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 $ 169,000 90,500 608,500 868,000 348,400 (160.500) $ 1,055, 900 $ 112,500 76,000 531,000 719,500 304,000 (106,500) $ 917,000 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 97,000 33,000 130,000 $ 76,000 27,600 103,600 598,000 205,000 122,900 $ 1,055,900 573,000 167,500 72,900 $ 917,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 1,817,000 1,091,000 726,000 499,000 Total liabilities and equity $ 1,055,900 $ 917,000 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 $ 1,817,000 1,091,000 726,000 499,000 54,000 173,000 29,000 $ 144,000 Additional Information on Current Year Transactions a. Purchased equipment for $44,400 cash. b. Issued 12,500 shares of common stock for $5 cash per share. c. Declared and paid $94,000 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 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 $ 0 Cash flows from investing activities 0 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 $ 0