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IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 93, 700 $ 67,000 Accounts receivable, net 99,500 74,000 Inventory 86, 800 121,000 Prepaid expenses 6,700 10,000 Total current assets 286, 700 272, 000 Equipment 147,000 138,000 Accumulated depreciation-Equipment (38,500) (20,500) Total assets $ 395, 200 $ 389,500 Liabilities and Equity Accounts payable $ 48,000 $ 64,500 Wages payable 8, 300 19,600 Income taxes payable 5,700 8, 400 Total current liabilities 62,000 92,500 Notes payable (long term) 53,000 83,000 Total liabilities 115,000 175,500 Equity Common stock, $5 par value 266,000 183,000 Retained earnings 14,200 31,000 Total liabilities and equity $ 395, 200 $ 389,500 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 793,000 Cost of goods sold 434,000 Gross profit 359,000 Operating expenses (excluding depreciation) 90, 000 Depreciation expense 81, 600 187, 400 Other gains (losses) Gain on sale of equipment 4,300 Income before taxes 191, 700 Income taxes expense 46, 190 Net income $ 145,510 Additional InformationAdditional Information a. A $30.000 notes payable is retired at its $30,000 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 $80,600 cash. d. Received cash for the sale of equipment that had cost $71,600, yielding a $4,300 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.IKIDAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2024 Him Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activites Income sintoment itoma not affecting cash leference Changes in current operating assets and liabilities Cash flows from investing activities Next &gt