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. GOLDEN CORPORATION Comparative Balance Sheets December 31 Assets 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 Income Statement For Current Year Ended December 31 Sales Cost of goods sold $ 1,802,000 1,088,000 714,000 496,000 54,000 164,000 24,800 $ 139,200 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 $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. Current Year Prior Year $ 166,000 $ 109,200 86,000 73,000 604,000 856,000 340,300 (159,000) $ 1,037,300 $91,000 30,000 528,000 710,200 301,000 (105,000) $ 906,200 $ 73,000 26,100 121,000 99,100 594,400 570,000 199,600 163,000 122,300 $ 1,037,300 74,100 $ 906,200 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 S Accounts receivable 109,200 73,000 $ 166,000 Inventory 528,000 Equipment 301,000 $ 1,011,200 $ 166,000 Balance sheet-credit balance accounts Accumulated depreciation-Equipment S 105,000