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) anjy 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 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 $177,000 $ 121,300 84,000 539,000 744,300 312,000 102,500 620,500 900,000 370,000 (164,500) (110,500) $1,105,500 $ 945,800 $113,000 $ 84,000 31,600 115,600 41,000 154,000 581,000 179,500 69,700 $1,105,500 $ 945,800 618,000 209,000 124,500