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	$	182,000			$	126,800
Accounts receivable		110,000				89,000
Inventory		628,000				544,000
Total current assets		920,000				759,800
Equipment		383,500				317,000
Accum. depreciationEquipment		(167,000	)			(113,000	)
Total assets	$	1,136,500			$	963,800
Liabilities and Equity
Accounts payable	$	123,000			$	89,000
Income taxes payable		46,000				34,100
Total current liabilities		169,000				123,100
Equity
Common stock, $2 par value		628,000				586,000
Paid-in capital in excess of par value, common stock		214,000				187,000
Retained earnings		125,500				67,700
Total liabilities and equity	$	1,136,500			$	963,800

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	1,882,000
Cost of goods sold					1,104,000
Gross profit					778,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		512,000			566,000
Income before taxes					212,000
Income taxes expense					47,200
Net income				$	164,800

Additional Information on Year 2017 Transactions

1. Purchased equipment for $66,500 cash.
2. Issued 13,800 shares of common stock for $5 cash per share.
3. Declared and paid $107,000 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.)