begin tabular lrr Common stock, $5 par value 260,060 180,000 Retained earnings 19,300 30,100 hline Total liabilities and equity $387,700 $376,990 hline end tabular IKIEAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciotion expense Other Balns (losses) Gain on sale of equipment Income before taxes Income taxes expense Wet income $778,000431,090347,00087,00078,600181,4004,000185,40045,890139,510 Additional Information o 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 $77,600cash d Received cash for the sale of equipment that had cost $68,600 yielding a $4,000 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 Required information

Question

begin tabular  lrr  Common stock, $5 par value   260,060   180,000    Retained earnings   19,300   30,100     hline Total liabilities and equity   $387,700   $376,990     hline  end tabular  IKIEAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciotion expense Other Balns (losses) Gain on sale of equipment Income before taxes Income taxes expense Wet income $778,000431,090347,00087,00078,600181,4004,000185,40045,890139,510 Additional Information o  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 $77,600cash  d  Received cash for the sale of equipment that had cost $68,600  yielding a $4,000 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  Required information

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begin{tabular}{lrr} Common stock, $5 par value & 260,060 & 180,000 Retained earnings & 19,300 & 30,100 hline Total liabilities and equity & $387,700

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