Golden Corp., a merchandiser, recently completed its 2015

Golden Corp., a merchandiser, recently completed its 2015 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 company’s balance sheets and income statement follow.GOLDEN CORPORATIONComparative Balance SheetsDecember 31, 2015 and 201420152014 Assets Cash$189,314 $127,260 Accounts receivable100,968 87,870 Inventory663,174 581,760 Total current assets953,456 796,890 Equipment362,566 324,210 Accum. depreciation—Equipment(168,662) (111,100) Total assets$1,147,360 $1,010,000 Liabilities and Equity Accounts payable$75,726 $105,040 Income taxes payable29,831 26,260 Total current liabilities105,557 131,300 Equity Common stock, $2 par value648,100 590,100 Paid-in capital in excess of par value, common stock263,750 176,750 Retained earnings129,953 111,850 Total liabilities and equity$1,147,360 $1,010,000 GOLDEN CORPORATIONIncome StatementFor Year Ended December 31, 2015 Sales$2,100,000 Cost of goods sold861,000 Gross profit1,239,000 Operating expenses Depreciation expense$57,562 Other expenses360,759 418,321 Income before taxes820,679 Income taxes expense160,032 Net income$660,647 Additional Information on Year 2015 Transactionsa.Purchased equipment for $38,356 cash.b.Issued 29,000 shares of common stock for $5.00 cash per share.c.Declared and paid $642,544 in cash dividends.Required:Prepare a complete statement of cash flows; report its cash flows from operating activities according to the direct method. (Amounts to be deducted should be indicated with a minus sign.)