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 GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 179,000 $ 123,500 105,500 86,000 623,500 908,000 Cash Accounts receivable Inventory Total current assets Equipment Accumulated 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 GOLDEN CORPORATION Sales Income Statement For Current Year Ended December 31 $ 1,867,000 1,101,000 766,000 509,000 54,000 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. 203,000 43,000 $ 160,000 b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 in cash dividends. 375,400 (165,500) $ 1,117,900 $ 117,000 43,000 541,000 750,500 314,000 (111,500) $ 953,000 $ 86,000 32,600 118,600 160,000 610,000 583,000 223,000 182,500 124,900 $ 1,117,900 68,900 $ 953,000 Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 December 31, Prior Year Analysis of Changes Debit Credit December 31, Current Year Balance sheet-debit balance accounts Cash $ Accounts receivable 123,500 86,000 $ 179,000 Inventory 541,000 Equipment 314,000 $ 1,064,500 $ 179,000 Balance sheet-credit balance accounts Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 111,500 86,000 32,600 583,000 182,500 68,900 $ 1,064,500 $ 0 Statement of cash flows Operating activities Investing activities Financing activities $ $ 0