Golden Corp., a merchandiser, recently completed its 2015 operations. 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, (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. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2015 and 2014 2015 2014 Assets 180,550 135.954 Cash 93,873 Accounts receivable 102.373 710,104 621,504 Inventory 993,027 Total current assets 851,331 441,359 346,359 Equipment Accum. depreciation-Equipment (175,390) (118,690) 1,258,996 1,079,000 Total assets Liabilities and Equity 134,514 71.214 Accounts payable Income taxes payable 31,154 28,054 Total current liabilities 165.668 99.268 Equity Common stock, $2 par value 553.800 527.800 234,325 188,825 Paid-in capital in excess of par value, common stock Retained earnings 305.203 263,107 Total liabilities and equity 1,258,996 1,079,000