Required information The following information applies to the questions displayed below] Golden Corp., a merchandiser, recently completed its 2018 operations. For the year, () 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 COLDEN CORORATION Comparative Balance Sheets December 31, 2018 and 201 2018 Assets 2017 Cash s 164,000 83,000 601,000 848,000 335,000 (158,000) $1,025,000 107,000 71,000 526,000 704,000 299,000 (104,000) 99,000 Accounts receivable Inventory Total current assets Equipment Aceum. depreciation-Equipment Total assets Lisbilities and Equity Accounts payable Incone taxes payable Total ourrent 1iabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, comnon stock Retained earnings Total 1iabilities and equity 87,000 28.000 115,000 S 71,000 25,000 96,000 592,000 196,000 122,000 568,000 160,000 75.000 $1,025,000 s 899,000 coLDEN CORPORATION Income Statement