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Additional Information on Year 2017 Transactions a. Net income was $158,400. b. Accounts receivable increased. c. Inventory increased. d. Accounts payable increased. e. Income taxes payable increased f. Depreciation expense was $54,000. g. Purchased equipment for $59,700 cash. h. Issued 13,400 shares at $5 cash per share. i. Declared and paid $103,000 of cash dividends. Required information The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2017 operations. 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. The company's balance sheets and income statement follow. GOLDEN CORPORATI ON Comparative Balance Sheets December 31, 2017 and 2016 2016 2017 Assets Cash S 122,400 178,000 104,000 622,000 904,000 372,700 (165,000) Accounts receivable 85,000 540,000 747,400 313,000 (111,000) Inventory Total current assets Equipment Accum. depreciation-Equipment $1,111,700 $949,400 Total assets Liabilities and Equity 85,000 32,100 117,100 $ Accounts payable Income taxes payable Total current liabilities 115,000 42,000 157,000 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 620,000 210,000 124,700 582,000 181,000 69,300 $ 949,400 Total liabilities and equity $1,111,700 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 $1,862,000 1,100,000 762,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes $ 54,000 508,000 562,000 200,000 41,600 Income taxes expense Net income 158,400 Required: Prepare a complete statement of cash flows using a spreadsheet; report operating activities under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Year Ended December 31, 2017 Analysis of Changes December 31, 2017 December 31, 2016 Debit Credit Balance sheet-debit balance accounts Cash 122,400 $ 178,000 Accounts receivable 85,000 Inventory 540,000 Equipment 313,000 1,060,400 Balance sheet-credit balance accounts Accumulated depreciation-Equipment 111,000 Accounts payable 85,000 Income taxes payable 32,100 582,000 Common stock, $2 par value Paid-in capital in excess of par value, common stock 181,000 Retained earnings 69,300 1,060,400 Statement of cash flows Operating activities Investing activities Financing activities