Required Informatlon Use the following information for the Problems 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 $ 170,000 92,000 113,600 77,000 610,00000 532,000 872,000 351,100 161,000 $1,062,100 722,600 305,000 107,000 920,60e 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 34,000 133,0001 $ 99,000 77,000 28,100 105,100 574,000 169,000 72,500 $1,062,100 920,60e 604,000 202,000 123,100 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,822,000 1,092,000 730,000 Depreciation expense $ 54,000 Other expenses Income before taxes Income taxes expense Net income 500,0005342000 176,000 30,400 $ 145,600