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 $31$

Current Year Prior Year

Assets

Cash $ $181,000$ $ $125,700$

Accounts receivable $108,50088,000$

Inventory $626,500543,000$

Total current assets $916,000756,700$

Equipment $380,800316,000$

Accumulated depreciation$$Equipment $(166,500)(112,500)$

Total assets $ $1,130,300$ $ $960,200$

Liabilities and Equity

Accounts payable $ $121,000$ $ $88,000$

Income taxes payable $45,00033,600$

Total current liabilities $166,000121,600$

Equity

Common stock, $$2$ par value $612,400585,000$

Paid$-$in capital in excess of par value, common stock $226,600185,500$

Retained earnings $125,30068,100$

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 $ $163,200$

Additional Information on Current Year Transactions

Purchased equipment for $$64,800$ cash.

Issued $13,700$ shares of common stock for $$5$ cash per share.

Declared and paid $$106,000$ in cash dividends.

Problem $12-7$AA $($Algo$)$ Indirect: Cash flows spreadsheet LO P$4$

Required:

Prepare a complete statement of cash flows using a spreadsheet under the indirect method.