Golden Corpis current year Income statement comparative balance sheetsr and addltlonal Information follow. For the year, {1} all sales are credIt sales, [2} all credlts to Accounts Recewable reect cash receIpts from customers, {3] all purchases oflnventory are on credlt, [4'] all debits to Accounts Payable reect cash payments for Inventory, {5} Other Expenses are all cash expenses. and [6} any change In Income Taxes Payable reects me accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 179,000 $ 123,500 Accounts receivable 105,500 36,000 Inventory l623,500 541,000 Total current assets 903,000 750,500 Equipment 375,400 314,000 Bccum. depreciationEquipment 165,500) 1111,5007 Total assets $1,117,900 $ 953,000 Liabilities and Equity Accounts payable $ 117,000 $ 36,000 Income taxes payable 43,000 32,600 Total current liabilities 160,000 113,600 Equity Common stock, $2 par value 610,000 533,000 Paid-in capital in excess of par value, common stock 223,000 132,500 Retained earnings 124.900 63.900 Total liabilities and equity $1,117,900 $ 953.000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,367,000 Cost of goods sold 1.101.000 Gross profit 766,000 Operating expenses Depreciation expense $ 54,000 Other expenses 509,000 563,000 Income before taxes 203,000 Income taxes expense 43.000 Net income $ 160,000 Additional Information on Current Year Transactlons a. Purchased edulpment for $61,400 cash. In. Issued 13.500 shares of common stock for $5 cash per share. c. Declared and pald $104,000 In cash dIvldends.