GOLDEN CORPORATION Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Total current assets. Equipment Accumulated depreciation-Equipment Total assets 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 Current Year $ 182,000 110,000 628,000 920,000 383,500 (167,000) $ 1,136,500 $ 123,000 46,000 169,000 613,600 228,400 125,500 $ 1,136,500 Prior Year $ 126,800 89,000 544,000 759,800 317,000 (113,000) $ 963,800 $ 89,000 34,100 123,100 586,000 187,000 67,700 $ 963,800 GOLDEN CORPORATION Sales Cost of goods sold Gross profit Income Statement For Current Year Ended December 31 $ 1,882,000 1,104,000 778,000 512,000 54,000 212,000 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $66,500 cash. 47,200 $ 164,800 b. Issued 13,800 shares of common stock for $5 cash per share. c. Declared and paid $107,000 in cash dividends.