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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets At December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity $ 164,000 $107,000 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 payable Income taxes payable Total current liabilities $ 87,000 $ 71,000 28,000 25,000 115,000 96,000 Equity Common stock, $2 par value 592,000 568,000 Paid-in capital in excess of par value, common stock 196,000 160,000 Retained earnings 122,000 75,000 Total liabilities and equity $1,025,000 $899,000