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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 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation- Equipment Total assets $103,900 50,000 57,000 95,500 6,600 209,100 130,000 121,000 74,000 69,800 5,000 252,700 (30,000) (12,000) $352,700 $318,100 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 31,000 6,600 4,000 Total current liabilities 41,600 Notes payable (long term) 36,000 77,600 39,000 16,200 5,000 60,200 66,000 126,200 Total liabilities Equity Common stock, value Retained earnings Total liabilities and equity $5 par 166,000 25,900 $352,700 $318,100 232,000 43,100 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $708,000 417,000 291,000 Depreciation $64,600 73,000 expense Other expenses Total operating expenses 137,600 153,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,600 156,000 44,490 $111,510