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 Current Year Prior Year $ 180,000 $ 124,600 107,000 87,000 625,000 912,000 378,100 (166,000) $1,124,100 $ 119,000 44,000 163,000 542,000 753,600 315,000 (112,000) $ 956,600 $ 87,000 33,100 120,100