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Golden Corp., a merchandiser, recently completed its 2018 operations. For the year, (1) all sales are credit sales. 2) all credits to Accounts Recevable 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, 2018 and 2017 2018 2017 $ 180,000 107.000 625, eee 912,880 378,180 (166.000) $1,124, 10e $ 124,689 87,880 542,880 753,669 315,689 (112,680) $956, 600 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 $ $ 119,000 44,080 163,80 87,600 33, 160 120, 180 624,880 212,8 125, 100 $1,124,100 596,888 171, 2ee 68,500 $ 956,660 $1,872,800 1,182.ee 770,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,880 Other expenses 512,680 Income before taxes Income taxes expense Net income 564,880 286,000 44,400 $ 161,600 Additional Information on Year 2018 Transactions a. Purchased equipment for $63.100 cash. b. Issued 13.600 shares of common stock for $5 cash per share. c. Declared and paid $105.000 in cash dividends. GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities $ 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 $ 0 Net increase (decrease) in cash Cash balance at December 31, 2017 Cash balance at December 31, 2018 $ 0