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IKIBAN INCORPORATED Comparative Balance Sheets At June 38 28212828 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Liabilities and Equity Accounts

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IKIBAN INCORPORATED Comparative Balance Sheets At June 38 28212828 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment 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 \begin{tabular}{rr} $33,808 & $42,080 \\ 6,880 & 16,600 \\ 4,280 & 5,480 \\ \hline 44,000 & 64,000 \\ 38,000 & 68,080 \\ \hline 82,800 & 132,900 \end{tabular} IKIBAN INCORPORATED Income Staterent Sales Cost of goods sold Gross profit operating expenses (excluding depreciation) Depreciation expense ther gains (losses) Gain on sale of equipment Income before taxes Incore taxes expense Net income 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 $65,600 cash. d. Recelved cash for the sale of equipment that had cost $56,600, yielding a $2,800 gain. e. Prepaid Expenses and Wages' Payable relate to Operating Expenses on the Income statement. . All purchases and sales of Inventory are on credit. lequlred: 1) Prepare a statement of cash flows using the Indirect method for the year ended June 30,2021 . (Amounts to be e indicated with a minus sign.)

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