Sales GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,882,000 1,104,000 778,000 512,000 54,000 212,000 47,200 $ 164,800 Additional Information on Current Year Transactions a. Purchased equipment for $66,500 cash. b. Issued 13,800 shares of common stock for $5 cash per share. c. Declared and paid $107,000 in cash dividends. Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method Cash flows from operating activities: For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities