Golden manufacturing company started operations by acquiring $150,000 cash from the issue of common stock. on january 1, 2016, the company purchased equipment that cost $120,000 cash, had an expected useful life of six years, and had an estimated salvage value of $4,000. golden manufacturing earned $72,000 and $83,000 of cash revenue during 2016 and 2017, respectively. golden manufacturing uses double-declining-balance depreciation.

question: prepare income statements, balance sheets, and statements of cash flows for 2016 and 2017. use a vertical statements format. (hint: record the events in t-accounts prior to preparing the statements.)