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Required information The following information applies to the questions displayed below.] The following financial statements and additional information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 AssetS Cash Accounts receivable, net Inventory Prepaid expenses Total current assets $105,100 48,000 55,000 92,500 6,200 201,700 119,000 71,000 67,800 4,800 248,700 Xdcuni. depreciation-Equipment 129,000 11.000 Accum. depreciation-Equipment (29,000) (11,000) Total assets $347,700 $309,700 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 $ 29,000 36,000 15, 800 4,600 56,400 34,000 64 000 120,400 6,400 3,800 39,200 73,200 164,000 25,300 $347,700 $309,700 228,000 46,500 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses 698,000 415,000 283,000 Depreciation expense $62,600 Other expenses 71,000 Total operating expenses 133,600 149,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,400 151,800 44,290 $107,510 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 $61,600 cash d. Received cash for the sale of equipment that had cost $52,600, yielding a $2,400 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