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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 $78.600 cash. d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 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. Exercise 16-12 (Algo) Part 1 Required: (1) Prepare a statement of cash flows using the indiroct method for the year ended June 30, 2021 Note: Amounts to be deducted should be indicated with a minus sign. IKIBAN INCORPORATED At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 2021 $94,900 96,500 84,800 \begin{tabular}{rr} 84,800 & 118,000 \\ 6,500 & 9,600 \\ \hline 282,700 & 264,600 \end{tabular} 145,0 136,000 \begin{tabular}{c} $390,200(37,500)$381,100(19,500) \\ \hline \hline \end{tabular} \begin{tabular}{rr} $46,000 & $61,500 \\ 8,100 & 19,200 \\ 5,500 & 8,000 \\ \hline 59,600 & 88,700 \\ 51,000 & 81,000 \\ \hline 110,600 & 169,700 \end{tabular} \begin{tabular}{rr} 262,000 & 181,000 \\ 17,600 & 30,400 \\ \hline$390,200 & $381,100 \\ \hline \end{tabular} IKIBAN INCORPORATED Income statement For Year Ended June 30,2021 Sales cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Othen gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net incone $783,000 351,000432,000 88,000 183,40079,600 \begin{tabular}{r} 4,100 \\ \hline 187,500 \\ 45,990 \\ \hline$141,510 \\ \hline \end{tabular} Required information Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash batance at current year-end