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. Current Tear For Tea $ 174,000 98,000 616,000 388,000 361,900 (163.000 $1,006,900 $ 110,000 31,000 516,000 715,000 109.000 110.0001 3 935.000 GOLDEN CORPORATION Comparative Balance Sheets December 31 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 10.100 111,100 604,000 214.000 123,900 $1,056,900 578,000 175,000 70.900 35.000 GOLDEN CORPORATION Income Statement Tor 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 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. Problem 16-8AB Direct: Statement of cash flows LO P5 Required: Prepare a complete statement of cash flows using the direct method for the current year (Amounts to be deducted s indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities + $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 0 $ Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0