GOLDEN CORPORATION
Comparative Balance Sheets
December 31
	Current Year	Prior Year
Assets
Cash	$ 181,000	$ 125,700
Accounts receivable	108,500	88,000
Inventory	626,500	543,000
Total current assets	916,000	756,700
Equipment	380,800	316,000
Accumulated depreciationEquipment	(166,500)	(112,500)
Total assets	$ 1,130,300	$ 960,200
Liabilities and Equity
Accounts payable	$ 121,000	$ 88,000
Income taxes payable	45,000	33,600
Total current liabilities	166,000	121,600
Equity
Common stock, $2 par value	612,400	585,000
Paid-in capital in excess of par value, common stock	226,600	185,500
Retained earnings	125,300	68,100
Total liabilities and equity	$ 1,130,300	$ 960,200

GOLDEN CORPORATION
Income Statement
For Current Year Ended December 31
Sales	$ 1,877,000
Cost of goods sold	1,103,000
Gross profit	774,000
Operating expenses (excluding depreciation)	511,000
Depreciation expense	54,000
Income before taxes	209,000
Income taxes expense	45,800
Net income	$ 163,200

Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes

Prepare a complete statement of cash flows using the indirect method for the current year.

Note: Amounts to be deducted should be indicated with a minus sign.

Additional Information on Current Year Transactions

1. Purchased equipment for $64,800 cash.
2. Issued 13,700 shares of common stock for $5 cash per share.
3. Declared and paid $106,000 in cash dividends.