Check my work Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 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 Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Current Year Prior Year $ 167,000 87,500 $ 110, 300 605,500 860,000 343,000 (159,500) $ 1,043,500 $ 93,000 31,000 124,000 595, 600 201,400 122,500 $ 1,043,500 74,000 529,000 713,300 302,000 (105,500) $ 909,800 $ 74,000 26,600 100, 600 571,000 164,500 73,700 $ 909,800