Required information The following information applies to the questions displayed below. The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash s 97,300 61,000 68,000 80,800 112,000 8,800 249,800 132,000 Accounts receivable, net 90,500 Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 6,100 274,700 141,000 (35,500) (17,500) $380,200 $364,300 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 Total liabilities and equity 42,000 55,500 18,400 7.200 81,100 47,000777000 101,800 158,100 7,700 5,100 54,800 254,000 177,000 29,200 $380,200 364,300 24,400