Use the following information for the Problems below.

[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 $ 178,000 104,000 622,000 904,000 372,700 (165,000) $1,111,700 $ 122,400 85,000 540,000 747,400 313,000 (111,000) $ 949,400 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. 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 $ $ 115,000 42,000 157,000 85,000 32,100 117,100 608,800 221,200 124,700 $1,111,700 582,000 181,000 69,300 $ 949,400 $1,862,000 1,100,000 762,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 508,000 Income before taxes Income taxes expense Net income 562,000 200,000 41,600 158, 490 $ Additional Information on Current Year Transactions a. Purchased equipment for $59,700 cash. b. Issued 13,400 shares of common stock for $5 cash per share. c. Declared and paid $103,000 in cash dividends. For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Accounts receivable increase Inventory increase Accounts payable increase Income taxes payable increase Depreciation expense Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Net cash used in investing activities Cash flows from financing activities: Cash received from stock issuance Cash paid for cash dividends Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year