$678,000 411,000 267.000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profil Operating expenses Depreciation expense $58,600 Other expenses 67,000 Total operating expenses other gains classes) Gain on sale of equipment Income before taxes Thce taxes expense Netcare 125,660 141,400 2,800 143,400 43,99e $ 99,518 Additional Information a. A $30.000 note payable is retired at ts $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained eamings are net Income and cash dividends pald. New equipments acquired for $57.600 cash, c. Receves cash for the sale of equipment that had cost $48.500 yielding a $2,000 gain. e Prepalo penses and Wages Payable relate to Other Expenses on the Income statement A purerases and sales of inventory are on credit The Balance Ledger Method Bong the income statement the comparative balance sheet and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the tria balance tab should agree with the lune 30 2019 balances Journal entry worksheet 2 o 7 8 ----------- $678,000 411,000 267.000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profil Operating expenses Depreciation expense $58,600 Other expenses 67,000 Total operating expenses other gains classes) Gain on sale of equipment Income before taxes Thce taxes expense Netcare 125,660 141,400 2,800 143,400 43,99e $ 99,518 Additional Information a. A $30.000 note payable is retired at ts $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained eamings are net Income and cash dividends pald. New equipments acquired for $57.600 cash, c. Receves cash for the sale of equipment that had cost $48.500 yielding a $2,000 gain. e Prepalo penses and Wages Payable relate to Other Expenses on the Income statement A purerases and sales of inventory are on credit The Balance Ledger Method Bong the income statement the comparative balance sheet and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the tria balance tab should agree with the lune 30 2019 balances Journal entry worksheet 2 o 7 8