Required information [The following information applies to the questions displayed below) Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. COLI CON POTTOR Comparative Balance Sheets Decebe Current Tear 179.000 105,500 $23.500 908,000 375.00 265,500 Prior Year 133,500 6,000 341.000 1750.500 310,000 (111.500) 053,000 Assets Catch Accounts toonivable Triventory Total current annet Equipment coumulated depreciation qui prent Total Liabilities and quity Accounts payable Income Les payable Total current abilities Equity Coronto 12 value paid Call Cenot par vale come took sed earnings Total abilities and equity 117.000 43,000 160.000 8,000 12,000 178600 10.000 223,000 12.900 1.117.900 53,000 182.500 68,900 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,867,000 1,101,000 766,000 509,000 54,000 203,000 43,000 $ 160,000 Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 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: Income statement items not affecting cash Changes in current assets and current liabilities $ 0 Cashflows from investing activities Changes in current assets and current liabilities S 0 Cash flows from investing activities Cash flows from financing activities: 0 0 $ Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year S 0