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 December 31 Assets Cash 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 For Current Year Ended December 31 Sales Cost of goods sold Gross profit $ 1,832,000 1,094,000 738,000 502,000 54,000 182,000 33,200 $ 148,800 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $49,500 cash. b. Issued 12,800 shares of common stock for $5 cash per share. c. Declared and paid $97,000 in cash dividends. Current Year Prior Year $ 172,000 $ 115,800 95,000 79,000 613,000 534,000 880,000 728,800 356,500 307,000 (162,000) (108,000) $ 1,074,500 $ 927,800 $ 103,000 $ 79,000 36,000 29,100 139,000 108,100 601,600 576,000 210,400 172,000 123,500 71,700 $ 1,074,500 $ 927,800 a. Purchased equipment for $49,500 cash. b. Issued 12,800 shares of common stock for $5 cash per share. c. Declared and paid $97,000 in cash dividends. Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted sho indicated with a minus sign.) Cash flows from operating activities GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 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 Required information Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior December 31, Year Debit Credit Current Year Balance sheet-debit balance accounts Cash $ 115,800 Accounts receivable 79,000 Inventory 534,000 Equipment 307,000 $ 1,035,800 Balance sheet-credit balance accounts Accumulated depreciation-Equipment $ 108,000 Accounts payable 79,000 Income taxes payable 29,100 Common stock, $2 par value 576,000 Paid-in capital in excess of par value, common stock 172,000 Retained earnings 71,700 $ 1,035,800 Statement of cash flows Operating activities Investing activities Financing activities $ 172,000