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Problems below. (Algo) [The following information applies to the questions displayed below.) Golden Corporation'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 $ 176,000 $ 120, 200 Accounts receivable 101,800 83,000 Inventory 619,000 538,000 Total current assets 896,000 741,200 Equipment 367,300 311,000 Accumulated depreciation-Equipment (164,000) (110,000) Total assets $ 1.099,300 $942,200 Liabilities and Equity Accounts payable $111.000 $ 83,000 Income taxes payable 40,000 31,100 Total current liabilities 151,000 114,100 Equity Common stock, 52 par value 606,400 580,000 Paid-in capital in excess of par value, common stock 217,600 178,000 Retained earnings 124,300 70.100 Total liabilities and equity $ 1,099,300 $.942,200 tes bints eBook GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,852,000 Cost of goods sold 1,098,000 Gross profit 754,000 Operating expenses (excluding depreciation) 506,000 Depreciation expense 54,000 Income before taxes 194,000 Income taxes expense 38,800 Net income 5 155,200 Additional Information on Current Year Transactions a. Purchased equipment for $56,300 cash b, issued 13,200 shares of common stock for $5 cash per share c. Declared and paid $101.000 in cash dividends Print References Problem 12-6A (Algo) Indirect: Statement of cash flows LO P2, P3 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 Required information 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: Income statement items not affecting cash Changes in current assets and current liabilities ces $ 0 Cash flows from investing activities 0 Cash flows from financing activities: 0 Nascarca in och Required information 1 of 3 Changes in current assets and current liabilities Book $ 0 Cash flows from investing activities Print 0 Cash flows from financing activities: bferences 0 $ 0 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0