Use the following information for the Problems below. (Static) [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 Current Year Prion Year $164,000 83,000 601, 848,000 335.000 150.000 3 1,125, $ 107,000 71, 526,000 704,000 299.000 (104000 899.00 Assets Cash Accounts receivable Investory Total current assets Luighest Accumulated depreciation-aquipment totalsts Liabilities and Equity Accounts payable Locome taxes oayable Moto current laitos Equity Comon stock par Valve Paid capital cost of all costock Retained in Tot sities and quity 57.000 28.000 1150 57,00 13.00 96. 392.00 196. 12100 10250 568.00 160.00 25. 3 GOLDEN CORPORATION GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Income taxes expense Net Incos $ 1,792,00 1.086,000 706,000 494,000 54.000 158,000 $ 136,000 Additional Information on Current Year Transactions 0. Purchased equipment for $36.000 cash. b. Issued 12.000 shares of common stock for $5 cash per share c. Declared and paid $89,000 in cash dividends Problem 16-6A (Static) Indirect: Statement of cash flows LO P2, P3 Required: Prepare a complete statement of cash flows using the Indirect 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 Adjustments to reconcile net income to net cash provided by operations: income statement items affecting cash Changes in current assets and current liabilities CASOWOWO 0 cash now from financing activities Changes in current assets and current liabilities $ S 0 Cash flows from investing activities 0 Cash flows from financing activities $ 0 Net increase (decrease in cash Cash balance at December 3 prior year Cash balance at December 31 Ourrent year $ 0