2.50 points Problem 16-8AB Direct: Statement of cash flows LO P1, P3, P5 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 CORPORATION Comparative Balance Sheets December 31, 2015 and 2014 2015 2014 Assets Cash Accounts receivable Inventory S 165,884 S 111,510 76,995 509,760 88,472 581,098 Total current assets Equipment Accum. depreciation-Equipment 835,454 317,694 698,265 284,085 (97,350) 147,788) Total assets 1,005,360 885,000 Liabilities and Equity Accounts payable ncome taxes payable $ 66,354 $ 92,040 23,010 26,139 Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 92,493 115,050 634,200 212,375 66292 588,200 54,875 26,875 Total liabilities and equity $1,005,360 885,000