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 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 175.000 99,500 25 92.000 364, (050) 31,03,00 119,100 82.ee 537.000 10.100 310,000 (109.500) 5933,600 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum depreciation Equipment Total asset. Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity CON stock, 12 par value Pald.in capital in excess of par value on stock Retired earnings Total liabilities and equity $ 109,000 39, 14, $2.000 30.600 112,600 05.200 215, 120100 51,093/100 59,000 1/6,50e 70.50 39.600 GOLULN CORPORATION Incote Status Yar Cerent Year Ended Decebal Coat of mod OP DE 12. 2010 20 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 5e5,000 Income before taxes Income taxes expense Net income $1,847,00 1,097,000 750,000 559,000 191,eee 37,400 $ 153,600 Additional Information on Current Year Transactions a. Purchased equipment for $54.600 cash b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100.000 in cash dividends. Required: Prepare a complete statement of cash flows using the direct method for the current year (Amounts to be deducted show Indicated with a minus sign.) GOLDEN CORPORATION Sitement of cash flow for durante mbet COLON CORPORATION Statement of Few For current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations Cash flows from investing activities Cash flows from financing activities Netancrease decrease in cash Gash balance December 1 aror year Damon and December 31 Current