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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 CORPORATIONComparative Balance SheetsDecember $31$Current YearPrior YearAssets$$Cash$ $177,000$$ $121,300$Accounts receivable$102,50084,000$Inventory$620,500539,000$Total current assets$900,000744,300$Equipment$370,000312,000$Accumulated depreciation$$Equipment$(164,500)(110,500)$Total assets$ $1,105,500$$ $945,800$Liabilities and Equity$$Accounts payable$ $113,000$$ $84,000$Income taxes payable$41,00031,600$Total current liabilities$154,000115,600$Equity$$Common stock, $$2$ par value$607,600581,000$Paid$-$in capital in excess of par value, common stock$219,400179,500$Retained earnings$124,50069,700$Total liabilities and equity$ $1,105,500$$ $945,800$

GOLDEN CORPORATIONIncome StatementFor Current Year Ended December $31$Sales$ $1,857,000$Cost of goods sold$1,099,000$Gross profit$758,000$Operating expenses $($excluding depreciation$)507,000$Depreciation expense$54,000$Income before taxes$197,000$Income taxes expense$40,200$Net income$ $156,800$

Additional Information on Current Year Transactions

Purchased equipment for $$58,000$ cash.

Issued $13,300$ shares of common stock for $$5$ cash per share.

Declared and paid $$102,000$ in cash dividends.

Problem $16-6$A $($Algo$)$ Indirect: Statement of cash flows LO P$2,$ P$3$

Required:

Prepare a complete statement of cash flows using the indirect method for the current year.

Note: Amounts to be deducted should be indicated with a minus sign.