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 Retained earnings Total liabilities and equity 2021 2020 $ 93,700 $ 67,000 99,500 86,800 74,000 121,000 6,700 10,000 286,700 272,000 147,000 (38,500) $ 395,200 $ 48,000 8,300 138,000 (20,500) $ 389,500 $ 64,500 19,600 5,700 8,400 62,000 92,500 53,000 83,000 115,000 175,500 266,000 183,000 14,200 31,000 $ 395,200 $ 389,500 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold $ 793,000 434,000