Required information The following information applies to the questions displayed below Golden Corp, a merchandiser, recently completed its 2017 operations. For the year,(0 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. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 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 173,800 116,980 96, 580 80,806e 614,580 535,8e9 884,800 731,980 359,280 388,000 108,506 $1,080,700 931,480 162, 500) (1e8, see) $105,000 80,000 29,600 142,000 109,600 37,000 618,800 577,080 205,000 173, 500 71,300 $1,880,7ee 931,480 123.70e GOLDEN CORPORATION Income Statement 017 Sales Cost of goods sold Gross profit Operating expenses $1,837,80e 1,095,000 742,806 Depreciation expense 54,e00 Other expenses Income before taxes Income taxes expense Net income 503,099557,e90 185,800 34,600 s158,400 Additional Information on Yeer 2017 Transactions a. Purchased equipment for $51,200 cash b. Issued 12.900 shares of common stock for $5 cash per share c. Declared and paid $98,000 in cash dividends Required Additional Information on Year 2017 Transactions a. Purchased equipment for $51,200 cash. b. Issued 12,900 shares of common stock for $5 cash per share c. Declared and paid $98,000 in cash dividends Required: Prepare a complete statement of cash flows, report its cash infows and cash outlows from operating activities according to 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 lows from operating activities Adjustments to recondile 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 beginning of year Cash balance at end of year