5.900 The following financial Statements and additional information are reported IKIBAN INC. Comparahve Balance sheets June 30, 2019 and 2018 2019 2018 LAssets Tash $78,500 959.000 Accounts Receivable net 81,500 66,000 Inventory 78.800 109,000 Prepand Expenses 8400 Total current Assets 250, 100 242,400 Equipment 139.000 130.000 Accurh depreciation Equip (34,500 (16 500 *355 200 $355.900 Liability and Equity Accounts Payable $52, 500 Wages Payable 1,500 18 000 Ancome Taxes Payable 4.900 10900 10tal Current Liabilities 52,400 17300 Not Payable Llangterm) 33.000 75.000 Total liabilities 85.400 152,300 Equity , Common stock $5 par value 250.000 175.000 Retained Earnings 19.800 28.600 Total Liabilities and equity $355,200 355,900 & 40.000 El - EN IKIBAN INC Income Statement For Year Ended June 30, 2019 Sales $ 753.000 Tost of Goods Sold 426 000 Gross Profit 327,000 operating Expenses Deprecation Expense 83.600 Other Expenses 82.000 Total Operating Expenses 155.600 171400 Other gains (losses) Gain on sale of Equipment 3500 Income Before Taxes 174,900 mcome Taxes Expense 45 390 Net Incom. $129.510 aA $42.000 note payable is refired at its $42000 Carrying (book) value in Exchange for cash the only changes affecting retained earnings are het income and cosh dividend paid. = New Equipment is acquired for 72,600 cash. Received cash for the sale of equipment that had Cost $63.6004 yilding a $3.560 gain. Prepand Expenses and Wages payable relate to Other expenses on the income statement. All purchases and sales of inventory are on Credit 185910 Statement of Cash Flows (Direct Method , For Year Ended June 30, 2019 Ish Fous som operating ochvilles cash received from customes 5731,500 Cash paid for inventory (408,300 Lash poud for operating expengs 190.000 Cash pad for hame Takes (7290 Netcosh provided by operatin ochvitys A cash flows from Investing activities # Cash receved from all of Equipment Cush paid for equipment (72,600 * Net Cash used in investim achives cash flows from inghang This un received From Stock Issuance Cash paid to retire notes (42,000 Oish poud for Dividends # Net cash used in finanung Activities Net increase Laoscrease) in Cash Cash Balance ai Mr year-end 59000 xlosh Balance af current year end