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IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity 2020 \$. 2019 $106,900 $45,000 66,50064,80052,00088,000 \begin{tabular}{rr} 64,800 & 88,000 \\ 4,500 & 5,600 \\ \hline 242,700 & 190,600 \\ 125,000 & 116,000 \\ (27,500) & (9,500) \\ \hline$340,200 & $297,100 \\ \hline \hline \end{tabular} \begin{tabular}{rr} $26,000 & $31,500 \\ 6,100 & 15,200 \\ 3,500 & 4,000 \\ \hline 35,600 & 50,700 \\ 31,000 & 61,000 \\ \hline 66,600 & 111,700 \end{tabular} \begin{tabular}{rr} 222,000 & 161,000 \\ 51,600 & 24,400 \\ \hline$340,200 & $297,100 \\ \hline \hline \end{tabular} Additional Information a. A$30,000 note payable is retired at its $30,000 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 $58,600 cash. d. Received cash for the sale of equipment that had cost $49,600, yielding a $2,100 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Changes in current operating assets and liabilities