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 Current Year Prior Year $ 169,000 90,500 608,500 868,000 30, 400 (160,500) $1,855,900 $ 112,500 25,000 531, 719,500 304,000 (106,500) $ 917,000 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 Hetained earnings Total liabilities and equity $ 97,000 33,00 110,000 76,899 27,600 103,600 $98.000 205,eee 122,90e $1,055,90 573,000 167,500 72,900 $917.00 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Soles Cost of goods sold Gross profit Operating expenses $1.817.000 1,091,000 726,000 art 1 of 2 $1,817,600 1,091,800 726,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 499,000 Income before taxes Income taxes expense Net income ints 553,000 173,000 29.08e 144,000 $ eBook Print Additional Information on Current Year Transactions a. Purchased equipment for $44,400 cash. b. Issued 12.500 shares of common stock for $5 cash per share. c. Declared and paid $94,000 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 Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Part 1 of 2 Adjustments to reconcile not income to net cash provided by operations points eBook Print Cash flows from investing activities Cash flows from financing activities Not increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 5 , 499,000 Depreciation expense Other expenses Income before taxes Income taxes expense Not Income 553,000 173,000 29,000 144,000 $ Additional Information on Current Year Transactions a. Purchased equipment for $44,400 cash. b. Issued 12,500 shares of common stock for $5 cash per share. c. Declared and paid $94,000 in cash dividends. 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 December 31 Current Year Balance sheet dobit balance accounts Cash 109,000 Accounts receivable 112.500 76,000 531,000 304,000 Equipment Required information Year Current Year Balance shodobit balance accounts 169 000 Accounts receivable Inven 112,500 76.000 531,000 304,000 1,023,500 Equcm Balance sheet credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock 52 par value Paid in capital in excess of par value, common stock Retained carings 106,500 70.000 27 600 573,000 167.500 72.900 1,023,500 III Statement of cash flows Operating activities IIIIII Required information Statement of cash flows Operating activities Investing activities Financing activities