At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated...

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At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value 2021 $ 74,900 96,500 2020 $ 65,000 72,000 118,000 136,000 (19,500) $ 381,100 $ 61,500 19,200 84,800 6,500 9,600 262,700 264,600 145,000 (37,500) $ 370,200 $ 46,000 8,100 5,500 8,000 59,600 88,700 34,200 81,000 93,800 169,700 262,000 181,000 Retained earnings 14,400 30,400 Total liabilities and equity $ 370,200 $ 381,100 IKIBAN INCORPORATED Income Statement Sales Cost of goods sold Gross profit For Year Ended June 30, 2021 $ 783,000 432,000 351,000 88,000 Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information 79,600 183,400 4,100 187,500 45,990 $ 141,510 a. A $46,800 note payable is retired at its $46,800 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $78,600 cash. d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Help At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value 2021 $ 74,900 96,500 2020 $ 65,000 72,000 118,000 136,000 (19,500) $ 381,100 $ 61,500 19,200 84,800 6,500 9,600 262,700 264,600 145,000 (37,500) $ 370,200 $ 46,000 8,100 5,500 8,000 59,600 88,700 34,200 81,000 93,800 169,700 262,000 181,000 Retained earnings 14,400 30,400 Total liabilities and equity $ 370,200 $ 381,100 IKIBAN INCORPORATED Income Statement Sales Cost of goods sold Gross profit For Year Ended June 30, 2021 $ 783,000 432,000 351,000 88,000 Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information 79,600 183,400 4,100 187,500 45,990 $ 141,510 a. A $46,800 note payable is retired at its $46,800 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $78,600 cash. d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Help