Golden Corp., a merchandiser, recently completed its 2016 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 December 31, 2016 and 2015 2016 2015 S 200,000 147,000 75,000 87,000 623,000 910,000 361,000 Total curent assets Equipment Accum. depreciation-Equipment Total assets 9 759,000 321,000 (175,000) 115 $1,096,000 965,000 Liabilities and Equity Accounts payable Income taxes payable Total current liabilites Equity Common stock, S2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity S 89,000 S82,000 44,000 33,0000000 118,000 610,000 201,000 152,000 $1,096,000 590,000 171,000 86,000 965,000 GOLDEN CORPORATION For Year Ended December 31, 2016 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income 1,847,000 1,097,000 750,000 $ 60,000 505,000 565,000 185,000 24,000 $ 161,000