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 $164,000 83,000 601,000 940,000 335,000 (158,000) $1,025,000 Assets Cash Accounts receivable Tnventory Total current assets Equipment Aceum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, S2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 107,000 71,000 526,000 704,000 299,000 (104.000) $ 899,000 $ 87.000 28,000 115,000 $ 71,000 25,000 96,000 592,000 195,000 122.000 $1,025,000 560,000 160,000 75,000 $ 899,000 GOLDEN CORPORATION Tncome Statement For Current Year Ended December 31 Sales $2,792,000 Coat of goods sold 1.096,000 Gross profit 706,000