Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) 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 $ 174,000 98,000 616,000 888,000 361,900 (163,000) $1,086,900 $ 118,000 81,000 536,000 735,000 309,000 (109,000) $ 935,000 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ $ 107,000 38,000 145,000 81,000 30,100 111,100 604,000 214,000 123,900 $1,086,900 578,000 175,000 70,900 $ 935,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,842,000 Cost of goods sold 1,096,000 Gross profit 746,000 Operating expenses Depreciation expense $ 54,000 Other expenses 504,000 558,000 Income before taxes 188,000 Income taxes expense 36,000 Net income $ 152,000 Additional Information on Current Year Transactions a. Purchased equipment for $52,900 cash. b. Issued 13,000 shares of common stock for $5 cash per share. c. Declared and paid $99,000 in cash dividends. Required: 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 Net income 152,000 Adjustments to reconcile net income to net cash provided by operations: Depreciation expense 54,000 Accounts receivable increase 56,000 Inventory increase 17,000 Accounts payable increase 26,000 Income taxes payable increase 7.900 $ 312,900 Cash flows from investing activities Cash paid for equipment (52,900) (52,900) Cash flows from financing activities: Cash received from stock issuance Cash paid for cash dividends 26,000 (99,000) $ Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year (73,000) 187,000 109,200 296,200 $ Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year December 31, Current Year Balance sheet-debit balance accounts Cash $ 174,000 Accounts receivable 118,000 81,000 536,000| 309,000 1,044,000 Inventory Equipment | 174,000 Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 109,000 81,000 30,100 578,000 175,000 70,900 1,044,000 Statement of cash flows Operating activities Investing activities Financing activities $ 0 $ 0