1) prepare journal entries a) Recontruct the journal entry for cash receipts from customers, incorporating the change in the related Balance sheet account(s), if any. b)Recontruct the journal entry for cash payments for inventory, incorporating the change in the related Balance sheet account(s), if any. c)Recontruct the journal entry for depreciation expense, incorporating the change in the related Balance sheet account(s), if any. d)Recontruct the journal entry for cash paid for other operating expenses, incorporating the change in the related Balance sheet account(s), if any. e)Recontruct the journal entry for income taxes expense, incorporating the change in the related Balance sheet account(s), if any fRecontruct the journal entry for the purchase of new equipment g)Recontruct the journal entry for the issuance of common stock h)Recontruct the journal entry to record the payment of cash dividends )Close the revenue accounts to income summary Close the expense accounts to income summary k)Close the income summary to Retained earnings GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Ac $ 164,000 107,000 71,000 601,000 526,000 704,000 299,000 104,000 $1,025,000 899,000 83,000 848,000 335,000 (158,000) counts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total 1iabilities and equity $87,000 71,000 28,00025,000 96,000 115,000 568,000 160,000 122,00075,000 $1,025,000 899,000 592,000 196,000 GOLDEN CORPORATION GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,792,000 1,086,000 706,000 54,000 494,000 Depreciation expense Other expenses Income before taxes Income taxes expense Net income 548,000 158,000 22,000 136, 000 Additional Information on Year 2017 Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. Accounts 000: no journal entry 101: cash 106: accounts receivable,net 120: inventory 125: prepaid expenses 150: equipment 151: accumulated depreciation-equipment 201: accounts payable 202: wages payable 210: income taxes payable 220: notes payable (short term) 251: notes payable (long term) 310: common stock,$2 par value 312: paid-in capital in excess of par-common 318: retained earnings 10: sales 413: sales discount 14: sales returns and allowances 502: cost of goods sold 610: depreciation expense 615: other expenses 620: loss on sale of equipment 621: gain on sale of equipment 630: income taxes expense 700: Income summary