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 $ 175,000 99,500 617,500 892,000 364,600 (163,500) $1,093, 100 $ 119,100 82,000 537,000 738, 100 310,000 (109,500) $ 938,600 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 $ 109,000 39,000 148,000 $ 82,000 30,600 112,600 GOS, 200 215,800 124,100 $ 1,093,120 579,000 176,500 70,500 $ 958,600 $1,847,000 1,097,000 750,000 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 505,000 Income before taxes Income taxes expense Net income 559,000 191,000 37,400 153,600 $ Additional Information on Current Year Transactions a. Purchased equipment for $54.600 cash. b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100,000 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. 0 Cash flows from investing activities 0 Cash flows from financing 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 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 Balance sheetdebit balance accounts Cash 119,100 $ 175,000 Accounts receivable 82.000 Inventory Equipment 537.000 310.000 1,048,100 S 175.000 $ 109.500 82.000 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 30.600 579.000 176,500 70 500 1.048 100 $ $ 0 Statement of cash flows Required information Operating activities Investing activities Financing activities 5 0 $ 0