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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 $ $169,000$ $ $112,500$

Accounts receivable $90,50076,000$

Inventory $608,500531,000$

Total current assets $868,000719,500$

Equipment $348,400304,000$

Accumulated depreciation$$Equipment $(160,500)(106,500)$

Total assets $ $1,055,900$ $ $917,000$

Liabilities and Equity

Accounts payable $ $97,000$ $ $76,000$

Income taxes payable $33,00027,600$

Total current liabilities $130,000103,600$

Equity

Common stock, $$2$ par value $598,000573,000$

Paid$-$in capital in excess of par value, common stock $205,000167,500$

Retained earnings $122,90072,900$

Total liabilities and equity $ $1,055,900$ $ $917,000$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,817,000$

Cost of goods sold $1,091,000$

Gross profit $726,000$

Operating expenses $($excluding depreciation$)499,000$

Depreciation expense $54,000$

Income before taxes $173,000$

Income taxes expense $29,000$

Net income $ $144,000$

Additional Information on Current Year Transactions

Purchased equipment for $$44,400$ cash.

Issued $12,500$ shares of common stock for $$5$ cash per share.

Declared and paid $$94,000$ in cash dividends.

Required:

Prepare a complete statement of cash flows using the DIRECT method for the current year.

Note: Amounts to be deducted should be indicated with a minus sign.