Check my work Required information The following information applies to the questions displayed below) The following financial statements and additional information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 $ 44.ee $ 87,500 65,000 63,800 86.5 5,419 186,900 115,00 220,700 124,000 (27,000) $317,700 (9.00) 9292.900 $ Accounts receivable, net Trventory Prepaid expenses Total current assets (quipment Accus, depreciation Equipment Total assets Liabilities and Equity Accounts payable Wapes 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 $ 25,000 6.000 30.000 15.ee 14.400 30,000 48,800 .00 220, 160,000 IKTENING Income Statement For Year Ended June 10, 2017 $68.00 267 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses $58,60 125,600 2. Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 99,510 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 $57600 cash. d. Received cash for the sale of equipment that had cost $48,600. yielding a $2,000 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 for the year ended June 30, 2017, using the Indirect method (Amounts to be deducted should be indicated with a minus sign.) IKIBAN INC Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Llew equipment is olyureu 1or 557,600 cash. d. Received cash for the sale of equipment that had cost $48,600 yielding a $2.000 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 for the year ended June 30, 2017 using the indirect method (Amounts to be deducted should be indicated with a minus sign.) ces IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities Net increase (decrease in cash Cash balance at prior year-end Cash balance at current year-end