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, (t) 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) at 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 Current Year Prior Year $ $ 169,000 112,500 90,500 76,000 608,500 531,000 368,000 719,500 348,400 384,800 160,500) (106,500) $ 5 1,055,900 917,000 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 $ 97,000 $ 76,000 33, eee 27,600 130,00 103,600 598,000 573,000 205,000 167,500 122,900 22,900 $ $ 1,055,900 917,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,817,000 Cost of goods sold 1,091,000 Gross profit 726,000 Operating expenses (excluding 499,000 depreciation) Depreciation expense 54.000 Income before taxes 173,000 Income taxes expense 29,000 Net income $ 144,000 Additional Information on Current Year Transactions a. Purchased equipment for $44.400 cash b. Issued 12,500 shares of common stock for $5 cash per share c. Declared and paid $94,000 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 Innocent nach