Required information (The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2017 operations. 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 $ 173,000 96,500 614,500 884,000 359, 200 (162,500) $1,080,700 $ 116,900 80,000 535,000 731,900 308,000 (108,500) $ 931,400 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. 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 $ 105,000 37,000 142,000 $ 80,000 29,600 109,600 610,000 205,000 123,700 $1,080,700 577,000 173,500 71,300 $ 931,400 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 503,000 Income before taxes Income taxes expense Net income $1,837,000 1,095,000 742,000 557,000 185,000 34,600 $ 150,400 Additional Information on Year 2017 Transactions a. Purchased equipment for $51,200 cash. b. Issued 12,900 shares of common stock for $5 cash per share. c. Declared and paid $98,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Additional Information on Year 2017 Transactions a. Purchased equipment for $51,200 cash. b. Issued 12,900 shares of common stock for $5 cash per share. c. Declared and paid $98,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method (Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: GA 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 $ 0 Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year S 0