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 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 87,500 44,000 51,000 86,500 5,400 186,900 115,000 9,000 $317,700 $292,900 65,000 63,800 4,400 220,700 124,000 (27,000) 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 $ 25,000 30,000 15,000 3,800 48,800 30,00060.000- 108,800 6,000 3.400 34,400 64,400 220,000 160,000 24 , 100 33,300 Total liabilities and equity $317,700 $292,900