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 follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 AssetS Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets 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 168,000 111,400 75,000 607,000530,000 716,400 303,000 160.000) 106,000) 89,000 864, 000 345, 700 $1,049,700 $ 913,400 32,000 127,000 $ 95,000 75,000 27,100 102,100 572,000 166,000 122,70073,300 $1,049,700 913,400 600,000 200,000 GOLDEN CORPORATION Income Statement For Year Ended Decenber 31, 2017 Sales Cost of goods sold Gross profit Operating expenses 1,812,000 1,090,000 722,000 $54,000 498,000 Depreciation expense other expenses Income before taxes Income taxes expense Net income 552,000 170,000 27,600 142,400 Problem 16-8AB Direct: Statement of cash flows LO P1, P3, P5 Additional Information on Year 2017 Transactions a. Purchased equipment for $42,700 cash. b. Issued 12,400 shares of common stock for $5 cash per share c. Declared and paid $93,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash flows from operating activities according to the direct 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 0 0 Cash flows from financing activities 0 0 Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of vear 0