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The following financial statements and additional information are reported. 2020 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 94,300 Accounts receivable, net 98,000 Inventory 85,800 Prepaid expenses 6,600 Total current assets 284,700 Equipment 146,000 Accumulated depreciation-Equipment (38,000) Total assets $ 392,700 Liabilities and Equity Accounts payable $ 47,000 Wages payable 8,200 Income taxes payable 5,600 Total current liabilities 60,800 Notes payable (long term) 52,000 Total liabilities 112,800 Equity Common stock, $5 par value 264,000 Retained earnings 15,900 Total liabilities and equity $ 392,700 $ 66,000 73,000 119,500 9,800 268,300 137,000 (20,000) $ 385, 300 $ 63,000 19,400 8,200 90,600 82,000 172,600 182,000 30,700 $ 385, 300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 788,000 433,000 355,000 89,000 80,600 185,400 4,200 189,600 46,899 $ 143,510 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 $79,600 cash. d. Received cash for the sale of equipment that had cost $70,600, ylelding a $4,200 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. quared information Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021 (Amounts to be deducted should be indicated with a minus sign) IKIWAN, INCORPORATED statement of Cash Flow (Indirect Method) For Year Ended June 30, 2021 Canh tows from operating activities Nel come Majustments to reconcile net income to net cash provided by operating activities Income statements not affecting cash Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Changes in current operating assets and abilities Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable $ Cashows from investing activities Cash fows from financing activities 0 $ 0 Met increase (decrease in cash Cash balance at prior year-end Cash balance at current year-end $