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, (1) all sales are credit sales, (2) all credits to Accounts Recelvable 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 $ 177, e80 102,580 620, 500 900, eee 370, eee (164,500) $1,195,500 $ 121,380 84,80 539,000 744, 3ee 312,080 (119,5ee) $ 945,800 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 $ 113, eee 41,000 154, eee $ 84,80 31,600 115,600 607, 680 219,480 124,500 $1,105, see 581, eee 179,500 69,789 $ 945,800 $1,857, cee 1, e99, eee 758, eee GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 507,000 Income before taxes Income taxes expense Net income 561,080 197,080 49, 280 156,880 Additional Information on Current Year Transactions a. Purchased equipment for $58,000 cash. b. Issued 13,300 shares of common stock for $5 cash per share. c. Declared and pald $102,000 In cash dividends. Required: Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should be Indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31, current year