Required information [The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2018 operations. 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, (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. 2017 GOLDEN CORPORATION Comparative Balance Sheets December 31, 2018 and 2017 2018 Assets Cash 184,000 Accounts receivable 113,000 Inventory 631,000 Total current assets 928,000 Equipment 388,900 Accum. depreciation-Equipment (168,000) Total assets $1,148,900 Liabilities and Equity Accounts payable $ 127,000 Income taxes payable 48,000 Total current liabilities 175,000 Equity Common stock, $2 par value 632,000 Paid-in capital in excess of par value, 216,000 common stock Retained earnings 125,900 Total liabilities and equity $1,148,900 $ 129,000 91,000 546,000 766,000 319,000 (114,000) $ 971,000 $ 91,000 35,100 126,100 604,000 174,000 66,900 $ 971,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2018 Sales $1,892,000 Cost of goods sold 1,106,000 Gross profit 786,000 Operating expenses Depreciation $ 54,000 expense Other expenses 514,000 568,000 Income before 218,000 taxes Income taxes 50,000 expense Net income $ 168,000 Additional Information on Year 2018 Transactions a. Purchased equipment for $69,900 cash. b. Issued 14,000 shares of common stock for $5 cash per share. c. Declared and paid $109,000 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 nt of Cash Flows For Year Ended December 31, 2018 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: Cash flows from financing activities: Net increase (decrease in cash Cash balance at December 31, 2017 Cash balance at December 31, 2018 ololo