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 168,000 111,400 75,000 89,000 607,0005 530,000 864,000 345,700 716,400 303,000 (160,000) (106,000) $1,049,700 913,400 Liabilities and Equity Accounts payable Income taxes payable Total current 1iabilities Equity Common stock, $2 par value $95,000 75,000 27,100 102,100 32,000 127,000 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity 600,000572,000 166,000 73, 300 200,000 122,700- -71 $1,049,700 913,400 GOLDEN CORPORATION