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, and (5) 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		$	169,000					$	112,500
Accounts receivable			90,500						76,000
Inventory			608,500						531,000
Total current assets			868,000						719,500
Equipment			348,400						304,000
Accum. depreciationEquipment			-160,500						-106,500
Total assets		$	1,055,900					$	917,000
Liabilities and Equity
Accounts payable		$	97,000					$	76,000
Income taxes payable			33,000						27,600
Total current liabilities			130,000						103,600
Equity
Common stock, $2 par value			598,000						573,000
Paid-in capital in excess of par value, common stock			205,000						167,500
Retained earnings			122,900						72,900
Total liabilities and equity		$	1,055,900					$	917,000

GOLDEN CORPORATION Income Statement For Current Year Ended December 31
Sales	$	1,817,000
Cost of goods sold		1,091,000
Gross profit		726,000
Operating expenses (excluding depreciation)		499,000
Depreciation expense		54,000
Income before taxes		173,000
Income taxes expense		29,000
Net income	$	144,000

Additional Information on Current Year Transactions

1. Purchased equipment for $44,400 cash.
2. Issued 12,500 shares of common stock for $5 cash per share.
3. 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 Net income $ 144,000 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Depreciation expense 54,000 Changes in current assets and current liabilities Increase in accounts receivable Increase in inventory Increase in accounts payable 21,000 Increase in taxes payable 5,400 $ 224,400 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment 0 Net cash used in investing activities Cash flows from financing activities: Cash received from stock issuance Cash paid for cash dividends $ 224,400 Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 224,400