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Required information [The following information applies to the questions displayed below) 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 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 $ 172,000 95,000 613,000 880,000 356,500 (162,000) $1,074,500 $ 115,800 79,000 534,000 728,800 307,000 (108,000) $927,800 $ 103,000 36,000 139,000 $ 79,000 29,100 108,100 601, 600 210,400 123,500 $1,074,500 576,000 172.000 71,700 $927,800 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,900 Other expenses 502,000 Income before taxes Income taxes expense Net Income $1,832,000 1,094,000 738,000 556 000 182,000 33,200 $ 148,800 Additional Information on Current Year Transactions a. Purchased equipment for $49,500 cash b. Issued 12.800 shares of common stock for $5 cash per share c. Declared and paid $97.000 in cash dividends GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Accounts receivable increase Inventory increase Accounts payable increase Income taxes payable increase $ 0 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment 0 Cash flows from financing activities. Cash received from stock issuance Cash paid for cash dividends 0 Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0 $ 0