$1,136,500 963,800 Total liabilities and equity GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,882,000 1,104,000 778,000 $ 54,000 512,000 Depreciation expense 566,000 212,000 47,200 $ 164,800 Other expenses Income before taxes Income taxes expense Net income Iditional Information on Year 2017 Transactions Purchased equipment for $66,500 cash Issued 13,800 shares of common stock for $5 cash per share Declared and paid $107,000 in cash dividends Required information Cash flows from investing activities: 0 Cash flows from financing activities 0 Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year 0