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 $ $170,000$ $ $113,600$

Accounts receivable $92,00077,000$

Inventory $610,000532,000$

Total current assets $872,000722,600$

Equipment $351,100305,000$

Accumulated depreciation$$Equipment $(161,000)(107,000)$

Total assets $ $1,062,100$ $ $920,600$

Liabilities and Equity

Accounts payable $ $99,000$ $ $77,000$

Income taxes payable $34,00028,100$

Total current liabilities $133,000105,100$

Equity

Common stock, $$2$ par value $599,200574,000$

Paid$-$in capital in excess of par value, common stock $206,800169,000$

Retained earnings $123,10072,500$

Total liabilities and equity $ $1,062,100$ $ $920,600$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,822,000$

Cost of goods sold $1,092,000$

Gross profit $730,000$

Operating expenses $($excluding depreciation$)500,000$

Depreciation expense $54,000$

Income before taxes $176,000$

Income taxes expense $30,400$

Net income $ $145,600$

Additional Information on Current Year Transactions

Purchased equipment for $$46,100$ cash.

Issued $12,600$ shares of common stock for $$5$ cash per share.

Declared and paid $$95,000$ 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.