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 Current Year Prior Year $ 178,000 104,000 $ 122,400 85,000 622,000 540,000 904,000 747,400 372,700 (165,000) $ 1,111,700 $ 115,000 313,000 (111,000) $ 949,400 $ 85,000 32,100 42,000 157,000 117,100 608,800 582,000 221,200 181,000 124,700 69,300 $ 1,111,700 $ 949,400