$	913,400

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	1,812,000
Cost of goods sold					1,090,000
Gross profit					722,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		498,000			552,000
Income before taxes					170,000
Income taxes expense					27,600
Net income				$	142,400

Problem 16-6A Indirect: Statement of cash flows LO P1, P2, P3

Additional Information on Year 2017 Transactions

1. Purchased equipment for $42,700 cash.
2. Issued 12,400 shares of common stock for $5 cash per share.
3. Declared and paid $93,000 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