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 $ 176,000 101,000 619,000 896,000 367, 300 (164,000) $ 1,099,300 $ 120,200 83,000 538,000 741,200 311,000 (110,000) $ 942,200 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 $ 111,000 40,000 151,000 $ 83,000 31,100 114,100 606, 400 217,600 124,300 $ 1,099, 300 580,000 178,000 70, 100 $ 942,200 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 $ 1,852,000 1,098,000 754,000 506,000 54,000 194,000 38,800 $ 155, 200 Additional Information on Current Year Transactions a. Purchased equipment for $56,300 cash. b. Issued 13,200 shares of common stock for $5 cash per share. c. Declared and paid $101,000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 December 31, Prior Analysis of Changes Year Debit Credit December 31, Current Year Balance sheetdebit balance accounts - Cash $ $ 176,000 Accounts receivable 120,200 83,000 538,000 Inventory Equipment 311,000 $ 1,052,200 $ 176,000 Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable $ 110,000 83,000 31,100 Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 580,000 178,000 70,100 $ 1,052,200 $ 0 Statement of cash flows Operating activities Investing activities Financing activities $ 0 $ 0