Required information

$[$The foilawing informatian applies to the questions displaynd below.$]$

Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For

the year,

$[1]$ all sales ane credit sales.

$(2)$ all credits to Accounts fieceivable reflect cash receipts from custamers,

$(3)$ all purcheses of inventory are on eredit,

$(4)$ all debits to Accounts Payable reflect cash payments for imventory, and

$(5)$ any change in Income Tawes Payable reflects the accrual and cash payment of tawes.

Additional Information on Current Year Transactions

a$.$ Purchased equipment for $$47,800$cash.

b$.$ Issued $12,700$ shares of common stock for $$5$ cash per share

c$.$ Declared and paid $$96,000$ in cash dividerds.

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.