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 Year Prior Year GOLDEN CORPORATION Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Total current assets Equipment Accun. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Connon stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 168,888 89,90 687,888 864,000 345, 700 (168, ) $1,049,700 $ 111,400 75,00 538,eee 716,40e 383,00 (106,880) $ 913,400 $ 95,000 32,000 127,680 $ 75,000 27,180 102,180 596,800 203,200 122,789 $1,849,700 572,000 166,000 73,300 $ 913, 480 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,812,600 Cost of goods sold 1,898,888 Gross profit 722,680 Operating expenses Depreciation expense $ 54,080 Other expenses 498,000 552,000 Income before taxes 178,888 Income taxes expense 27,600 Net income $ 142,400 S Required information Additional Information on Current Year Transactions a. Purchased equipment for $42,700 cash b. Issued 12,400 shares of common stock for $5 cash per share. c. Declared and paid $93.000 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 Adjustments to reconcile net income to net cash provided by operations Cash flows from investing activities Required information Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year December 31, Current Year $ $ 168,000 Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 111.400 75 000 530,000 303 000 $ 1,019,400 $ 168,000 $ Balance sheet credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of per value, common stock Retained earnings 106,000 75,000 27,100 572,000 166,000 73,300 1,019.400 $ $ 0 Statement of cash flows Operating activities www ww, UL pas veve Paid-in capital in excess of par value, common stock Retained earnings 165,000 73,300 1,019,400 $ $ D Statement of cash flows Operating activities Investing activities Financing activities $ 0 $ 0