Required information Use the following information for the Problems below. The following information applies 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) 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 GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Total current assets Equipment Accum depreciation-Equipment Total assets Libilities and Equity Accounts payable Income taxes payable Total current Ilabilities Equity Common stock; $2 par value Pald-in Capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 176,000 101.oee 619,00 896, coe 367, 3ee (164,000) $1,099, 100 $ 120,209 83,000 538.000 741,200 311.ee 110,000 $942.200 $ 111.000 40.000 151,000 $ 83,000 31, 100 114,100 606, 400 217.609 124,309 $1,099, 300 580,000 178,000 70, 100 5 942,200 GOLDEN COPY $1,852,000 1,098,000 754,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 506,000 Income before taxes Income taxes expense Net income 560,000 194,000 38,800 155,200 tes Additional Information on Current Year Transactions a. Purchased equipment for $56,300 cash. b. Issued 13,200 shares of common stock for $5 cash per share. c. Declared and paid $101,000 in cash dividends. or Required information Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deduc indicated with a minus sign.) boints eBook GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Too f Adjustments to reconcile net income to nel cash provided by operations References Cash flows from investing activities Cash flows from financing activities Net Increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year