GOLDEN CORPORATION Comparative Balance Sheets At December 31 Current Year Prior Year Assets Cash $ 164,000 $107,000 Accounts receivable 83,000 71,000 Inventory 601,000 526,000 Total current assets 848,000 704,000 335,000 299,000 Equipment Accum. depreciation-Equipment (158,000 (104,000) Total assets $1,025,000 $899,000 Liabilities and Equity Accounts payable Income taxes payable $ 87,000 $ 71,000 28,000 25,000 Total current liabilities 115,000 96,000 Equity Common stock, $2 par value 592,000 568,000 196,000 160,000 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity 122,000 75,000 $1,025,000 $899,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,792,000 1,086,000 706,000 Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 548,000 Income before taxes 158,000 Income taxes expense 22,000 Net income $ 136,000 Additional Information on Current-Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. Problem 16-8AB Direct: Statement of cash flows @ P5 Refer to Golden Corporation's financial statements and related information in Problem 16-6A. Required Prepare a complete statement of cash flows using the direct method for the current year. Check Cash used in financing activities, $(29,000)