0 Required information [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. Assets Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Income taxes payable Current Year Prior Year $ 183,000 111,500 629,500 924,000 386,200 (167,500) $ 1,142,700 $ 125,000 47,000 $ 127,900. 90,000 545,000 762,900 318,000 (113,500) $ 967,400 $ 90,000 34,600 172,000 124,600 614,800 587,000 230,200 125,700 $ 1,142,700 188,500 67,300 $ 967,400