Required information Use the following information for the Problems below. [The following information apoles 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) 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. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 175,000 99,500 617.500 892,000 364,600 (163,500) $1,093, 100 $ 119,100 82,000 537.000 738, 100 310,000 (109,500) $ 938,600 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current Habilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ $ 109,000 39,000 148,000 82,000 30,600 112,600 605,200 215,800 124,100 $1,093, 100 579,000 176,500 70,500 $ 98,600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,847,000 Cost of goods sold 1,097,000 Gross profit 750,000 Operating expenses Depreciation expense $ 54,000 505,000 other expenses 559.000 Income before taxes 191.000 Income taxes expense 31,400 Net income $ 153,500 Additional Information on Current Year Transactions a. Purchased equipment for $54,600 cash. b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100,000 in cash dividends. Problem 12-SAB Direct: Statement of cash flows LO P5 Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flaws For Current Year Ended December 31 Cash flows from operating activities Cash received from customers Cash flows from investing activities 0 Cash flow from financing activities 0 0 $ Net increase (decrease in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0