[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 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes, payable Total current liabilities Equity Common stock $2 per value Paid-in capital in excess of par value, common stock Retained earnings Total 110ties and equity Current Year Prior Year $166,000 86,000 $ 109,200 73,000 604,000 520,000 856,000 710,200 340,300 301,000 (159,000) (105,000) $1,037,300 5906,200 $93,000l $73,000 30,000 20,100 121,000 99,100 534,400 570,000 199,600 163,000 122,300 74,100 $1,037,700 $900,200 Total liabilities and equity Sales GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Cost of goods sold $ 1,802,000 1,088,000 714,000 496,000 54,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $39.300 cash. 164,000 24,800 $ 139,200 b. Issued 12,200 shares of common stock for $5 cash per share c. Declared and paid $91,000 in cash dividends. $ 1,037,300 $ 906,200 Required: Prepare a complete statement of cash flows using the indirect method for the current year Note: Amounts to be deducted should be indicated with a minus sign. Required: Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities GOLDEN CORPORATION Statement of Cash Flows 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 Cash flows from investinn artivities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31. current year