ine soming inancial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets \begin{tabular}{rr} $96,700 & $62,000 \\ 92,000 & 69,000 \\ 81,800 & 113,500 \\ 6,200 & 9,000 \\ \hline 276,700 & 253,500 \\ 142,000 & 133,000 \\ (36,000) & (18,000) \\ \hline$382,700 & $368,500 \\ \hline \hline \end{tabular} Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities \begin{tabular}{rr} $43,000 & $57,000 \\ 7,800 & 18,600 \\ 5,200 & 7,400 \\ \hline 56,000 & 83,000 \\ 48,000 & 78,000 \\ \hline 104,000 & 161,000 \end{tabular} Equity Common stock, $5 par value Retained earnings Total liabilities and equity \begin{tabular}{rr} 256,000 & 178,000 \\ 22,700 & 29,500 \\ \hline$382,700 & $368,500 \\ \hline \hline \end{tabular} IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. IKIBAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Required information