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 18 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 oints Current Year Prior Year Assets Cash $ 173, 000 $ 116,900 Accounts receivable 96,500 80,000 Inventory 614, 500 535,000 Total current assets 884,000 731,900 Equipment 359 , 200 308, 000 Accumulated depreciation-Equipment (162, 500) (108 , 500) Total assets $ 1, 080, 700 $ 931, 400 Liabilities and Equity Accounts payable $ 105, 000 $ 80,000 Income taxes payable 37,000 29,600 Total current liabilities 142 ,000 109, 600 Equity Common stock, $2 par value 602, 800 577,000 Paid-in capital in excess of par value, common stock 212 , 200 173,500 Retained earnings 123 , 700 71, 300 Total liabilities and equity $ 1, 080, 700 $ 931, 400 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,837,000 Cost of goods sold 1, 095,000 Gross profit 742,000 Operating expenses (excluding depreciation) 503,000 Depreciation expense 54,000 Income before taxes 185,000 Income taxes expense 34, 600 Net income $ 150, 400 Additional Information on Current Year Transactionsa. Purchased equipment for $51,200 cash. b. Issued 12,900 shares of common stock for $5 cash per share. c. Declared and paid $98,000 in cash dividends. Required: Prepare a complete statement of cash flows using the indirect 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 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities $ 0 Cash flows from investing activities 0 Cash flows from financing activities:0 Net increase (decrease) in cash 0 Cash balance at December 31, prior year Cash balance at December 31, current year 0