Use the following information for the Problems below. (Algo) [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 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 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Sales Cost of goods sold Gross profit Income Statement For Current Year Ended December 31 $ 1,867,000 1,101,000 766000 505000 54,000 203,000 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions. a. Purchased equipment for $61,400 cash. 43,000 $ 160,000 b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 in cash dividends. Current Year Prior Year $ 179,000 105,500 623,500 908,000 375,400 (165,500) $ 1,117,900 $ 117,000 $ 123,500 86,000 541,000 750,500 314,000 (111,500) $ 953,000 $ 86,000 32,600 43,000 160,000 118,600 610,000 583,000 223,000 182,500 124,900 68,900 $ 1,117,900 $ 953,000