Required Information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 166,000 $ 109,290 86,000 604,000 856,000 340,300 (159,000) $ 1,037,300 $ 91,000 30,000 73,000 528,000 710,200 301,000 (105,000) $ 996,200 $ 73,000 26,199 Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Sales Cost of goods sold GOLDEN CORPORATION Income Statement For Current Year Ended December 31 $ 1,802,000 1,088,000 714,000 496,000 54,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 164,000 24,800 $ 139,290 Additional Information on Current Year 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. 121,000 99,100 594,400 570,000 199,600 163,000 122,300 74,100 $ 1,037,300 $ 906,200 Problem 16-6A (Algo) Indirect: Statement of cash flows LO P2, P3