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, and (5) 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 $ 164,800 83,000 601,880 848,800 335,800 (158, 800) $1,025,00 $ 107,200 71,000 526, eee 784, eee 299, eee (184,000) $ 899, eee Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable 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 $ 87,eee 28,800 115,00 $ 71,000 25, eee 96,00 592,800 196,800 122,00 $1,025,000 568,000 160, see 75, eee $ 899, see 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 Net income $1,792, cee 1,086,000 706,000 494, eee 54,000 158,000 22,080 $ 136, eee Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 In cash dividends. GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year December 31, Current Year Balance sheet-debit balance accounts Cash S 107,000 $ 164,000 Accounts receivable 71.000 Inventory 526.000 Equipment 299,000 s 1,003,000 164,000 Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable $ 104,000 71.000 25,000 568,000 Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 160,000 75,000 $ 1,003,000 $ 0 Statement of cash flows Operating activities Investing activities Financing activities $ 0 $ 0