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 $ $184,000$ $ $129,000$

Accounts receivable $113,00091,000$

Inventory $631,000546,000$

Total current assets $928,000766,000$

Equipment $388,900319,000$

Accumulated depreciation$$Equipment $(168,000)(114,000)$

Total assets $ $1,148,900$ $ $971,000$

Liabilities and Equity

Accounts payable $ $127,000$ $ $91,000$

Income taxes payable $48,00035,100$

Total current liabilities $175,000126,100$

Equity

Common stock, $$2$ par value $616,000588,000$

Paid$-$in capital in excess of par value, common stock $232,000190,000$

Retained earnings $125,90066,900$

Total liabilities and equity $ $1,148,900$ $ $971,000$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,892,000$

Cost of goods sold $1,106,000$

Gross profit $786,000$

Operating expenses $($excluding depreciation$)514,000$

Depreciation expense $54,000$

Income before taxes $218,000$

Income taxes expense $50,000$

Net income $ $168,000$

Additional Information on Current Year Transactions

Purchased equipment for $$69,900$ cash.

Issued $14,000$ shares of common stock for $$5$ cash per share.

Declared and paid $$109,000$ in cash dividends.

Required:

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