Required information (The following information applies to the questions displayed below Golden Corp's current year income statement, comparative balance sheets, and additional information follow. For the year, () 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 GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 169,000 $ 112,500 76,000 531,000 719,500 304,000 (106,500) $917,000 Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment 90,500 608,500 868,000 348,400 (160,500) $1,0ss,900 Total assets Liabilities and Equity Accounts payable 97,000 33,000 130,000 $ 76,000 27,600 183,600 Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 598,000 573,000 167,500 205,000 122,900 72,900 $917,0ee Total liabilities and equity $1,055,90e GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,817,00e 1,091,000 726,000 Cost of goods sold Gross profit Operating expenses) Depreciation expense Other expenses $ 54,000 499,e0e 553,000 Income before taxes 173,000 Income taxes expense 29,000 Net income $ 144,00e Additional Information on Current Year Transactions a. Purchased equipment for $44,400 cash b. Issued 12,500 shares of common stock for $5 cash per share. c. Declared and paid $94,000 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 Analysis of Changes December 31, Prior December 31, Debit Credit Required information rear Current Tear Balance sheet-debit balance accounts Cash 112,500 $ 169,000 Accounts receivable 76,000 Inventory 531,000 Equipment 304,000 1,023,500 $ 169,000 Balance sheet-credit balance accounts Accumulated depreciation-Equipment 106,500 Accounts payable 76,000 Income taxes payable 27,600 Common stock, $2 par value 573,000 Paid in capital in excess of par valuo, common stock 167,500 Retained earnings 72,900 1,023,500 $ 0 Statement of cash flows Operating activities Retained earnings 72,900 of 2 1,023,500 $ 0 Statement of cash flows Operating activities apped Book Print Investing activities Financing activities 0S 0