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
Assets
Cash	$ 164,000	$ 107,000
Accounts receivable	83,000	71,000
Inventory	601,000	526,000
Total current assets	848,000	704,000
Equipment	335,000	299,000
Accumulated depreciationEquipment	(158,000)	(104,000)
Total assets	$ 1,025,000	$ 899,000
Liabilities and Equity
Accounts payable	$ 87,000	$ 71,000
Income taxes payable	28,000	25,000
Total current liabilities	115,000	96,000
Equity
Common stock, $2 par value	592,000	568,000
Paid-in capital in excess of par value, common stock	196,000	160,000
Retained earnings	122,000	75,000
Total liabilities and equity	$ 1,025,000	$ 899,000

GOLDEN CORPORATION Income Statement For Current Year Ended December 31
Sales		$ 1,792,000
Cost of goods sold		1,086,000
Gross profit		706,000
Operating expenses
Depreciation expense	$ 54,000
Other expenses	494,000	548,000
Income before taxes		158,000
Income taxes expense		22,000
Net income		$ 136,000

Additional Information on Current Year Transactions

Purchased equipment for $36,000 cash.

Issued 12,000 shares of common stock for $5 cash per share.

Declared and paid $89,000 in cash dividends.

Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the December 31 , current year balances. Journal entry worksheet 4 Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Prepare the Statement of Cash flows for the year ended December 31 , current year using the Direct Method. Hint Use the Cash T-account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Prepare the operating activities section of the statement of cash flows using the indirect metho eductions to net cash provided by operating activities as negative values