Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity GOLDEN CORPORATION Comparative Balance Sheets December 31 Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Sales Cost of goods sold Income Statement For Current Year Ended December 31 $ 1,817,000 1,091,000 726,000 499,000 54,000 173,000 29,000 $144,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $44,400 cash. b. Issued 12,500 shares of common stock for $5 cash per share. c. Declared and paid $94,000 in cash dividends. Current Year Prior Year $ 169,000 $112,500 90,500 76,000 608,500 531,000 868,000 719,500 348,400 304,000 (160,500) 33,000 130,000 $1,055,900 $ 97,000 (106,500) $ 917,000 $ 76,000 27,600 103,600 598,000 573,000 205,000 167,500 122,900 72,900 $ 1,055,900 $ 917,000