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. 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.

GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 179,000 105,500 623,500 908,000 375,400 (165,500) $1,117,900 $ 123,500 86,000 541,000 750,500 314,000 (111,500) $ 953,000 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 $ $ 117,000 43,000 160,000 86,000 32,600 118,600 610,000 223,000 124,900 $1,117,900 583,000 182,500 68,900 $ 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 GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year December 31, Current Year $ $ 179,000 Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 123,500 86,000 541,000 314,000 1,064,500 $ $ 179,000 $ Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 111,500 86,000 32,600 583,000 182,500 68,900 1,064,500 $ FA 0 Statement of cash flows Operating activities Net income Depreciation expense Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in income tax payable Investing activities Payment for equipment Financing activities Issued common stock for cash Paid cash dividends $ 0 $ 0