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. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 182,000 110,000 628,000 920,000 383,500 (167,000) $ 1,136,500 $ 123,000 46,000 $ 126,800 89,000 544,000 759,800 317,000 (113,000) $ 963,800 $ 89,000 34,100 123,100 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 GOLDEN CORPORATION Income Statement 169,000 613,600 586,000 228,400 187,000 125,500 67,700 $ 1,136,500 $ 963,800 For Current Year Ended December 31 Sales Cost of goods sold $ 1,882,000 1,104,000 778,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions 512,000 54,000 212,000 47,200 $ 164,800 Additional Information on Current Year Transactions a. Purchased equipment for $66,500 cash. b. Issued 13,800 shares of common stock for $5 cash per share. c. Declared and paid $107,000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. Note: Enter all amounts as positive values. Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment Balance sheet-credit balance accounts GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Year December 31, Debit Credit Current Year 126,800 89,000 544,000 317,000 1,076,800 Accumulated depreciation-Equipment $ 113,000 Accounts payable 89,000 Income taxes payable 34,100 Common stock, $2 par value 586,000 Paid-in capital in excess of par value, common stock 187,000 Retained earnings 67,700 1,076,800 $ 182,000 Statement of cash flows Operating activities Investing activities Financing activities