Required information [The following information applies to the questions displayed below) Golden Corporation'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 $ 194,000 98,000 616,000 888,000 361,900 (163,000) $ 1,086,900 $ 118,000 81,000 536,000 735,000 309,000 (109,000 $935,000 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated 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 $ 107,000 38.000 145,000 $ 81,000 30,100 111,100 606,000 214,000 121,900 $ 1,086,900 578,000 175,000 70.900 $935,000 GOLDEN CORPORATION Income Statement TOX Current Year Ended December 31 Bales Cost of goods sold drous profit Operating expenses (excluding depreciation) $1,042,000 1.095,000 746,000 504,000 - SE