[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. Assots Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $179,000 105,500 $ 123,500 86,000 623,500 908,000 375,400 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Connoin stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement Sales For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,867,000 1,101,000 766,000 509,000 54,000 203,000 43,000 $ 160,000 Additional Inf (165,500) $ 1,117,900 $ 117,000 43,000 160,000 610,000 223,000 124,900 $ 1,117,900. 541,000 750,500 314,000 (111,500) $ 953,000 $ 86,000 32,600 118,600 583,000 182,500 68,900 $ 953,000 Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 in cash dividends. Required information 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 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