IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 20192018 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 \begin{tabular}{rrr} $94,900 & & $65,000 \\ 96,500 & & 72,000 \\ 84,800 & & 118,000 \\ 6,500 & & 9,600 \\ \cline { 1 - 1 } 282,700 & 264,600 \\ 145,000 & & 136,000 \\ (37,500) & & (19,500) \\ \hline$390,200 & & $381,100 \\ \hline \hline & & \\ \hline 46,000 & & $61,500 \\ 8,100 & & 19,200 \\ 5,500 & & 8,000 \\ \cline { 1 - 1 } 59,600 & & 88,700 \\ 51,000 & & 81,000 \\ \hline 110,600 & & 169,700 \end{tabular} Equity Common stock, $5 par value Retained earnings Total liabilities and equity IKIBAN INC. Income Statement Net income 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 $78,600 cash. d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 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. IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30,2019 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities