Required information [The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2018 operations. 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, (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, 2018 and 2017 2018 2017 Assets Cash $ 180, 000 $ 124, 600 Accounts receivable 107,000 87,000 Inventory 625,000 542,000 Total current assets 912,000 753, 600 Equipment 378, 100 315,000 Accum. depreciation-Equipment (166, 000) 112, 000) Total assets $1, 124, 100 $ 956, 600 Liabilities and Equity Accounts payable $ 119, 000 87, 000 Income taxes payable 44,000 33 , 100 Total current liabilities 163,000 120,100 Equity Common stock, $2 par value 624,000 596, 800 Paid-in capital in excess of par value, common stock 212, 000 171, 200 Retained earnings 125 , 100 68 , 500 Total liabilities and equity $1, 124, 100 $ 956, 600GOLDEN CORPORATION Income Statement For Year Ended December 31, 2018 Sales $1, 872,000 Cost of goods sold 1, 102,000 Gross profit 770,000 Operating expenses Depreciation expense $ 54,000 Other expenses 510,000 564,000 Income before taxes 206,000 Income taxes expense 44, 400 Net income $ 161, 600 ditional Information on Year 2018 Transactions Purchased equipment for $63,100 cash. Issued 13,600 shares of common stock for $5 cash per share. Declared and paid $105,000 in cash dividends. quired: :pare a complete statement of cash flows; report its cash inflows and cash outflows from operating tivities according to the indirect method. (Amounts to be deducted should be indicated with a nus sign.)GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Depreciation expense Changes in current assets and current liabilities 0 Cash flows from investing activities: 0 Cash flows from financing activities:Changes in current assets and current liabilities 0 Cash flows from investing activities: Cash flows from financing activities: C Net increase (decrease) in cash 0 Cash balance at December 31, 2017 Cash balance at December 31, 2018 0