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 $ 174,000 $ 118,000 Accounts receivable 98,000 81,000 Inventory 616,000 536,000 Total current assets 888,000 735,000 Equipment 361,900 309,000 Accumulated depreciation Equipment 163.000) (109,000 Total aseta $ 1,086,900 5935,000 Liabilities and Equity Accounts payable $ 107.000 $81,000 Income taxes payable 38,000 30,100 Total current liabilities 145.000 111,100 Equity common stock, 52 par value 604,000 578,000 Paid-in capital in excess of par value, common stock 214.000 175,000 Retained earnings 123.900 70,900 Total liabilities and equity $ 1.086.900 5935,000 COLDEX CORPORATION Income statement Pot Current Year Ended December 31 Sales $ 1.842,000 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 $ 1,842,000 1,096,000 746,000 504,000 54,000 188,000 36,000 $ 152,000 Additional Information on Current Year Transactions a. Purchased equipment for $52,900 cash. b. Issued 13,000 shares of common stock for $5 cash per share. c. Declared and paid $99,000 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 Required information Cash flows from operating activities 2 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities ok ht 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 aw 1