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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 Prior Year

Assets

Cash $ $178,000$ $ $122,400$

Accounts receivable $104,00085,000$

Inventory $622,000540,000$

Total current assets $904,000747,400$

Equipment $372,700313,000$

Accumulated depreciation$$Equipment $(165,000)(111,000)$

Total assets $ $1,111,700$ $ $949,400$

Liabilities and Equity

Accounts payable $ $115,000$ $ $85,000$

Income taxes payable $42,00032,100$

Total current liabilities $157,000117,100$

Equity

Common stock, $$2$ par value $608,800582,000$

Paid$-$in capital in excess of par value, common stock $221,200181,000$

Retained earnings $124,70069,300$

Total liabilities and equity $ $1,111,700$ $ $949,400$

GOLDEN CORPORATION

Income Statement

For Current Year Ended December $31$

Sales $ $1,862,000$

Cost of goods sold $1,100,000$

Gross profit $762,000$

Operating expenses $($excluding depreciation$)508,000$

Depreciation expense $54,000$

Income before taxes $200,000$

Income taxes expense $41,600$

Net income $ $158,400$

Additional Information on Current Year Transactions

Purchased equipment for $$59,700$ cash.

Issued $13,400$ shares of common stock for $$5$ cash per share.

Declared and paid $$103,000$ in cash dividends.

Problem $12-7$AA $($Algo$)$ Indirect: Cash flows spreadsheet LO P$4$

Required:

Prepare a complete statement of cash flows using a spreadsheet under the indirect method.

Note: Enter all amounts $$spreadsheet $$in postive numbers

$$corresponding $$to $$the $$numbers$.$e $$spreadsheet $$corresponding $$to $$the $$numbers$.$reedshet corespoding to the numbers.