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. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 164,000 83,000 601,000 848,000 335,000 (158,000) $1,025,000 $ 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 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 28,000 115,000 $ 71,000 25,000 96,000 592,000 196,000 122,000 $1,025,000 568,000 160,000 75,000 $ 899,000 $1,792,000 1,086,000 706,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 Income before taxes Income taxes expense Net income 548,000 158,000 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 paid $89,000 in cash dividends. Prepare the Statement of Cash flows for the year ended December 31, current year using the Direct Method. Hint Use the Cash T-account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Dates: Dec 31 to: Dec 31 Unadjusted - GOLDEN COMPANY Statement of Cash Flows (Direct Method) For Current Year Ended December 31 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Prepare the operating activities section of the statement of cash flows using the indirect method. Enter reductions to net cash provided by operating activities as negative values. Dates: Dec 31 to: Dec 31 Unadjusted - GOLDEN COMPANY Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities