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 372,700 313,000 Amalated depreciation Equipment (165.000) 311,000 Total assets $1,111,700 5949,400 Liabilities and Equity secounts payable Income taxes payable $ 115,000 $ 85.000 42.000 32.100 Total current liabilities 157,000 117,100 Equity Comon stock, 52 par value Paid-in capital in excess of par value, common stock 608,00 582,000 retained earnings 221,200 181,000 124,700 59.300 Total liabilities and equity $ 1,111,700 $949,400 GOLDIE CORPORATION Incube statement Por Current Year Ended December 13 Sales Cost ot goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxe Ineems are speae $ 1,962,000 1.100.000 762,000 500.000 54.000 200,000 41,600 $ 158.400 Additional Information on Current Year Transactions a. Purchased equipment for $59700 cash b. issued 3.400 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 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 Cash flows from investing activities Cash flows from financing activities Net Increase (decrease in cash Cash balance at December 31. prior year Cash balance at December 31, current year