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 $ $166,000$ $ $109,200$

Accounts receivable $86,00073,000$

Inventory $604,000528,000$

Total current assets $856,000710,200$

Equipment $340,300301,000$

Accumulated depreciation$$Equipment $(159,000)(105,000)$

Total assets $ $1,037,300$ $ $906,200$

Liabilities and Equity

Accounts payable $ $91,000$ $ $73,000$

Income taxes payable $30,00026,100$

Total current liabilities $121,00099,100$

Equity

Common stock, $$2$ par value $594,400570,000$

Paid$-$in capital in excess of par value, common stock $199,600163,000$

Retained earnings $122,30074,100$

Total liabilities and equity $ $1,037,300$ $ $906,200$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,802,000$

Cost of goods sold $1,088,000$

Gross profit $714,000$

Operating expenses $($excluding depreciation$)496,000$

Depreciation expense $54,000$

Income before taxes $164,000$

Income taxes expense $24,800$

Net income $ $139,200$

Additional Information on Current Year Transactions

Purchased equipment for $$39,300$ cash.

Issued $12,200$ shares of common stock for $$5$ cash per share.

Declared and paid $$91,000$ 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.