Required information Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, () 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, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current 1iabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 165,000 108,100 72,000 602,500 527 000 707,100 300,000 84,500 852,000 337,600 158 500) (104 500) $1,031,100 902,600 $89,000 72,000 97,600 29.000 118,000 25,600 . 594,000 197,000 569,000 161,500 22,10024:500 $1,031,100 902,600