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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	$ 164,000	$ 107,000
Accounts receivable	83,000	71,000
Inventory	601,000	526,000
Total current assets	848,000	704,000
Equipment	335,000	299,000
Accumulated depreciationEquipment	(158,000)	(104,000)
Total assets	$ 1,025,000	$ 899,000
Liabilities and Equity
Accounts payable	$ 87,000	$ 71,000
Income taxes payable	28,000	25,000
Total current liabilities	115,000	96,000
Equity
Common stock, $2 par value	592,000	568,000
Paid-in capital in excess of par value, common stock	196,000	160,000
Retained earnings	122,000	75,000
Total liabilities and equity	$ 1,025,000	$ 899,000

GOLDEN CORPORATION
Income Statement
For Current Year Ended December 31
Sales	$ 1,792,000
Cost of goods sold	1,086,000
Gross profit	706,000
Operating expenses (excluding depreciation)	494,000
Depreciation expense	54,000
Income before taxes	158,000
Income taxes expense	22,000
Net income	$ 136,000

Additional Information on Current Year Transactions

Purchased equipment for $36,000 cash.

Issued 12,000 shares of common stock for $5 cash per share.

Declared and paid $89,000 in cash dividends.

Required:

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

Note: Amounts to be deducted should be indicated with a minus sign.