n-Class Activity Saved 0 Required information The following information applies to the questions displayed below. The following financial statements and additional information are reported. IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 201 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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 $104,500 49,000 56,000 68,800 94,000 6,400 250,700 205, 400 72,500 4,900 129,000 120,000 (29,500) (11,500) $350,200 $313,900 30,000 37,500 6,500 16,000 3,90000 ,800 40,400 35,000 3. 58,300 65,000 75,400 123,300 230,000 165,000 25,600 $350,200 $313,900 44,800 Retained earnings Total liabilities and equity INC Incone Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $703,000 416,000 287,000 $63,600 72,000 Depreciation expense Other expenses Total operating expenses 135, 600 151,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,500 153,900 44,390 $109,510