Refer to the information in Exercise 16-11. Using the direct method, prepare the statement of cash flows for the year ended June 30, 2017.

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IKIBAN INC. Comparatlve Balance Sheets June 30, 2017 and 2016 2017 4010_ 87,500 44,000 51,000 86,500 4.400 5.100 186,900 115,000 (27.000) (9,000) 317,700 $292,900 Accounts receivable, net Inventory Prepaid expenses Total current assets 65,000 63,800 124,000 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 Retained eamings Total liabilities and equity $25,000 30,000 15,000 3,800 48,800 60,000 108,800 6,000 3.400 34.400 30,000 64.400 220,000 160,000 33,30024,100 317,700 $292,900 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $678,000 411,000 267,000 Depreciation expense Other expenses $58,600 67,000 Total operating expenses. 125,600 141,400 Other gains (losses) Gain on sale of equipment Income before taxes. Income taxes expense Net income 2,000 143,400 43,890 99,510