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 TRIO Year $ 139,000 90.500 608,500 668.000 348.400 (140 501 5,05590 $ 112,300 76,000 331000 719,500 304,000 (106,50D) $ $17.000 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total husets 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 $97.000 3.000 130.000 $76.000 27,600 103600 8.000 2051.000 22,900 + 1,055.900 573,000 167.500 7200 39172000 GOLDIER CORPORATION Income Statement Tor Current Year Ended December 31 Sales Coat of goods sold Gross profit Operating expenses excluding depreciation) Depreciation expense Income before taxes Income taxes expense Set income 19.000 1.091.000 720 000 499.000 0001 17200 2900 144,000 Additional Information on Current Year Transactions a. Purchased equipment for $44,400 cash. b, issued 12,500 shares of common stock for $5 cash per share, c. Declated and paid $94.000 in cash dividends. 02 Spre dahilfer Simment of Cash Flow For Curre Ended December 31 December 31, Prior Analysis of Changes Debil Cred Year December 31, Gurnam Year 180,000 . Balanse hot balance accounts Cash Accounts receivable Inventory Equipment ed 112,500 76,000 531,000 304,000 1,023,600 5 109,000 Balance shot-crot balance mocounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, S2 par va Padin capital of par valin common stock Retained earnings ho 108,500 75,000 27,600 573,000 167.500 72,900 1,023,500 + S 3 Sumont of hows Operating activities Investing acco Financing.se 5 5