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 Current Year Prior Year Assets Cash $ 178,000 $ 122,400 Accounts receivable 104.000 85,000 Inventory 622,000 540,000 Total current assets 904,000 747,400 Equipment 372,700 Accumulated depreciation Equipment 313,000 (165,000 (111,000) Total assets $1,111,700 $ 949.400 Liabilities and Equity Accounts payable Income taxes payable $ 115,000 $ 85,000 42,000 J2, 100 Total current Liabilities 157,000 117, 100 Equity Common stock, 52 par value Pald-in capital in excess of par value, common stock 608,800 582,000 221,200 Betained earnings 181,000 124,700 62,300 Total liabilities and equity $1,111,700 $ 949,400 COLDEN CORPORATION Income Statement For Current Year Ended December 31 sales $1,862,000 Coat of goods sold 1,100,000 Gross peotit 762,000 Operating expenses (excluding depreciation) 500.000 Depreciation expense 59.000 Theone before taxes 200,000 The expense 41,600 Net Income $ 158, 400 Additional Information on Current Year Transactions a. Purchased equipment for $59,700 cash b. Issued 13.400 shares of common stock for $5 cash per share c. Declared and paid $103.000 in cash dividends. 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 Analysis of Changes Year Debit Credit December 31 Current Year $ $ Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 122,400 85.000 178,000 540,000 313,000 1,060,400 $ $ Balance sheet credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, 52 par value Paid-in capital in excess of par value, common stock Retained earnings 111,000 85,000 32.100 582,000 181,000 69,300 1,060,400 $ Statement of cash flows Operating activities Investing is Finanong activities