2020 $44,000 51,000 86.500 5.400 186.900 115,000 19,000) $292.900 The following financial statements and additional information are reported. KIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current sets 220,700 Equipment 124,000 Accumulated depreciation Equipment 27.000 Total assets $317.700 Liabilities and Equity Accounts payable $25,000 Wages payable 6,000 Income taxes payable 3.400 Total current liabilities 34.400 Notes payable long term 30,000 Total liabilities 66,400 Equity Common stock, 55 par value 220,000 Retained earnings 33,300 Total liabilities and equity $317,700 IKIBAN INCORPORATIO Income Statement for Year Ended June 30, 2021 Sales $678,000 Cost of goods sold 411,000 Gross profit 267,000 Operating expenses excluding depreciation 67.000 Depreciation expense 58,600 141,400 Other painosses Gain on sale of equipment 2.000 Income before taxes 143,400 Income taxes expense 43.850 Net income $99.510 $30,000 15,000 2.800 48,800 60,000 108.800 160,000 24,100 $292,900 Notes Payable $30,000 Additional information A $30,000 notes payable is retired at its $30,000 carrying book) value in exchange for cack b. The only changes affecting retained earnings are ne income and condividends paid New equipment is acquired for $57.600 cach Cand forment $57.600 $48.400 Received cash for the sale of equipment that had cost $48.00, yielding a $2.000 pain. que cost Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement All purchases and sales of inventory are on credit Required 11) Prepare a statement of cash flows using the Indirect method for the year ended June 30, 2021 Users A3 to 25 from Chart of Accounts A4 to 48 from the given information to complete this question. Amounts to be deducted should be indicated with a minus sign. BOBAN, INCORPORATED Statement of Cash Flow Indirect Method For ended in 19,2021 Cash flows from operating activities Net income 599,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement des not affecting the Depreciation pense $8.500 Gain on sale of plant assets Chargers in current operating assets and abilities Increase in counts receivable (14,000 Decrease in inventory 22.700 Decrease in prepaid expenses 1,000 Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable Net cat provided by operating activities Cash flows from investing activities Cash flows from financing activities Net increase (decrease in cash Cash balance at prior year-end Cach balance at current year end