IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500). $380,200 $ 61,000 68,000 112,080 8,800 249,800 132,000 (17,500 $364,300 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 Common stock, $5 par value Retained earnings Total liabilities and equity $ 42,000 7,700 5,100 54,800 47,000 101,800 $ 55,500 18,400 7,200 81,100 77,000 158,100 254,000 24,480 $380,200 177,000 29,200 $364,300 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales $763,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $75,600 Other expenses 84,000 Total operating expenses $763,000 428,000 335,000 159,600 175,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,700 179,100 45,590 $133,510 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 $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600. yielding a $3,700 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. Required: IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500). $380,200 $ 61,000 68,000 112,080 8,800 249,800 132,000 (17,500 $364,300 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 Common stock, $5 par value Retained earnings Total liabilities and equity $ 42,000 7,700 5,100 54,800 47,000 101,800 $ 55,500 18,400 7,200 81,100 77,000 158,100 254,000 24,480 $380,200 177,000 29,200 $364,300 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales $763,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $75,600 Other expenses 84,000 Total operating expenses $763,000 428,000 335,000 159,600 175,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,700 179,100 45,590 $133,510 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 $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600. yielding a $3,700 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. Required