The Toowing wormation apples to in 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. 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 GOLDIES CORPORATTOR paratis alace sheets Nerent Year velor Year $ 171,000 $114,700 93,500 78,000 611,500 533,000 876,000 725,700 353,800 306,000 (161,500) (107,500) $ 1,068,300 $101,000 35,000 $924,200 $ 78,000 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Sales Cost of goods sold GOLDEN CORPORATION Income Statement For Current Year Ended December 311 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes $ 1,827,000 1,093,000 734,000 501,000 54,000 179,000 28,600 136,000 106,600 600,400 575,000 208,600 170,500 123,300 72,100 $ 1,068,300 $ 924,200