! Required information (The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 92,500 Accounts receivable, net 102,500 Inventory 88,800 Prepaid expenses 6,900 Total current assets 290, 700 Equipment 149,000 Accum. depreciation-Equipment (39,500) Total assets $400,200 Liabilities and Equity Accounts payable $ 50,000 Wages payable 8,500 Income taxes payable 5,900 Total current liabilities 64,400 Notes payable (long term) 55,000 Total liabilities 119,400 Equity Common stock, $5 par value 270,000 Retained earnings 10,800 Total liabilities and equity $400,200 $ 69,000 76,000 124,000 10,400 279,400 140,000 (21,500) $397,900 $ 67,500 20,000 8,800 96,300 85,000 181,300 185,000 31,600 $397,900 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit nnerst inn avan $803,000 436,000 367,000