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 $ 166,000 6,000 68100 B56,000 340,30 (1590) $ 1,037,380 $ 109,200 73, eee 528,00 710,209 361,000 (195 800) $986,200 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Tatal current liabilities Equity Connon stock. $2 par value Paid in capital in excess of par value, common stock Retained earnings Total liabilities and equity $191, 30,000 121,000 $ 73,608 26,100 99 100 594,400 199,6ee 122,388 $ 1,037,30e 570,000 163, eee 74,100 $986, 2ee 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 fet income $ 1,802, 2,0,000 214, eee 496,000 54.00 169,00 24.800 $ 139,200 9 200 Additional Information on Current Year Transactions a. 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. GOLD CORPORATION Fot Current Year Ended December 31 Cash flows from operating activities 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