Required Information [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, 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 $ 164,888 83,800 601,000 848,888 335,800 (158,000) $1,025,000 $ 107, eee 71, see 526,000 784,980 299, ee (184,688) $ 899, eee 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 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 87,000 28,888 115,000 $ 71, eee 25, eee 96, Dee 592,880 198,00 122,000 $1,025,000 568,888 160, eee 75,000 $ 899,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $1,792,600 1,886, 888 786,000 494,608 54, eee 158,00 22,000 $ 136,000 Additional Information on Current Year Transactions a. Purchased equipment for $36.000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and pald $89,000 in cash dividends. 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.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income S 0 Cash flows from investing activities 0 Cash flows from financing activities 0 S 0 Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31. current year s 0