Required information

$[$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.

$\backslash$table$[[\backslash$table$[[$GOLDEN CORPORATION$],[$Comparative Balance Sheets$],[$Decenber $31]]],[$Assets$,,],[\{$

$\backslash$table$[[$Cash$],[$Accounts receivable$]]\},$$$175,000,$$$119,100],[\{$

$\backslash$table$[[$Accounts receivable$],[$Inventory$]]\},99,560$

$6\mathrm{.}17690,82,000$

$527000],[,617,500,537,000],[$Total current assets,$892,000,738,100],[\backslash$table$[[$Equipment$],[$Accumulated depreciation$-$Equipment$]],364,600,310,000],[$Total assets,$(163,500),(109,500)],[$$$1,093,100,$$$938,600],[$Liabilities and Equity,,$],[\backslash$table$[[$Liabilities and Equity$],[$Accounts payable$]],\backslash$table$[[$$$109,000],[39,690]],\backslash$table$[[$$$82,000],[30,609]]],[\backslash$table$[[$Income taxes payable$],[$Total current liabilities$]],(39,600)/(148,000),30,600$

$112,600],[\backslash$table$[[$Total current liabilities$],[$Equity$]],,],[\backslash$table$[[$Equity$],[$Common stock, $$2$ par value$]],605,200,579,000],[\backslash$table$[[$Common stock, $$2$ par value$],[$Paid$-$in capital in excess of par value, comnon stock$]],215,800,],[$Retained earnings,$124,100,70,500],[$Total liabilities and equity,$$1,093,100,$$$938,600],[\backslash$table$[[$GOLDEN CORPORATION$],[$Income Statenent$],[$For Current Year Ended Decenber $31]]],[,,,],[,,],[\{$

$\backslash$table$[[$Operating expenses $($excluding depreciation$),505,000],[$Depreciation expense,$54,000]]\},,],[,],[,,,],[\backslash$table$[[$Income taxes expense$],[$Net income$]],,],[$Net income,$$153,600,,],[$Additional Information on Current Year Transactions$],[\{$

$\backslash$table$[[$a$.$ Purchased equipment for $$54,600$ cash.$],[$b$.$ Issued $13,100$ shares of common stock for $$5$ cash per share.$],[$c$.$ Declared and paid $$100,000$ in cash dividends.$]]\}],[],[]]$

Required:

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

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

$\backslash$table$[[$GOLDEN CORPORATION$],[$Statement of Cash Flows$],[$For Current Year Ended December $31],[$Cash flows from operating activities$],[$Net income,$153,600,,],[$Adjustments to reconcile net income to net cash provided by operations:$],[$Income statement items not affecting cash$],[$Depreciation expense,$54,000,,],[$Changes in current assets and current liabilities$],[$Increase in accounts recelvable,$(17,500),,],[$Increase in inventory,$(80,500),,],[$Increase in accounts payable,$27,000,,],[$Increase in taxes payable,$8,400,,],[$Net cash provided by operating activities,,$$,145,000],[$Cash flows from investing activities$],[$Cash paid for equipment,$(54,600),,],[$Net cash provided by investing activities,,,$(54,600)],[$Cash flows from financing activities:$],[$Cash received from stock issuance,$65,500,,],[$Cash paid for cash dividends$],[$Net cash used in investing activities,,,$65,500],[$Net increase $($decrease$)$ in cash,,$$,155,900],[$Cash balance at December $31,$ prior year$],[$Cash balance at December $31,$ current year,,$$,155,900]]$