Golden Corp., a merchandiser, recently completed its 2018 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, 2818 and 2817 2818 2817 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets 174, 118,88e 81,88e 536,886 735,88e 389,888 189,88e $1,886,9ae 935,88e 98,888 616,886 888,88e 361,98e 163,888 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 $ 187, 81,88e 30,188 145,888111,188 38,88e 612,888 286,88e 123,98e 586,888 167,888 7e,98e Total liabilities and equity $1,886,9ae 935,8ae GOLDEN CORPORATION Income Statement For Year Ended December 31, 2818 Sales Cost of goods sold Gross profit Operating expenses $1,842,80 1,896,8e8 46,80a Depreciation expense $54,886 Other expenses Income before taxes Income taxes expense Net income 584,80 558,8e0 188,80e 36,808 $152,8e Addltlonel Informetlon on Year 2018 Transectlons a. Purchased equipment for $52,900 cash. b. Issued 13,000 shares of common stock for $5 cash per share. c. Declared and paid $99.000 in cash dividends