Golden Corporation declared and paid $5,500 of cash dividends during the current year ended December 31. Its financial statements also reported the following summarized data: Current Previous Income Statement Sales revenue $305,000 $265,000 Cost of goods sold 160,000 150,000 Gross profit 145,000 115,000 Operating expenses 78,300 70,400 Interest expense 5,200 5,100 Income before income taxes 61,500 Income tax expense 18,450 39,500 5,500 Net income Balance Sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Current liabilities $ 43,050 $ 34,000 6,550 $ 10,500 44,000 65,000 70,000 $185,550 35,500 60,000 63,000 $169,000 $13,000 $ 36,500 Note payable (long-term) 70,000 Common stock (par $5) 45,000 Additional paid-in capital 10,000 70,000 45,000 7,500 Retained earnings 47,550 10,000 $185,550 $169,000