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 company?s balance sheets and income statement follow.GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016Cash $183,000 $127,900Accounts receivable 111,500 90,000Inventory 629,500 545,000Total current assets 924,000 762,900Equipment 386,200 318,000Accum. Depreciation-Equipment (167,500) (113,500)Total assets $1,142,700 $967,400Liabilities and Equity Accounts Payable $125,000 $90,000Income taxes payable 47,000 34,600Total current liabilities 172,000 124,600Equity Common stock, $2 par value 630,000 587,000Paid-in capital in excess of par value, common stock 215,000 188,500Retained earnings 125,700 67,300Total liabilities and equity $1,142,700 $967,400GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales $1,887,000Cost of goods sold 1,105,000Gross profit 782,000Operating expenses Depreciation expense $54,000 Other expenses 513,000 567,000Income before taxes 215,000Income taxes expense 48,600Net income $166,400Additional information on Year 2017 Transactionsa. Purchased equipment for $68,200 cash.b. Issued 13,900 shares of common stock for $5 cash per share.c. Declared and paid $108,000 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.