[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. Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable: Total current liabilities. Equity Common stock, $2 par value GOLDEN CORPORATION Comparative Balance Sheets December 31 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Current Year Prior Year $ 124,600 87,000 $ 180,000 107,000 625,000 912,000 378,100 (166,000) $1,124,100 542,000 753,600 315,000 (112,000) $ 956,600 $ 87,000 $ 119,000 44,000 163,000 33,100 120,100 611,200 584,000 224,800 184,000 125,100 68,500 $1,124,100 $956,600 M ences Retained Total liabilities and equity GOLDEN CORPORATION Income Statement. For Current Year Ended December 31 Sales Cost of goods sold Gross profit erating expenses Depreciation expense Other expenses Incone before taxes Income taxes expense Net income $1,872,000 1,102,000 770,000 $ 54,000 510,000 564,000 206,000 44,400 $ 161,600 Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash. b. Issued 13,600 shares of common stock for $5 cash per share. c. Declared and paid $105,000 in cash dividends. $1,124,100 $ 956,600 Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.) Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deduct indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities es Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year