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 Recelvable reflect cash recelpts from customers, $(3)$ all

purchases of Irventory 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.

GOLDEN CORPORATION

Comparative Balance Sheets

December $31$

Current Year Prior Year

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

Common stock, $$2$ par value

Paid$-$in capital in excess of par value, common stock

Retained earnings

Total liabilities and equity

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales

Cost of goods sold

Gross profit

Operating expenses $($excluding depreciation$)$

Depreciztion expense

Income before taxes

Income taxes expense

Net income

Additional Information on Current Year Transactions

a$.$ Purchased equipment for $$41,000$ cash.

b$.$ Issued $12,300$ shares of common stock for $$5$ cash per share.

c$.$ Declared and pald $$92,000$ in cash dividends.

Problem $12-6$A $($Algo$)$ Indlrect: Statement of cash flows LO P$2,$ P$3$

Required:

Prepare a complete statement of cash flows using the indirect method for the current year.