Required information Use the following information for the Problems below. The following information applies to the questions disphyed below.) Golden Corp., a merchandiser, recently completed its 2017 operations. 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 debits to Accounts Payable reflect cash payments for in change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow credit, (4) all ventory, (5) Other Expenses are all cash expenses, and (6) any GOLDEN CORPORATION December 31, 2017 and 2016 2017 2016 Assets Cash 172,000 115,800 95,000 13,000 534,000 880,000 356,500 79,000 Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable 728,800 307,000 (162,000) (108,000) $1,074,500 927,800 $ 103,000 79,000 36,000 29 100 139,000 29,100 Total current liabilities 608,000 204,000 576,000 172,000 Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained $1,074,500 927,800 Total liabilities and equity Income Sta 017