• Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any.
• Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any.
• Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any.
• Reconstruct the journal entry for cash paid for operating expenses, incorporating the change in the related balance sheet account(s), if any.
• Reconstruct the journal entry for the sale of equipment at a gain, incorporating the change in the related balance sheet account(s), if any.
• Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any.
• Reconstruct the entry to record the retirement of the $30,000 note payable at its $30,000 carrying (book) value in exchange for cash.
• Reconstruct the entry for the purchase of new equipment.
• Reconstruct the entry for the issuance of common stock.
• Close all revenue and gain accounts to income summary.
• Close all expense accounts to income summary.
• Close Income Summary to Retained Earnings.
• Reconstruct the journal entry for cash dividends paid.

Use the following financial statements and additional information. Total liabilities and equity $317,700 $292,900 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 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. IKIBAN INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2021 Cash flows from operating activities: Unadjusted \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ IKIBAN INCORPORATED } \\ \hline \multicolumn{1}{|c|}{ For Year Ended June 30, 2021 } & \\ \hline Cash flows from operating activities: & & \\ \hline Adjustments to reconcile net income to net cash provided by operating activities: & & \\ \hline Income statement items not affecting cash & & \\ \hline & & \\ \hline \hline & & \\ \hline Changes in current operating assets and liabilities & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}