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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 companys balance sheets and income statement follow.

GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016
	2017				2016
Assets
Cash	$	171,000			$	114,700
Accounts receivable		93,500				78,000
Inventory		611,500				533,000
Total current assets		876,000				725,700
Equipment		353,800				306,000
Accum. depreciationEquipment		(161,500	)			(107,500	)
Total assets	$	1,068,300			$	924,200
Liabilities and Equity
Accounts payable	$	101,000			$	78,000
Income taxes payable		35,000				28,600
Total current liabilities		136,000				106,600
Equity
Common stock, $2 par value		606,000				575,000
Paid-in capital in excess of par value, common stock		203,000				170,500
Retained earnings		123,300				72,100
Total liabilities and equity	$	1,068,300			$	924,200

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	1,827,000
Cost of goods sold					1,093,000
Gross profit					734,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		501,000			555,000
Income before taxes					179,000
Income taxes expense					31,800
Net income				$	147,200

Additional Information on Year 2017 Transactions

1. Purchased equipment for $47,800 cash.
2. Issued 12,700 shares of common stock for $5 cash per share.
3. Declared and paid $96,000 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

1. Net income was $147,200.
2. Accounts receivable increased.
3. Inventory increased.
4. Accounts payable increased.
5. Income taxes payable increased.
6. Depreciation expense was $54,000.
7. Purchased equipment for $47,800 cash.
8. Issued 12,700 shares at $5 cash per share.
9. Declared and paid $96,000 of cash dividends.