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. Assets Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 173,000 $ 116,900 96,500 80,000 614,500 884,000 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable. Income taxes payable Total current liabilities Equity Common stock, $2 par value: Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement Sales Cost of goods sold Gross profit For Current Year Ended December 31. $ 1,837,000 1,095,000 742,000 503,000 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions. a. Purchased equipment for $51,200 cash. 54,000 185,000 34,600 $ 150,400 b. Issued 12,900 shares of common stock for $5 cash per share. c. Declared and paid $98,000 in cash dividends. 359,200 (162,500) $ 1,080,700 $ 105,000 37,000 535,000 731,900 308,000 (108,500) $ 931,400 $ 80,000 29,600 142,000 109,600 602,800 577,000 212,200 173,500 123,700 71,300 $ 1,080,700 $ 931,400 Dronerna complete statement of each flows using the indirect method for the current ar Required information GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 10 $ 0 0 0 $ 0 $ 0