mework Required Information [The following Information applies to the questions displayed below.j The following financial statements and additional Information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 $105,700 69,500 66,800 4.700 246, 789 127,000 (28,589) $345,200 $ 47, eae 54,899 91. eee 6.ee 198,eee 118,eee (10,580) $385, see 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 $ 28,eee 6,300 3,700 38, eee 33,ese 71,eae $ 34,500 15,689 4,489 54,500 63, eee 117.500 226.899 200 163, eae 25.aaa $345, 280 $ 305,500 IKIBAN INC. Income Statement For Year Ended June 3, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 561.688 Other expenses 70,000 Total operating expenses 5693, eae 414,000 279, 809 131,6ae 147,482 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Not income 2,3ee 149,700 44 190 $185,519 Additional Information . 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 pald. c. New equipment is acquired for $60,600 cash. d. Received cash for the sale of equipment that had cost $51,600. yielding a $2,300 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement t. All purchases and sales of Inventory are on credit e to search Required: (1) Prepare a statement of cash flows for the year ended June 30, 2017 using the indirect method (Amounts to be deducted should be indicated with a minus sign.) 0056 >> IKIBAN, INC. Statement of Cash Flows indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement i s not afecting cash Changes in current operating assets and Babite Cash flows from investing activities Cash flows from financing activities N increate decrease in cash Cash balance at prior year end Cash balance at current year-end