Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets Cash Accounts receivable, net Prepaid expenses 2021 2020 $ 98,500 87,500 Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets 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. 78,800 5,900 $ 59,000 66,000 109,000 8,400 270,700 242,400 139,000 130,000 (34,500) $ 375,200 (16,500) $355,900 $ 40,000 $ 52,500 7,500 4,900 18,000 6,800 52,400 77,300 45,000 75,000 97,400 152,300 250,000 175,000 27,800 28,600 Total liabilities and equity $ 375,200 $ 355,900