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. Additional Information on Year 2017 Transactions

1. Purchased equipment for $49,500 cash.
2. Issued 12,800 shares of common stock for $5 cash per share.
3. Declared and paid $97,000 in cash dividends. Prepare a Statement of Cash Flows

GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016
	2017				2016
Assets
Cash	$	172,000			$	115,800
Accounts receivable		95,000				79,000
Inventory		613,000				534,000
Total current assets		880,000				728,800
Equipment		356,500				307,000
Accum. depreciationEquipment		(162,000	)			(108,000	)
Total assets	$	1,074,500			$	927,800
Liabilities and Equity
Accounts payable	$	103,000			$	79,000
Income taxes payable		36,000				29,100
Total current liabilities		139,000				108,100
Equity
Common stock, $2 par value		608,000				576,000
Paid-in capital in excess of par value, common stock		204,000				172,000
Retained earnings		123,500				71,700
Total liabilities and equity	$	1,074,500			$	927,800
GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	1,832,000
Cost of goods sold					1,094,000
Gross profit					738,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		502,000			556,000
Income before taxes					182,000
Income taxes expense					33,200
Net income				$	148,800