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
	Current Year						Prior Year
Assets
Cash		$	181,000					$	125,700
Accounts receivable			108,500						88,000
Inventory			626,500						543,000
Total current assets			916,000						756,700
Equipment			380,800						316,000
Accum. depreciationEquipment			(166,500	)					(112,500	)
Total assets		$	1,130,300					$	960,200
Liabilities and Equity
Accounts payable		$	121,000					$	88,000
Income taxes payable			45,000						33,600
Total current liabilities			166,000						121,600
Equity
Common stock, $2 par value			612,400						585,000
Paid-in capital in excess of par value, common stock			226,600						185,500
Retained earnings			125,300						68,100
Total liabilities and equity		$	1,130,300					$	960,200

GOLDEN CORPORATION Income Statement For Current Year Ended December 31
Sales				$	1,877,000
Cost of goods sold					1,103,000
Gross profit					774,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		511,000			565,000
Income before taxes					209,000
Income taxes expense					45,800
Net income				$	163,200

Additional Information on Current Year Transactions

1. Purchased equipment for $64,800 cash.
2. Issued 13,700 shares of common stock for $5 cash per share.
3. Declared and paid $106,000 in cash dividends.

GOLDEN CORPORATION
Statement of Cash Flows
For Current Year Ended December 31
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided by operations:
		$0
Cash flows from investing activities
		0
Cash flows from financing activities:
		0
Net increase (decrease) in cash		$0
Cash balance at December 31, prior year
Cash balance at December 31, current year		$0