Golden Carols current year Income statement com pa ratNe balance sheets, and addltlonal Information follow. For the year, [1} all sales are credIt salesr {2} all credlts to Accounts Recerable reect cash recelpts from customers, {3] all purchases of Inventory are on credlt, {4} all deblts to Accounts Payable reect cash payments for Inventory, [5} Other Expenses are all cash expenses, and {6} any change In Income Taxes Payable reects me accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 179,000 $ 123,500 Accounts receivable 105,500 85,000 Inventory 523,500 541,000 Total current assets 908,000 750,500 Equipment 335,400 314,000 Accum. depreciationEquipment #165,500? (111,500) Istal Iassets $1,117,900 $ 953,000 Liabilities and Equity Accounts payable 3 117,000 $ 85,000 Income taxes payable 43.000 32.600 Total current liabilities 150,000 118,500 Equity Common stock... $2 par value 510,000 583,000 Paid-in capital in excess of par value, common stock. 223,000 182,500 Retained earnings 124,900 58,900 Total liabilities and equity $1,117,900 $ 953,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,857,000 Cost of goods sold 1,101,000 Gross profit 755,000 Operating expenses Depreciation expense $ 54,000 Other expenses 509,000 553,000 Income before taxes 203,000 Income taxes expense 43,000 Net income 3 150,000 Additional Information on Current Year Transactlons a. Purchased equlpment for $61,400 cash. h. Issued 13,500 shares ofcomm0n stock for $5 cash per share. c. Declared and pald $104,000 In cash dIvIdends.