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Use the following financial statements and additional information. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value Retained earnings 220,000 33,300 Total liabilities and equity $317,700 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $292,900 $ 30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 $292,900 $678,000 411,000 267,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $58,600 Other expenses 67,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 125,600 141,400 2,000 143,400 43,890 $ 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 $57,600 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. No Dato Account Title Debit Credit 1 Jun 30 Cash Accounts receivable, net >> 14,000 X 2 Jun 30 Inventory Cost of goods sold 3 Jun 30 Depreciation expense Accumulated depreciation - Equipment 4 Jun 30 Other expenses Cash xo 5 Jun 30 Income taxes expense ol Cash 6 Jun 30 Equipment Cash 7 Jun 30 Cash Paid-in capital in excess of par - Common 8 Jun 30 Retained earnings Cash 9 Jun 30 Sales x 10 Jun 30 Income summary Cost of goods sold 11 Jun 30 Income summary Retained earnings IKIBAN INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash received from customers $ 664,000 Cash paid for income taxes Cash paid for merchandise Cash paid for operating expenses > 664,000 Cash flows from investing activities: Cash received from sale of equipment Cash paid for equipment 10,000 (57,600) > (47,600) Net cash used by investing activities Cash flows from financing activities: Cash received from stock issuance Cash paid to retire notes Cash paid for dividends 0 0 60,000 (30,000) (90,310) Net cash used by financing activities Net increase in cash Cash balance at prior year-end Cash balance at current year-end (60,310) $ 556,090 44,000 $ 600,090 Post-closing IKIBAN INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash paid for income taxes Adjustments to reconcile net income to net cash provided by operating activities: Net cash provided by operating activities, using the direct method: $ 664,000