Required information [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 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 270,700 139,000 (34,500) $ 375,200 $ 40,000 7,500 130,000 (16,500) $ 355,900 $ 52,500 18,000 2021 2020 $ 98,500 $ 59,000 87,500 78,800 66,000 109,000 5,900 8,400 242,400 4,900 6,800 52,400 77,300 45,000 75,000 97,400 152,300 250,000 175,000 Retained earnings 27,800 28,600 Total liabilities and equity $ 375,200 $ 355,900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) henreciation evnence < Prev $ 753,000 426,000 327,000 82,000 73.600 96 of 6 Next