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 $ 184,000 113,000 631,000 928,000 388,900 (168,000) $1,148,900 $ 129,000 91,000 546,000 766,000 319,000 (114,000) $ 971,000 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity ccount payabl 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 $ $ 127,000 48,000 175,000 91,000 35, 100 126, 100 632,000 216,000 125,900 $1,148,900 588,000 190,000 66,900 $ 971,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales $1,892,000 Cost of goods sold 1,106,000 Gross profit 786,000 Operating expenses Depreciation expense $ 54,000 Other expenses 514,000 568,000 Income before taxes 218,000 Income taxes expense 50,000 Net income $ 168,000 Additional Information on Year 2017 Transactions a. Purchased equipment for $69,900 cash. b. Issued 14,000 shares of common stock for $5 cash per share. c. Declared and paid $109,000 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: $ 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 $ 0