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[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.

GOLDEN CORPORATION
Comparative Balance Sheets
December 31
	Current Year	Prior Year
Assets
Cash	$ 178,000	$ 122,400
Accounts receivable	104,000	85,000
Inventory	622,000	540,000
Total current assets	904,000	747,400
Equipment	372,700	313,000
Accumulated depreciationEquipment	(165,000)	(111,000)
Total assets	$ 1,111,700	$ 949,400
Liabilities and Equity
Accounts payable	$ 115,000	$ 85,000
Income taxes payable	42,000	32,100
Total current liabilities	157,000	117,100
Equity
Common stock, $2 par value	608,800	582,000
Paid-in capital in excess of par value, common stock	221,200	181,000
Retained earnings	124,700	69,300
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

1. Purchased equipment for $59,700 cash.
2. Issued 13,400 shares of common stock for $5 cash per share.
3. Declared and paid $103,000 in cash dividends.

Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.)

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