Golden Corp.'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 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets 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 Current Year Prior Year $ 179,000 $ 123,500 105,500 86,000 623,500 541,000 908,000 375,400 (165,500) 750,500 314,000 (111,500) $1,117,900 $ 117,000 $ 953,000 $ 86,000 32,600 43,000 160,000 118,600 610,000 583,000 223,000 182,500 124,900 68,900 $1,117,900 $ 953,000