Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. 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 GOLDEN CORPORATION Income Statement Current Year Prior Year $ 183,000 $127,900 111,500 90,000 629,500 545,000 924,000 762,900 386,200 (167,500) $ 1,142,700 $ 125,000 47,000 318,000 (113,500) $ 967,400 $ 90,000 34,600 124,600 172,000 614,800 587,000 230,200 188,500 125,700 67,300 $ 1,142,700 $ 967,400