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 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. Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 166,000 $ 109,200 86,000 73,000 604,000 856,000 340,300 528,000 710,200 301,000 (159,000) (105,000) $1,037,300 $ 91,000 30,000 121,000 594,400 $ 906,200 $ 73,000 26,100 99,100 570,000 163,000 Income taxes payable Total current liabilities Equity Common stock, $2 par value. Paid-in capital in excess of par value, common stock 199,600 Retained earnings 122,300 Total liabilities and equity $1,037,300 74,100 $ 906,200 Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $1,802,000 1,088,000 714,000 $ 54,000 496,000 550,000 164,000 24,800 139,2001 Additional Information on Current Year Transactions a. Purchased equipment for $39,300 cash. b. Issued 12.200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. 122,300 $1,037,300 74,100 $ 906,200 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.) Required information 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 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