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	$ 172,000	$ 115,800
Accounts receivable	95,000	79,000
Inventory	613,000	534,000
Total current assets	880,000	728,800
Equipment	356,500	307,000
Accumulated depreciationEquipment	(162,000)	(108,000)
Total assets	$ 1,074,500	$ 927,800
Liabilities and Equity
Accounts payable	$ 103,000	$ 79,000
Income taxes payable	36,000	29,100
Total current liabilities	139,000	108,100
Equity
Common stock, $2 par value	601,600	576,000
Paid-in capital in excess of par value, common stock	210,400	172,000
Retained earnings	123,500	71,700
Total liabilities and equity	$ 1,074,500	$ 927,800

GOLDEN CORPORATION
Income Statement
For Current Year Ended December 31
Sales	$ 1,832,000
Cost of goods sold	1,094,000
Gross profit	738,000
Operating expenses (excluding depreciation)	502,000
Depreciation expense	54,000
Income before taxes	182,000
Income taxes expense	33,200
Net income	$ 148,800

Additional Information on Current Year Transactions

1. Purchased equipment for $49,500 cash.
2. Issued 12,800 shares of common stock for $5 cash per share.
3. Declared and paid $97,000 in cash dividends.

Required:

Prepare a complete statement of cash flows using a spreadsheet under the indirect method.

Note: Enter all amounts as positive values.

Answer is not complete.

GOLDEN CORPORATION
Spreadsheet for Statement of Cash Flows
For Current Year Ended December 31
	December 31, Prior Year	Analysis of Changes	December 31, Current Year
	Debit	Credit
Balance sheetdebit balance accounts
Cash	$115,800	not attempted	not attempted	$172,000
Accounts receivable	79,000	not attempted	not attempted
Inventory	534,000	not attempted	not attempted
Equipment	307,000	not attempted	not attempted
	$1,035,800			$172,000
Balance sheetcredit balance accounts
Accumulated depreciationEquipment	$108,000	not attempted	not attempted
Accounts payable	79,000	not attempted	not attempted
Income taxes payable	29,100	not attempted	not attempted
Common stock, $2 par value	576,000	not attempted	not attempted
Paid-in capital in excess of par value, common stock	172,000	not attempted	not attempted
Retained earnings	71,700	not attempted	not attempted
	$1,035,800			$0
Statement of cash flows
Operating activities
Net incomeselected answer correct	not attempted	not attempted	not attempted
Increase in accounts receivableselected answer correct	not attempted	not attempted	not attempted
Increase in inventoryselected answer correct	not attempted	not attempted	not attempted
Depreciation expenseselected answer correct	not attempted	not attempted	not attempted
not attempted	not attempted	not attempted	not attempted
not attempted	not attempted	not attempted	not attempted
not attempted	not attempted	not attempted	not attempted
Investing activities
no attempted	not attempted	not attempted	not attempted
not attempted	not attempted	not attempted	not attempted
Financing activities
not attempted	not attempted	not attempted	not attempted
not attempted	not attempted	not attempted	not attempted
not attempted	not attempted	not attempted	not attempted
		$0	$0