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	$	180,000			$	124,600
Accounts receivable		107,000				87,000
Inventory		625,000				542,000
Total current assets		912,000				753,600
Equipment		378,100				315,000
Accum. depreciationEquipment		(166,000	)			(112,000	)
Total assets	$	1,124,100			$	956,600
Liabilities and Equity
Accounts payable	$	119,000			$	87,000
Income taxes payable		44,000				33,100
Total current liabilities		163,000				120,100
Equity
Common stock, $2 par value		624,000				584,000
Paid-in capital in excess of par value, common stock		212,000				184,000
Retained earnings		125,100				68,500
Total liabilities and equity	$	1,124,100			$	956,600

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	1,872,000
Cost of goods sold					1,102,000
Gross profit					770,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		510,000			564,000
Income before taxes					206,000
Income taxes expense					44,400
Net income				$	161,600
Additional Information on Year 2017 Transactions Purchased equipment for $63,100 cash. Issued 13,600 shares of common stock for $5 cash per share. Declared and paid $105,000 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.)