he following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 96,700 $ 62,000 Accounts receivable, net 92,000 69,000 Inventory 81,800 113,500 Prepaid expenses 6,200 9,000 Total current assets 276,700 253,500 Equipment 142,000 133,000 Accumulated depreciationEquipment (36,000) (18,000) Total assets $ 382,700 $ 368,500 Liabilities and Equity Accounts payable $ 43,000 $ 57,000 Wages payable 7,800 18,600 Income taxes payable 5,200 7,400 Total current liabilities 56,000 83,000 Notes payable (long term) 48,000 78,000 Total liabilities 104,000 161,000 Equity Common stock, $5 par value 256,000 178,000 Retained earnings 22,700 29,500 Total liabilities and equi