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	86,000	73,000
Inventory	604,000	528,000
Total current assets	856,000	710,200
Equipment	340,300	301,000
Accumulated depreciationEquipment	(159,000)	(105,000)
Total assets	$ 1,037,300	$ 906,200
Liabilities and Equity
Accounts payable	$ 91,000	$ 73,000
Income taxes payable	30,000	26,100
Total current liabilities	121,000	99,100
Equity
Common stock, $2 par value	594,400	570,000
Paid-in capital in excess of par value, common stock	199,600	163,000
Retained earnings	122,300	74,100
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

1. Purchased equipment for $39,300 cash.
2. Issued 12,200 shares of common stock for $5 cash per share.
3. Declared and paid $91,000 in cash dividends.

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.)

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
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