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.

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 GOLDEN CORPORATION Comparative Balance Sheets. December 31 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 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,867,000 1,101,000 766,000 509,000 54,000 203,000 43,000 $ 160,000 Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 in cash dividends. Current Year $ 179,000 105,500 623,500 908,000 375,400 (165,500) $ 1,117,900 $ 117,000 43,000 160,000 610,000 223,000 124,900 $ 1,117,900 Prior Year $ 123,500 86,000 541,000 750,500 314,000 (111,500) $ 953,000 $ 86,000 32,600 118,600 583,000 182,500 68,900 $ 953,000