Required information Golden Corp., a merchandiser, recently completed its 2017 operations. 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. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $ 177,000 121,300 84,000 539,000 744,300 312,000 (164,500 (110,500) $1,105,500 $ 945,800 102,500 620,500 900,000 370,000 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 $ 113,000 84,000 31,600 115,600 41,000 154,000 581,000 179,500 69,700 $1,105,500 $ 945, 800 618,000 209,000 124,500 Total liabilities and equity GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost oI gooas sola Gross profit Operating expenses $1,857,000 1,099,000 758,000 Depreciation expense $ 54,000 507,000 Other expenses Income before taxes Income taxes expense Net income 561,000 197,000 40,200 $ 156, 800 Additional Information on Year 2017 Transactions a. Purchased equipment for $58,000 cash b. Issued 13,300 shares of common stock for $5 cash per share c. Declared and paid $102,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Additional Information on Year 2017 Transactions a. Purchased equipment for $58,000 cash. b. Issued 13,300 shares of common stock for $5 cash per share. c. Declared and paid $102,000 in cash dividends. Required: Prepare a complete statement of cash flows, report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities ash flows from financing activities Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year