Required information The following information applies to the questions displayed below] Golden Corp, a merchandiser, recently completed its 2018 operations. For the year, () all sales are credt 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets 178,000 122,400 85,000 622,000 540,000 747,400 372,700 313,000 104,000 904,000 $1,111,700 949,400 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 $ 115,000 85,000 42,00032.100 157,000 117,100 620,000 593,200 210,000 169,800 124,700 69,300 $1,111,700 $ 949,400 GOLDEN CORPORATION Income Statement 31, 2018 For Year Ended Sales Cost of goods sold Gross profit Operating expenses $1,862,000 1,100,000 762,000 Depreciation expense Other expenses508,000562,000 s 54,000 Income before taxes Income taxes expense Net income 200, 000 41,600 S 158,400 Additional Information on Year 2018 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 Prepare a complete statement of cash flows: report its cash inflows and cash outfiows from operating activities Income taxes expense Net income 41,600 $ 158,400 Additional Information on Year 2018 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; report its cash inflows and cash outflows from operating activities according to the indirect method.(Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by Income statement items not affecting cash Changes in current assets and current Cash flows from investing activities Cash fows from financing activities Net increase (decrease) in cash Cash balance at December 31, 2018