Required information [The following information applies to the questions displayed below.) Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Prior Year GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Assets Cash $ 176,000 Accounts receivable 101,000 Inventory 619,000 Total current assets 896,000 Equipment 367,300 Accum. depreciation-Equipment (164,000) Total assets $1,099, 300 Liabilities and Equity Accounts payable $ 111,000 Income taxes payable 40,000 Total current liabilities 151,000 Equity Common stock, $2 par value 606,400 Paid-in capital in excess of par value, 217,600 common stock Retained earnings 124,300 Total liabilities and equity $1,099,300 $ 120,200 83,000 538,000 741,200 311,000 (110,000) $ 942,200 $ 83,000 31,100 114,100 580,000 178,000 70, 100 $ 942,200 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,852,000 Cost of goods sold 1,098,000 Gross profit 754,000 Operating expenses Depreciation $ 54,000 expense Other expenses 506,000 560,000 Income before taxes 194,000 Income taxes expense 38,800 Net income $ 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 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: 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 Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) December 31, Current Year $ 176,000 GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Debit Credit Prior Year Balance sheet-debit balance accounts Cash $ 120,200 Accounts receivable 83,000 Inventory 538.000 Equipment 311,000 $ 1,052,200 Balance sheet credit balance accounts Accumulated depreciation-Equipment $ 110,000 Accounts payable 83,000 Income taxes payable 31,100 Common stock, $2 par value 580,000 Paid-in capital in excess of par 178,000 value, common stock Retained earnings 70,100 $ 1,052,200 Statement of cash flows Operating activities Investing activities Financing activities