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. Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable GOLDEN CORPORATION Comparative Balance Sheets December 31 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 Depreciation expense Other expenses Income before taxes Income taxes expense Net income $1,867,000 1,101,000 766,000 $ 54,000, 509,000: 563,000 203,000 43,000 160,000 Current Year Prior Year $ 179,000 105,500 $ 123,500 86,000 623,500 908,000 375,400 (165,500) $1,117,900 541,000 750,500 314,000 (111,500) $ 953,000 $ 86,000 117,000 43,000 32,600 160,000 118,600 610,000 583,000 223,000 182,500 124,900 68,900 $1,117,900 $953,000