\begin{tabular}{|c|c|c|c|c|c|} \hline No: & Dota & Account Titin & & Dobli & Crndit \\ \hline \multirow[t]{2}{*}{1} & June 30 & Cash & 0 & 742,000 & \\ \hline & & Accounts recelvable, net & 0 & & 742,0008 \\ \hline \multirow[t]{2}{*}{2} & June 30 & Accounts payable & 2 & 436,000 & \\ \hline & & Retained earnings & & & 436,000X \\ \hline \multirow[t]{2}{*}{3} & June 30 & Depreclation expense & 2 & 65,0000 & \\ \hline & & Accumulated depreciation - Equipment & 0 & & 65,0000 \\ \hline \multirow[t]{2}{*}{4} & June 30 & Other expenses & 0 & 81,800 & \\ \hline & & Cash & 8 & & 81,800 \\ \hline \multirow[t]{3}{*}{5} & June 30 & Cash & 0 & 14,7000 & \\ \hline & & Accumulated depreciation - Equipment & & 41,0000 & \\ \hline & & Equipment & 0 & & 12,000 \\ \hline \multirow[t]{3}{*}{6} & June 30 & Income taxes payable & & 49,0808 & \\ \hline & & Income taxes expense & & & 48,580 \\ \hline & & & & & \\ \hline \multirow[t]{2}{*}{7} & June 30 & Notes payable (long-term) & 0 & 45,000 & \\ \hline & & Cash & 0 & & 45,0000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline 7 & June 30 & Notes payable (longterm) & 0 & 45,0000 & \\ \hline & & Cash & 0 & & 45,0000 \\ \hline \multirow[t]{2}{*}{8} & June 30 & Equipment & 0 & 64,0000 & \\ \hline & & Cash & 0 & & 64,0000 \\ \hline \multirow[t]{2}{*}{9} & June 30 & Cash & 0 & 60,000 & \\ \hline & & Common stock \$\$ par value & 0 & & 60,000 \\ \hline \multirow[t]{3}{*}{10} & June 30 & Sales & & 757,0000 & \\ \hline & & Gain on sale of equipment & 0 & 2,7000 & \\ \hline & & income summary & 0 & & 759,7000 \\ \hline \multirow[t]{5}{*}{11} & June 30 & Income summary & 0 & 649,5800 & \\ \hline & & Cost of goods sold & 0 & & 463,0000 \\ \hline & & Depreclation expense & & & 65,0000 \\ \hline & & Other expenses & 0 & & 73,000 \\ \hline & & Income taxes expense & 0 & - & 48,5800 \\ \hline \multirow[t]{2}{*}{12} & June 30 & Income summary & 0 & 110,1200 & \\ \hline & & Retained earnings & & & 110,1200 \\ \hline \multirow[t]{2}{*}{13} & June 30 & Fetained earnings & & 94,1200 & \\ \hline & & Cash & & & 94,1200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \begin{tabular}{l} IKIBAN INCORPOR \\ Comparative Balance \end{tabular} & \begin{tabular}{l} THED \\ Sheets \\ 2021 \end{tabular} & 2020 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & $96,700 & $62,000 \\ \hline Accounts receivable, net & 92,000 & 69,000 \\ \hline Inventory & 81,800 & 113,500 \\ \hline Prepaid expenses & 6,200 & 9,000 \\ \hline Total current assets & 276,760 & 253,509 \\ \hline Equipment: & 142,000 & 133,000 \\ \hline Accumulated depreciation-Equipsent & (36,000) & (18,000) \\ \hline Total assets & 5382,70 & $368,500 \\ \hline Liabilities and Equity & & \\ \hline Accounts payable & S 43,000 & \\ \hline Wages payable & 7,800 & \begin{tabular}{r} \$. 57,000 \\ 18,609 \end{tabular} \\ \hline Incoee taxes payable & 5,200 & 7,400 \\ \hline Total current liabilities & 56,000 & 83,000 \\ \hline Notes payable (long term) & 48,000 & 78,000 \\ \hline Total liabilities & 104,690 & 161,690 \\ \hline Equity. & & \\ \hline Coimon stock, $5 par value & 256,000 & 178,009 \\ \hline Retained earnings & 22,700 & 29,500 \\ \hline Total liabilities and equity, & 5.382,700 & $368,500 \\ \hline \multicolumn{3}{|c|}{\begin{tabular}{l} IKIBAY INCORPORATED \\ Incone Statement \end{tabular}} \\ \hline For Year Ended June & 30,2021 & eirita ana \\ \hline \end{tabular} Additional Information a. A $30,000 notes 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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 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. IKIBAN, INCORPORATED Required information 1 of 2 \begin{tabular}{|c|c|c|c|} \hline Decrease in income taxes payable & =1 & & \\ \hline & 0 & (2,200)0 & \\ \hline Decrease in wages payable & 0 & 10,800 & \\ \hline \multirow[t]{2}{*}{ Cash paid for operating expenses } & () & 192,810 & \\ \hline & & $ & 407,220 \\ \hline \multicolumn{4}{|l|}{ Cash flows from investing activities } \\ \hline Cash paid for equipment & 0 & (75,600) & \\ \hline Cash recelved from sale of equipment & 0 & 11,8000 & \\ \hline \multirow[t]{2}{*}{ Cash paid for operating expenses } & & (6,300) & \\ \hline & & & (70,100) \\ \hline \multicolumn{4}{|l|}{ Cash flows from financing activities } \\ \hline Cash paid to retire notes & 0 & (3,000) & \\ \hline Cash paid to retire notes & & 78,000 & \\ \hline \multirow[t]{2}{*}{ Gain on sale of plant assets } & & (142.310)0 & \\ \hline & & & (67,310) \\ \hline Net increase (dectease) in cash & & & 269,810 \\ \hline Cash bulance at prior year-end & & & 62,0000 \\ \hline Cash bulance at current year-end & & & 331,810 \\ \hline \end{tabular} Journal entry worksheet Reconstruct the joumal entry for cash recelpts from customers, incorporating the change in the related balance sheet account(s), if any. Notel Enter debits before credits. Journal entry worksheet Reconstruct the joumal entry for cash payments for Inventory, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits: Journal entry worksheet Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Journal entry worksheet Reconstruct the entry to record the retirement of the $45,000 note payable at its $45,000 carrying (book) value in exchange for cash. Note: Enter debits before credits. Journal entry worksheet Reconstruct the entry to record the retirement of the $45,000 note payable at its $45,000 carrying (book) value in exchange for cash. Note: Enter debits before credits. Journal entrv worksheet Note: Enter debits before credits. Statement of Chash Flows (Oirect Method) 15 points For Year Ended June 30, 2021 Post-closing Direct Method Initumol anter: win-lombant