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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

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 $ 169,000 $ 112,500
Accounts receivable 90,500 76,000
Inventory 608,500 531,000
Total current assets 868,000 719,500
Equipment 348,400 304,000
Accumulated depreciationEquipment (160,500) (106,500)
Total assets $ 1,055,900 $ 917,000
Liabilities and Equity
Accounts payable $ 97,000 $ 76,000
Income taxes payable 33,000 27,600
Total current liabilities 130,000 103,600
Equity
Common stock, $2 par value 598,000 573,000
Paid-in capital in excess of par value, common stock 205,000 167,500
Retained earnings 122,900 72,900
Total liabilities and equity $ 1,055,900 $ 917,000

GOLDEN CORPORATION
Income Statement
For Current Year Ended December 31
Sales $ 1,817,000
Cost of goods sold 1,091,000
Gross profit 726,000
Operating expenses (excluding depreciation) 499,000
Depreciation expense 54,000
Income before taxes 173,000
Income taxes expense 29,000
Net income $ 144,000

Additional Information on Current Year Transactions

  1. Purchased equipment for $44,400 cash.
  2. Issued 12,500 shares of common stock for $5 cash per share.
  3. Declared and paid $94,000 in cash dividends.

Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.)

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