Required information \begin{tabular}{lrr} Common stock, $5 par value & 260,060 & 180,000 \\ Retained earnings & 19,300 & 30,100 \\ \hline Total liabilities and equity & $387,700 & $376,990 \\ \hline \end{tabular} IKIEAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciotion expense Other Balns (losses) Gain on sale of equipment Income before taxes Income taxes expense Wet income $778,000431,090347,00087,00078,600181,4004,000185,40045,890139,510 Additional Information o. 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 $77,600cash. d. Received cash for the sale of equipment that had cost $68,600. yielding a $4,000 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