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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 $ $175,000$ $ $119,100$

Accounts receivable $99,50082,000$

Inventory $617,500537,000$

Total current assets $892,000738,100$

Equipment $364,600310,000$

Accumulated depreciation$$Equipment $(163,500)(109,500)$

Total assets $ $1,093,100$ $ $938,600$

Liabilities and Equity

Accounts payable $ $109,000$ $ $82,000$

Income taxes payable $39,00030,600$

Total current liabilities $148,000112,600$

Equity

Common stock, $$2$ par value $605,200579,000$

Paid$-$in capital in excess of par value, common stock $215,800176,500$

Retained earnings $124,10070,500$

Total liabilities and equity $ $1,093,100$ $ $938,600$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,847,000$

Cost of goods sold $1,097,000$

Gross profit $750,000$

Operating expenses $($excluding depreciation$)505,000$

Depreciation expense $54,000$

Income before taxes $191,000$

Income taxes expense $37,400$

Net income $ $153,600$

Additional Information on Current Year Transactions

Purchased equipment for $$54,600$ cash.

Issued $13,100$ shares of common stock for $$5$ cash per share.

Declared and paid $$100,000$ in cash dividends.

Required:

Prepare a complete statement of cash flows using a spreadsheet under the indirect method.

Note: Enter all amounts as positive values.