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. Problem 12-6A Indirect: Statement of cash flows P2 P3 GOLDEN CORPORATION Comparative Balance Sheets GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Current Year Prior Year $1.792.000 1.086.000 706.000 At December 31 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. $164.000 83,000 601,000 848,000 335,000 (158,000) $1,025,000 $107.000 71,000 526.000 704,000 299,000 (104.000) $899,000 Sales Cost of goods sold ...... Gross profit Operating expenses Depreciation expense..... Other expenses ....... Income before taxes........ Income taxes expense Net income $ 54,000 494,000 548.000 158,000 22.000 136.000 $ $ 87,000 28,000 115,000 $ 71,000 25.000 96,000 Additional Information on Current-Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. C. Declared and paid $89,000 in cash dividends. 592,000 Equity Common stock, $2 par value ....... Paid-in capital in excess of par value, common stock. ..... Retained earnings ........ Total liabilities and equity .......... 568,000 196,000 122,000 $1,025,000 160,000 75,000 $899,000 Required Check Cash from operating activities, $122.000 Prepare a complete statement of cash flows using the indirect method for the current year