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: $ 107,000 Accounts receivable $164,000 83,000 601,000 71,000 526,000 Inventory Total current assets 848,000 704,000 Equipment 335,000 299,000 Accumulated depreciation-Equipment (158,000) (104,000) Total assets $ 1,025,000 Liabilities and Equity: Accounts payable Income taxes payable $ 87,000 28,000 Total current liabilities 115,000 Equity Common stock, $2 par value. 592,000 Paid-in capital in excess of par value, common stock Retained earnings 196,000 122,000 Total liabilities and equity $1,025,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 311 Sales Cost of goods sold i Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions $ 1,792,000 1,086,000 706,000 494,000 54,000 158,000 22,000 $ 136,000 $899,000 $ 71,000 25,000 96,000 568,000 160,000 75,000 $ 899,000 Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 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 0 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 $ $ $ 0 0 0