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 not affecting cash Changes in current assets and current liabilities SA $ Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 0 0 0 $ 0 $ 0 Required information [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. Assets Cash Accounts receivable Inventory GOLDEN CORPORATION Comparative Balance Sheets December 31 Total current assets Equipment Accumulated 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 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit depreciation) Operating expenses (excluding Depreciation expense Income before taxes Income taxes expense Current Year Prior Year $ $ 175,000 119,100 99,500 82,000 617,500 537,000 892,000 738,100 364,600 310,000 (163,500) (109,500) $ $ 1,093,100 938,600 $ 109,000 $ 82,000 39,000 30,600 148,000 112,600 605,200 579,000 215,800 176,500 124,100 70,500 $ $ 1,093,100 938,600 $ 1,847,000 1,097,000 750,000 505,000 54,000 191,000 37,400 $ 153,600 Net income Additional Information on Current Year Transactions a. Purchased equipment for $54,600 cash. b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100,000 in cash dividends