GOLDEN CORPORATION Income statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $68,200 cash. b. Issued 13,900 shares of common stock for $5 cash per share. c. Declared and paid $108,000 in cash dividends. Problem 12-6A (Algo) Indirect: Statement of cash flows LO P2, P3 Required: 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. \begin{tabular}{|l|} \hline GOLDEN CORPORATION \\ Sor Current Year Ended December 31 \\ \hline Cash fiows from operating activities \\ \hline Adjustments to reconcile net income to net cash provided by operations: \\ \hline Income statement items not affecting cash \\ \hline Changes in current assets and current liabilities \\ \hline Cash flows from investing activities \\ \hline \end{tabular} Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] 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. GOLDEN CORPORATION Comparative Balance Sheets Decesber 31 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated deprociation-Equipment Total assets Liabilitios and Equity Necountin payable Income taxes payable Total current Habilities Eequity Common stook, \$2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Current Year Prior Year \begin{tabular}{rr} $183,000 & $127,900 \\ 111,500 & 90,000 \\ 629,500 & 545,000 \\ \hline 924,000 & 762,900 \\ 386,200 & 318,000 \\ (167,500) & (113,500) \\ \hline$1,142,700 & $967,400 \\ \hline \end{tabular} \begin{tabular}{rr} $125,000 & $90,000 \\ 47,000 & 34,600 \\ \hline 172,000 & 124,600 \end{tabular} \begin{tabular}{rr} 614,800 & $87,000 \\ 230,200 & 188,500 \\ 125,700 & 67,300 \\ \hline$1,142,700 & $967,400 \\ \hline \end{tabular}