Golden Corporation's current year income statement, comparative balance sheets. and additional information follow. For the year, (i) 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 reect cash payments for inventory, and (5) any change in income Taxes Payable reects the accrual and cash payment of taxes. GOLDEN CORPORATION - i Comparative Balance Sheets ' December 31 ' Current Year Prior Year Assets Cash 5 170,000 s 113.600 Accounts receivable 92,@e@ 77,900 Inventory 610,000 532,000 Total current assets 872,000 722,600 Equipment 351,100 305, coo Accumulated depreciationEquipment (161.000) (107.300) Total assets $ 1,062,100 $ 920,600 Liabilities and Equity Accounts payable $ 99,000 $ 77,000 Income taxes payable 34,000 28,100 Total current liabilities 133,000 105,100 Equity Common stock, $2 par value 599,200 574,000 Paidin capital in excess of par value, common stock 206.800 169.000 Retained earnings 123,100 72,500 Total liabilities and equity $ 1,052,100 $ 920.600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales ' $ 1,822,\". Cost of goods sold '( 1,092,000 Gross profit 730.000 Operating expenses (excluding depreciation) 500,000 Depreciation expense ______g,ggg_ Income before taxes 176,000 Income taxes expense M Net income $ 145,600 m Additional information on Current Year Transactions a. Purchased equipment for $46,100 cash. b. issued 12,600 shares of common stock for $5 cash per share. c. Declared and paid $95,000 in cash dividends