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 companys balance sheets and income statement follow.

GOLDEN CORPORATION Comparative Balance Sheets December 31, 2016 and 2015 2016 2015 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $209,000 $150,000 76,000 538,000 764,000 323,000 177,000)(116,000 $1,110,000 $ 971,000 89,000 625,000 923,000 364,000 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 $ 91,000$ 83,000 37,000 120,000 46,000 137,000 614,000 592,000 172,000 87,000 $1,110,000$ 971,000 205,000 154,000