[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 $ 170,000 92,000 610,000 872,000 351,100 (161,000) $ 1,062,100 $ 113,600 77,000 532,000 722,600 305,000 (107,000) $ 920,600 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 $ 99,000 34,000 $ 77,000 28,100 133,000 105,100 599,200 574,000 206,800 169,000 123,100 72,500 Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 1,062,100 GOLDEN CORPORATION Sales Cost of goods sold Gross profit Income Statement For Current Year Ended December 31 $ 1,822,000 1,092,000 730,000 500,000 54,000 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $46,100 cash. 176,000 30,400 $ 145,600 b. Issued 12,600 shares of common stock for $5 cash per share. c. Declared and paid $95,000 in cash dividends. $ 920,600