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.

GOLDEN CORPORATION

Comparative Balance Sheets

December $31$

Current Year Prior Year

Assets

Cash $ $182,000$ $ $126,800$

Accounts receivable $110,00089,000$

Inventory $628,000544,000$

Total current assets $920,000759,800$

Equipment $383,500317,000$

Accumulated depreciation$$Equipment $(167,000)(113,000)$

Total assets $ $1,136,500$ $ $963,800$

Liabilities and Equity

Accounts payable $ $123,000$ $ $89,000$

Income taxes payable $46,00034,100$

Total current liabilities $169,000123,100$

Equity

Common stock, $$2$ par value $613,600586,000$

Paid$-$in capital in excess of par value, common stock $228,400187,000$

Retained earnings $125,50067,700$

Total liabilities and equity $ $1,136,500$ $ $963,800$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,882,000$

Cost of goods sold $1,104,000$

Gross profit $778,000$

Operating expenses $($excluding depreciation$)512,000$

Depreciation expense $54,000$

Income before taxes $212,000$

Income taxes expense $47,200$

Net income $ $164,800$

Additional Information on Current Year Transactions

Purchased equipment for $$66,500$ cash.

Issued $13,800$ shares of common stock for $$5$ cash per share.

Declared and paid $$107,000$ in cash dividends.

Required:

Prepare a complete statement of cash flows using a spreadsheet under the indirect method.