! 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. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 182,000 110,000 628,000 920,000 383,500 (167,000) $ 1,136,500 $ 126,800 89,000 544,000 759,800 317,000 (113,000) $ 963,800 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets 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 Total liabilities and equity $ 123,000 46,000 169,000 $ 89,000 34,100 123,100 613,600 228,400 125,500 $ 1,136,500 586,000 187,000 67,700 $ 963,800 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,882,000 1,104,000 778,000 512,000 54,000 212.000 47,200 $ 164,800 Additional Information on Current Year Transactions a. Purchased equipment for $66,500 cash. b. Issued 13,800 shares of common stock for $5 cash per share. c. Declared and paid $107,000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 December 31, Analysis of Changes Prior Year Debit Credit December 31, Current Year Balance sheet-debit balance accounts - Cash $ 126,800 55,200 X $ 182,000 $ $ 89,000 21,000 110,000 Accounts receivable Inventory Equipment 544.000 84,000 66,500 317,000 1,076,800 628,000 383,500 1,303,500 IS $ $ $ 113,000 $ 54,000 $ Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 89,000 34,100 586,000 34,000 11,900 167,000 123,000 46,000 27,600 613,600 187,000 41,400 228,400 107,000 164,800 125,500 67,700 1,076,800 $ $ 1,303,500 Statement of cash flows Operating activities Net income 164,800 Depreciation expense 54,000 Increase in accounts receivable 21,000 84,000 olol Increase in inventory Increase in accounts payable Increase in income tax payable 34,000 11,900 Investing activities Payment for equipment 66,500 > Financing activities Issued common stock for cash Paid cash dividends 69,000 107,000 Issued common stock for cash $ 667,400 $ 612,200