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 For Current Year Ended December 31 Salos Cost of goods sold $ 1,862,000 1,100,000 Current Year Prior Year $ 178,000 104,000 622,000 904,000 372,700 (165,000) $ 1,111,700 $ 115,000 42,000 157,000 $ 122,400 85,000 540,000 747,400 313,000 (111,000) $ 949,400 $ 85,000 32,100 117,100 608,800 582,000 221,200 181,000 124,700 69,300 $ 1,111,700 $949,400