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 Current Year Prior Year Assets Cash $ 166,000 $ 109,200 Accounts receivable 86,800 73,eee Inventory 680,000 528,000 Total current assets 856,000 710,200 Equipment 340, 30e 301,00 Accumulated depreciation-Equipment 159.000 (105 000 Total assets $ 1,037,300 $906,200 Liabilities and Equity Accounts payable $ 91,000 5 73.000 Income taxes payable 30,00 26, 1ee Total current liabilities 121,80 99, 100 Equity Common stock, 52 par value 594,400 570.000 Paid-in capital in excess of par value, common stock 199,600 163,000 Retained earnings 122,300 74100 Total liabilities and equity 5 1,037,380 $ 906,200 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 $ 1,892, cee 1,088 eee 914, eee 496, eee 54.ee 164.000 24,800 $ 139,20 Additional Information on Current Year Transactions o. Purchased equipment for $39.300 cash b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31, current year