! Required information [The following information applies to the questions displayed below.] Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 171,000 93,500 $ 114,700 78,000 611,500 533,000 876,000 353,800 (161,500) $ 1,068,300 $ 101,000 35,000 $ 924,200 $ 78,000 28,600 725,700 306,000 (107,500) 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 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense $ 1,827,000 1,093,000 734,000 501,000 54,000 179,000 31,800 $ 147,200 Net income Additional Information on Current Year Transactions a. Purchased equipment for $47,800 cash. b. Issued 12,700 shares of common stock for $5 cash per share. c. Declared and paid $96,000 in cash dividends. 136,000 106,600 600,400 575,000 208,600 170,500 123,300 72,100 $ 1,068,300 $ 924,200