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 Current Year Prior Year $ 168,000 $ 111,400 89,000 607,000 75,000 530,000 864,000 716,400 $ 95,000 32,000 345,700 (160,000) $ 1,049,700 303,000 (106,000) $ 913,400 $ 75,000 27,100 127,000 102,100 596,800 572,000 203,200 166,000 122,700 73,300 $ 1,049,700 $ 913,400