IKIBAN INCORPOAATEO Comparative Balance Sheets BIBAM INCORPORATED income Statement For Year Ended June 30, 2021 \begin{tabular}{lr} \hline Sales & 5678,000 \\ \hline Cost of goods sold & 411,000 \\ \hline Gross profit & 267,000 \\ \hline Operating expenses fexcluding depreciation) & 67,000 \\ Depreciabion expense & 58,600 \\ \hline Other gains flosses) & 141,400 \\ Gain on sale of equipment & \\ Income before taxes & 2,000 \\ \hline income taxes expense: & 143,400 \\ \hline Net income \end{tabular} 43 Additional information 44 a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. Notes Payable: $30,000 45 b. The only changes affecting retained eamings are net income and cash dividends paid. 46 C. New equipment is acquired for $57,600cash. e. Aeceived cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. f. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement B. All purchases and sales of inventory are on credit