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Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 93,100 Accounts receivable, net 101,000 Inventory 87,800 Prepaid expenses 6,800 Total current assets 288,700 Equipment 148,000 Accum. depreciation-Equipment (39,000) Total assets $397,700 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) 54,000 Total liabilities 117,200 Equity Common stock, $5 par value 268,000 Retained earnings 12,500 Total liabilities and equity $397,700 $ 68,000 75,000 122,500 10,200 275,700 139,000 (21,000) $393,700 $ 66,000 19,800 8,600 94,400 84,000 178,400 184,000 31,300 $393,700 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 $ 798,000 435,000 363,000 173,600 189,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,400 193,800 46,290 $147,510 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 $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. Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2019. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities Net income $ 147,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 82,600 Gain on sale of plant assets (4,400) Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable (26,000) 34,700 3,400 (17,000) (11,400) (2,800) $ 206,610 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment (81,600) 12,400 (69,200) Net cash provided by investing activities Cash flows from financing activities Cash paid for dividends Cash paid to retire notes Cash received from stock issuance (166,310) (30,000) 84,000 $ Net cash provided by financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end (112,310) 25,100 68,000 93,100 $