Exercise 12-17B Direct: Preparing statement of cash flows The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity 2019 2018 $ 81,500 $ 54,000 80,000 73,800 5,400 61,000 101,500 7,400 240,700 223,900 134,000 125,000 (32,000) (14,000) $342,700 $334,900 $ 35,000 7,000 $ 45,000 17,000 5,800 4,400 46,400 67,800 32,000 70,000 78,400 137,800 Common stock, $5 par value 240,000 170,000 Retained earnings 24,300 27,100 Total liabilities and equity $342,700 $334,900