9 , 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 73, 100 Accounts receivable, net 101,000 Inventory 87,800 Prepaid expenses 6,800 Total current assets 268,700 Equipment 148,000 Accum. depreciation-Equipment (39,000) Total assets $377,700 Liabilities and Equity Accounts payable $ 49,000 Wages payable 8,400 Income taxes payable 5,800 Total current liabilities 63,200 Notes payable (long term) 34,800 Total liabilities 98,000 Equity Common stock, $5 par value 268,000 Retained earnings 11,700 Total liabilities and equity $377,700 $ 68,000 75,000 122,500 10,200 275,700 139,000 (21,000) $393,700 $ 66,000 19,800 8,600 94,400 84,000 178,400 s 184,000 31,300 $393,700 ork Saved Total liabilities and equity $377,700 $393,700 $798,000 435,000 363,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $82,600 Other expenses 91,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 173,600 189,400 4,400 193,800 46,290 $147,510 Additional Information a. A $49,200 note payable is retired at its $49,200 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 $81,600 cash. d. Received cash for the sale of equipment that had cost $72,600. yielding a $4,400 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Using the direct method, prepare the statement of cash flows for the year ended June 30, 2019. indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Direct Method indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities k at Cash flows from investing activities ant rences Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end ne raw Hill