Corp.. a merchandiser, recently completed its 2017 operations. For the year. (1) all sales are credit Problem 12-6A all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of in- Indirect: Statement on credit. (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other of cash flows smenscs are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash P1 P2 P3 of taxes. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets 164 000 $107000 83.000 71,000 601,000 526,000 848,000 704,000 335,000 299,000 (158,000)(104,000) $1,025,000 $899,000 Accounts receivable otal current assets. Accum depreciation-Equipment otal assets GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Labilities and Equity Accounts payable... ncome taxes payable otal current liabilities.. 87,000 71,000 $1.792,000 28,000 115,000 25,000 96,000 Cost of goods sold Gross profit.. Operating expenses ,086,000 706,000 Equity Common stock, $2 par value Paid-in capital in excess 54,000 494.000 Depreciation expense.... 592,000568,000 196,000 160,000 122.000 75,000 $1,025,000 $899,000 Other expenses Income before taxes.. Income taxes expense Net income. 548,000 158,000 22,000 5 136.000 Retained earnings Total labilities and equity