Prepare a statement of cash flows for the year ended June 30, 2017, using indirect method

June 30, 2017 and 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets s 99,760 57,00 64,800 106,800 8,000 235,800 137,600 128,000 84,580 76,880 5,700 266,7005 00 (33,500) (15,5e0) $370,200 $347,500 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 38,680 49,580 17,600 6,400 73,500 73,000 146,500 7,300 4,700 50,800 2.9991 93,000 173,000 31,20028-888 246,000 28,000 $370,200 $347,500 IKIBAN INC. Income Statement For Year Ended June 3e, 2017 Sales Cost of goods sold Gross profit Operating expenses $743,000 424,000 319,000 Deprecietion expense $71,600 Other expenses Total operating expenses 151,600 167,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 170,700 45,190 5125,510 Additional Information o. A $30000 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 $70.600 cash d. Receivea cash for the sale of equipment that had cos: $61600, yielding a $3.300 gairn e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on crecit