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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 companys balance sheets and income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash $ 184,000 $ 129,000 Accounts receivable 113,000 91,000 Inventory 631,000 546,000 Total current assets 928,000 766,000 Equipment 388,900 319,000 Accum. depreciationEquipment (168,000 ) (114,000 ) Total assets $ 1,148,900 $ 971,000 Liabilities and Equity Accounts payable $ 127,000 $ 91,000 Income taxes payable 48,000 35,100 Total current liabilities 175,000 126,100 Equity Common stock, $2 par value 632,000 588,000 Paid-in capital in excess of par value, common stock 216,000 190,000 Retained earnings 125,900 66,900 Total liabilities and equity $ 1,148,900 $ 971,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 1,892,000 Cost of goods sold 1,106,000 Gross profit 786,000 Operating expenses Depreciation expense $ 54,000 Other expenses 514,000 568,000 Income before taxes 218,000 Income taxes expense 50,000 Net income $ 168,000 Additional Information on Year 2017 Transactions Purchased equipment for $69,900 cash. Issued 14,000 shares of common stock for $5 cash per share. Declared and paid $109,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

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