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 $ 183,000 111,500 629,500 924,000 386,200 (167,500) $1,142,700 $ 127,900 90,000 545,000 762,900 318,000 (113,500) $ 967,400 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 $ $ 125,000 47,000 172,000 90,000 34,600 124,600 614,800 230,200 125,700 $1,142,700 587,000 188,500 67,300 $ 967,400 $1,887,000 1,105,000 782,000 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 513,000 Income before taxes Income taxes expense Net income 567,000 215,000 48,600 166,400 $ Additional Information on Current Year Transactions a. Purchased equipment for $68,200 cash. b. Issued 13,900 shares of common stock for $5 cash per share. c. Declared and paid $108,000 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 Year Debit Credit December 31, Current Year $ $ 183,000 Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 127,900 90,000 545,000 318,000 1,080,900 $ $ 183,000 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 113,500 90,000 34,600 587,000 188,500 67,300 1,080,900 T L $ $ Statement of cash flows Operating activities Investing activities Financing activities 0 $