c. New equipment is acquired for $78,600 cash. d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 gain. e. Prepaid Expenses and Wages Payable relate to Operati f. All purchases and sales of inventory are on credit. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $94,900$65,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets \begin{tabular}{rr} 96,500 & 72,000 \\ 84,800 & 118,000 \\ 6,500 & 9,600 \\ \hline 282,700 & 264,600 \\ 145,000 & 136,000 \\ (37,500) & (19,500) \\ \hline$390,200 & $381,100 \\ \hline \end{tabular} Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities \begin{tabular}{rr} $46,000 & $61,500 \\ 8,100 & 19,200 \\ 5,500 & 8,000 \\ \hline 59,600 & 88,700 \\ 51,000 & 81,000 \\ \hline 110,600 & 169,700 \end{tabular} Equity Common stock, $5 par value Retained earnings Total liabilities and equity \begin{tabular}{rr} 262,000 & 181,000 \\ 17,600 & 30,400 \\ \hline$390,200 & $381,100 \\ \hline \hline \end{tabular} IKIBAN INCORPORATED 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 $78,600 cash. d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 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