Assets Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year $ 183,000 111,500 629,500 924,000 386,200 (167,500) $ 1,142,700 $125,000 47,000 Prior Year $ 127,900 90,000 545,000 762,900 318,000 (113,500) $ 967,400 $ 90,000 34,600 124,600 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts 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 liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold $ 1,887,000 1,105,000 782,000 513,000 54,000 215,000 48,600 $166,400 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 $68,200 cash. b. Issued 13,900 shares of common stock for $5 cash per share. c. Declared and paid $108,000 in cash dividends. 172,000 614,800 587,000 230,200 188,500 125,700 67,300 $ 1,142,700 $ 967,400