[The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2017 operations. 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. The companys balance sheets and income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash $ 173,000 $ 116,900 Accounts receivable 96,500 80,000 Inventory 614,500 535,000 Total current assets 884,000 731,900 Equipment 359,200 308,000 Accum. depreciationEquipment (162,500 ) (108,500 ) Total assets $ 1,080,700 $ 931,400 Liabilities and Equity Accounts payable $ 105,000 $ 80,000 Income taxes payable 37,000 29,600 Total current liabilities 142,000 109,600 Equity Common stock, $2 par value 610,000 577,000 Paid-in capital in excess of par value, common stock 205,000 173,500 Retained earnings 123,700 71,300 Total liabilities and equity $ 1,080,700 $ 931,400 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 1,837,000 Cost of goods sold 1,095,000 Gross profit 742,000 Operating expenses Depreciation expense $ 54,000 Other expenses 503,000 557,000 Income before taxes 185,000 Income taxes expense 34,600 Net income $ 150,400 Additional Information on Year 2017 Transactions Purchased equipment for $51,200 cash. Issued 12,900 shares of common stock for $5 cash per share. Declared and paid $98,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Additional Information on Year 2017 Transactions Purchased equipment for $51,200 cash. Issued 12,900 shares of common stock for $5 cash per share. Declared and paid $98,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)