$ 97,300 90, see 80,800 6,109 274,789 141,000 (35,500) $380,209 $ 61,000 68,000 112,000 8.800 249,800 132,000 (17,500) $364,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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 $ 42,000 7,700 5,100 54,800 47,000 101,800 $ 55,500 18,400 7,200 81,100 77,000 158, 189 254,000 24,480 $380, 200 177,000 29, 200 $364,300 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $75,600 Other expenses 84,000 Total operating expenses $763,000 428, eee 335,000 159, 680 175,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net Income 3.700 179, 100 45,590 $133,510 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 $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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.