Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Net income IKIBAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30+2021 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Gain on sale of plant assets Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment $ 149,510 83,600 (4,500) (26,500) 35,200 3,500 (17.500) (11,500) (2,900) (82.600) 78,100 $ 208,910 < Prev of 3 Next > Required information Changes in current operating assets and labites Increase in accounts receivable (26,500) Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable 35,200 3,500 (17,500) Decrease in wages payable (11,500) Decrease in income taxes payable (2.900) Net cash provided by operating activities $ 208,910 Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment Cash flows from financing activities (82,600) 78,100 (4.500) Cash received from stock issuance Cash paid to tre notes Cash paid for dividends Net cash used in financing activities Net increase (decrease) in cash 85,000 (30,000) (170.310) Cash balance at poor year-end i Cash balance at cument year end (115.310) $ 80,100 60,000 S 150,100 < Prev 23 3 Next > secured#lockdown Asignacion - Capitulo 16 Saved For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 803,000 436,000 367,000 92,000 83,600 191,400 4,500 195,900 46,390 $ 149,510 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 $82,600 cash. d. Received cash for the sale of equipment that had cost $73,600, yielding a $4,500 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. All purchases and sales of inventory are on credit Required (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021 (Amounts to be deducted should be indicated with a minus sign BAK INCORPORATED