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Required information [The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2018 operations. 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. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 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 $ 176,000 $ 120,200 83,000 619,000538,000 741,200 311,000 110,000 $1,099,300 $ 942,200 101,000 896,000 367,300 164,000 $ 111,000 $ 83,000 40,000 31,100 114,100 151,000 616,000 208,000 124,300 589,600 168,400 70,100 $1,099,300 $ 942,200