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 Yea! Assets Cash 5.178,000 $ 122,400 Accounts receivable 104,000 85,000 Inventory 622.000 500.000 Total current assets 904,000 747, 400 Equipment 372,700 313,000 Accumulated depreciation-Equipment (265,000 (211.000) Total assets $ 1,111,700 5949,400 Liabilities and Equity Accounts payable $ 115,000 $ 85,000 Income taxes payable 42.000 32) 100 Total current liabilities 157.000 117, 100 Equity Common stock, 52 par value 608,800 582,000 Paid in capital in excess of par value, common stock 221,200 Retained earnings 281.000 124,700 69 300 Total liabilities and equity 5.1.111,700 $949,400 GOLDEN CORPORATION Income Statement For Current Year Ended December 11 Sales Coat of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Incos taxes expense | | | | $1,362,000 B100.000 7752000 308,000 54.000 200,000 41,500 $ 158,400 Additional Information on Current Year Transactions a. Purchased equipment for $59.700 cash bs. 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.) 60 GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior December 31 Year Debit Credit Current Year Balance sheet-debit balance accounts Cash $ 122.400 $ 178,000 Accounts receivable 85.000 Inventory 540.000 Equipment 313.000 $ 1,050 400 $ 178.000 Balance sheet-credit balance accounts Accumulated depreciation Equipment 5 111,000 Accounts payable 35.000 Income taxes payable 32.100 Common stock, 52 par value 582.000 Paid in capital in excess of par value, common stock 181.000 Retained earnings 69,300 $ 1.050.400 $ Sulement of cash flows Operating activities Increase in scounts receivable Increase in inventory Increase in accounts payable Depreciation expense Investing activiti Pyret for equipment Francisco issued common stock forca Padash dividende