IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018
	2019				2018
Assets
Cash	$	77,300			$	61,000
Accounts receivable, net		90,500				68,000
Inventory		80,800				112,000
Prepaid expenses		6,100				8,800
Total current assets		254,700				249,800
Equipment		141,000				132,000
Accum. depreciationEquipment		(35,500	)			(17,500	)
Total assets	$	360,200			$	364,300
Liabilities and Equity
Accounts payable	$	42,000			$	55,500
Wages payable		7,700				18,400
Income taxes payable		5,100				7,200
Total current liabilities		54,800				81,100
Notes payable (long term)		33,400				77,000
Total liabilities		88,200				158,100
Equity
Common stock, $5 par value		254,000				177,000
Retained earnings		18,000				29,200
Total liabilities and equity	$	360,200			$	364,300

IKIBAN INC. Income Statement For Year Ended June 30, 2019Sales $763,000 Cost of goods sold 428,000 Gross profit 335,000 Operating expenses Depreciation expense$75,600 Other expenses 84,000 Total operating expenses 159,600 175,400 Other gains (losses) Gain on sale of equipment 3,700 Income before taxes 179,100 Income taxes expense 45,590 Net income $133,510

Additional Information

1. A $43,600 note payable is retired at its $43,600 carrying (book) value in exchange for cash.
2. The only changes affecting retained earnings are net income and cash dividends paid.
3. New equipment is acquired for $74,600 cash.
4. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 gain.
5. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
6. All purchases and sales of inventory are on credit.

Using the direct method, prepare the statement of cash flows for the year ended June 30, 2019. (Amounts to be deducted should be indicated with a minus sign.)