Required information Use the following information for the Problems 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) 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 follovw GOLDEN CORPORATION Compar ative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Accounts receivable Inventory Total current assets Equipmerrt Accum. depreciation-Equipment Total assets $ 166, 000 86, 000 604, 000 856, 000 340, 300 109, 200 73, 000 528, 000 710, 200 301, 000 (105, 000) $906, 200 (159, 000) $1, 037, 300 Liabilities and Equity Accounts payable Income taxes payable Total currentliabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained eamings Total liabilities and equity $91, 000 $ 30, 000 121, 000 73, 000 26, 100 99, 100 596, 000 198, 000 122, 300 $1, 037, 300 570, 000 163, 000 74, 100 $906, 200 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1, 802, 000 1, 088, 000 714, 000 Depreciation expense $ 54, 000 496, 000550, 000 164, 000 0ther expenses Income before taxes Income taxes expense Net income $139, 200 Problem 16-6A Indirect: Statement of cash flowS LO P1, P2, P3 Additional Information on Year 2017 Transactions a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share c. Declared and paid $91,000 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 Net income Adjustments to reconcile net income to net cash provided by operations Depreciation expense Accounts receivable increase Inventory increase Accounts payable increase Income taxes payable increase Net cash provided by operating activities Cash paid for equipment Net cash used in investing activities Cash flows from financing activities Cash received from stock issuance Cash paid for cash dividends Net cash used in financing activities Net increase (decrease) in cash Cash balance at beginning of yea Cash balance at end of year