Required information Use the following information for the Problems below. The following information applies to the questions displayed below. Golden Corp., a merchandiser, recently completed its 2017 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) al 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, 2017 and 2016 2016 2017 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $181,000 125,700 88,000 626,500543,666 756,700 316,000 108,500 916,000 380,800 (166,500 (112,500) $1,130,300 960,200 $ 121,000 $88,000 121,600 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 45,000 166,000 33.60 626,000 213,000 125,300 585,000 185,500 68,100 $1,130,30e 960,200 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,877,000 1,103,000 774,000 Depreciation expense $54,000 511,000 Other expenses Income before taxes Income taxes expense Net income 565,000 209,000 45,800 $ 163,200 Problem 12-6A Indirect: Statement of cash flows LO P1, P2, P3 Additional Information on Year 2017 Transactions a. Purchased equipment for $64,800 cash. b. Issued 13,700 shares of common stock for $5 cash per share c. Declared and paid $106,000 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, 2017 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 beginning of year Cash balance at end of year