Golden Corp,, a merchanaiser, recently completea its zo/ operations. rFor the year, (1) all sales are creait sales, (4) al 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. r31, 2017 and 2016 2017 s 169,000 112,500 76,000 608,500531000 90,500 Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets 868,000 348,400 719,500 304,000 (160,500) (106,500) $1,055,900 917,000 Liabilities and Equity Accounts payable Income taxes payable Total current 1iabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock 33,000 130,000 $ 97,000 76,000 27,600 0103,600 602,000 201,000 122,9007 573,000 167,500 72,900 Total liabilities and equity $1,055,900 917,000 TION Income Statement Ended 31, 2017 $1,817,000 ,091,000 Cost of goods sold Gross profit Operating expenses 726,000 54,000 499,000 epreciation expense 553,000 173,000 29,000 s 144.000 Income before taxes Income taxes expense