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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Assets Cash Current Year Prior Year $ 171,000 93,500 $ 114,700 78,000 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 otal liabilities and equity 611,500 876,000 353,800 (161,500) $1,068,300 $ 101,000 35,000 136,000 600,400 208,600 123,300 533,000 725,700 306,000 (107,500) $ 924,200 $ 78,000 28,600 106,600 $75,000 170,500 72,100 $ 924,200 $1,068,300 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 les st of goods sold oss profit $1,827,000 1,093,000 734,000