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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

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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 (163,890) $1,086,900 $ 118,000 81,899 536,800 735,000 309,000 (109,800) $ 935,800 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 $ 107,880 38,000 145,000 $ 81,880 30,100 111,100 684,000 214,000 123,900 $1,886,900 578, eee 175, eee 78,900 $935,898 $1.842.000 1,096,000 746,880 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 504,000 Income before taxes Income taxes expense Net income 558,000 188,00 36,899 152,000 $ 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. 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 indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities Cash flows from financing activities

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