Required information The following information applies to the questions displayed below.) Golden Corp'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. (5) Other Expenses are all cash expenses, and (6) 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 $ 184,000 113,000 631,000 920,000 588, 900 (168,000) $1,148, 900 $ 129,000 91,000 546,000 766,000 319,000 (114,000) $ 971,000 Assets Cash Accountatedeivable Inventory Total current assets Equipment Accum. 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 $ $ 127,000 18,000 175,000 91,000 35, 100 126, 100 616,000 232,000 125, 900 $1,148, 900 588,000 190.000 66,900 $971.000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sale $1,892,000 Coat of goods sold 1,106,000 GEOs profit 786,000 Operating expenses Depreciation expense $ 54,000 Other expenses 514,000 568,000 Income before taxes 218,000 Income taxes expense 50,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,892,000 Cost of goods sold 1,106,000 Gro99 profit 786,000 Operating expenses Depreciation expense $ 54,000 Other expenses 514,000 568,000 Income before taxes 218,000 Income taxes expense 50,000 Net income $ 168,000 Additional Information on Current Year Transactions a. Purchased equipment for $69,900 cash. b. Issued 14,000 shares of common stock for $5 cash per share. c. Declared and paid $109,000 in cash dividends. Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows b. Issued 14,000 shares of common stock for $5 cash per share. c. Declared and paid $109,000 in cash dividends. Required: Prepare a complete statement of cash flows using the direct 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 $ 1,870,000 $ 1,870,000 Cash flows from investing activities Cash flows from financing activities 0 $ 1,870,000 Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31, current year $ 1,870,000