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 Dalance Sheets December 31 Current Year Prior Year Assets Canh $ 17h,000 $ 122, 40g Accounts receivable 104,000 85,000 Inventory 622.000 540.000 Total current asseto 904,000 747.400 Equipment 372,700 uz,000 Accumulated depreciation Equipment clas, no (111,000) Total assets $ 1,111,700 $ 949,400 Liabilities and Equity Accounts payable $ 115,000 s ek, Income taxes payable 42,000 32,100 Total current liabilities 157,000 117,100 Equity Common stock, $2 par value 608,800 582,000 Paid-in capital in exces of par value, common stock 221,200 181,000 Retained earnings 124,700 69,300 Total liabilities and equity $ 1,111,700 $ 949,400 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,862,000 1,100,000 762,000 508,000 54,000 200,000 41,600 $ 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 the indirect 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 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Income statement items not affecting cash Changes in current assets and current liabilities 0 Cash flows from investing activities Cash flows from financing activities: 0 $ 0 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $