The following financial statements and additional information are reported.

Additional Information

a.	A $23,000 note payable is retired at its $23,000 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 $60,000 cash.
d.	Received cash for the sale of equipment that had cost $48,800, yielding a $2,900 gain.
e.	Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
f.	All purchases and sales of merchandise inventory are on credit.

Using the direct method, prepare the statement of cash flows for the year ended June 30, 2015. (Amounts to be deducted should be indicated with a minus sign.)

IKIBAN INC Comparative Balance Sheets June 30, 2015 and 2014 2015 2014 Assets Cash Accounts receivable, net Inventory Prepaid expenses Equipment Accum. depreciation-Equipment $ 113,400 $68,500 51,100 96,300 4,900 116,000 (10,900) 69,400 66,000 5,700 127,200 (28,600) Total assets $ 353,100 325,900 Liabilities and Equity Accounts payable Wages payable Income taxes payable Notes payable (long term) Common stock, $5 par value Retained earnings $ 26,800 $32,300 16,500 3,900 80,000 185,000 8,200 7,600 2,600 57,000 234,000 25,100 Total liabilities and equity $ 353,100 $325,900 IKIBAN INC Income Statement For Year Ended June 30, 2015 Sales Cost of goods sold 671,000 404,000 267,000 Gross profit Operating expenses Depreciation expense Other expenses $ 58,200 66,900 125,100 141,900 2,900 144,800 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense 57,920 Net income $ 86,880