Required information The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2017 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, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $165,000 $ 108,100 72,000 527,000 707,100 300,000 (104,500 $1,031,100 $ 902,600 84,500 602,500 852,000 337,600 158,500) Liabilities and Equity Accounts payable Income taxes payablee 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 $89,000 $ 72,000 25,600 97,600 29,000 118,000 594,000 197,000 122,100 569,000 161,500 74,500 $1,031,100 $ 902,600 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,797,000 1,087,000 710,000 Depreciation $ 54,000 495,000 expense Other expenses Income before taxes Income taxes expense Net income 549,000 161,000 23,400 $ 137,600 Additional Information on Year 2017 Transactions