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 $ 183,000 111,500 629,500 924,000 1 386,200 (167,500) $1,142,700 $ 127,900 90,000 $45,000 762,900 310,000 (113,500) $ 967,400 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxen 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 $ 125,000 47,000 172,000 $ 90,000 34,600 124,600 614,800 230, 200 125,700 $1,142,700 587,000 188,500 67,300 $ 967, 400 GOLDEN CORPORATION Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,887,000 Cost of goods sold 1,105,000 Gross profit 782,000 Operating expenses Depreciation expense $ 54,000 Other expenses 513,000 567,000 Income before taxes 215,000 Income taxes expense 48,600 Net income $ 166,400 Additional Information on Current Year Transactions a. Purchased equipment for $68,200 cash. b. Issued 13,900 shares of common stock for $5 cash per share. c. Declared and paid $108,000 in cash dividends. Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: $ 0 Cash flows from investing activities 0 Cash flows from financing activities: ANN Required information For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Accounts payable decrease Accounts payable increase Accounts receivable decrease Accounts receivable increase $ 0 wwwwwwwwww 0 Cash flows from financing activities: 0 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ $ 0 Prey BE