Golden Manufacturing Company started operations by acquiring $149,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $139,000 cash, had an expected useful life of five years, and had an estimated salvage value of $13,900. Golden Manufacturing earned $97,690 and $64,150 of cash revenue during Year 1 and Year 2, respectively. Golden Manufacturing uses double-declining-balance depreciation. Requried:
a. Prepare an income statements for 2018 and 2019. Use a vertical statements format.
b. Prepare a balance sheets for 2018 and 2019. Use a vertical statements format.
c. Prepare a statements of cash flows for 2018 and 2019. Use a vertical statements format.