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[The following information applies to the questions displayed below.] Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) 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
Assets
Cash		$	179,000					$	123,500
Accounts receivable			105,500						86,000
Inventory			623,500						541,000
Total current assets			908,000						750,500
Equipment			375,400						314,000
Accum. depreciationEquipment			(165,500	)					(111,500	)
Total assets		$	1,117,900					$	953,000
Liabilities and Equity
Accounts payable		$	117,000					$	86,000
Income taxes payable			43,000						32,600
Total current liabilities			160,000						118,600
Equity
Common stock, $2 par value			610,000						583,000
Paid-in capital in excess of par value, common stock			223,000						182,500
Retained earnings			124,900						68,900
Total liabilities and equity		$	1,117,900					$	953,000

GOLDEN CORPORATION Income Statement For Current Year Ended December 31
Sales				$	1,867,000
Cost of goods sold					1,101,000
Gross profit					766,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		509,000			563,000
Income before taxes					203,000
Income taxes expense					43,000
Net income				$	160,000

Additional Information on Current Year Transactions

1. Purchased equipment for $61,400 cash.
2. Issued 13,500 shares of common stock for $5 cash per share.
3. Declared and paid $104,000 in cash dividends.