Use the following information for the Problems below. [The following information applies to the questions displayed 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 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. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 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 1iabilities and equity $ 171,000 114,700 78,000 533,000 725,700 306,000 107,500 $1,068,300 $924,200 93,500 611,500 876,000 353,800 161,500 $ 101,000 78,000 35,00028600 106,600 136,000 575,000 170,500 72,100 $1,068,300 $ 924,200 606,000 203,000 123,300 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,827,000 1,093,000 734,000 Depreciation expense $54,000 Other expenses Income before taxes Income taxes expense Net income 501,000555,000 179,000 31,800 $ 147,200 roblem 12-6A Indirect: Statement of cash flows LO P1, P2, P3 dditional Information on Year 2017 Transactions Purchased equipment for $47,800 cash. Issued 12,700 shares of common stock for $5 cash per share. . Declared and paid $96,000 in cash dividends. Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations Cash flows from investing activities: 0 Cash flows from financing activities 0 Net increase (decrease) in caslh Cash balance at beginning of year Cash balance at end of year 0 0