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Golden Manufacturing Company started operations by acquiring $142,000 cash from the issue of common stock. On...

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Accounting

Golden Manufacturing Company started operations by acquiring$142,000 cash from the issue of common stock. On January 1, 2018,the company purchased equipment that cost $132,000 cash, had anexpected useful life of five years, and had an estimated salvagevalue of $13,200. Golden Manufacturing earned $94,700 and $68,080of cash revenue during 2018 and 2019, respectively. GoldenManufacturing uses double-declining-balance depreciation.

Required

  1. Record the purchase in a horizontal statements model.

  1. b-1. Prepare an income statements for 2018 and2019. Use a vertical statements format.

  1. b-2. Prepare a balance sheets for 2018 and2019. Use a vertical statements format.

  1. b-3. Prepare a statements of cash flows for2018 and 2019. Use a vertical statements format.

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