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 Current Year Prior Year $ 166,000 86,000 $ 109,200 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 604,000 856,000 340,300 (159,000) $ 1,037,300 $ 91,000 30,000 73,000 528,000 710,200 301,000 (105,000) $ 906,200 $ 73,000 26,100. 99,100 $70,000 163,000 74,100 $ 906,200 121,000 1594,400 199,600 122,300 $ 1,037,300 Sales GOLDEN CORPORATION Income Statement For Current Year Ended December 31, 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 $39,300 cash. $ 1,802,000 1,088,000 714,000 496,000 54,000 164,000 24,800 $ 139,200 b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. Required: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities 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 $ 0 $ 0 $ 0 0