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 $ 106,300 $ 46,000 68,000 65,800 53,000 89,500 4,600 5,800 244,700 194,300 126,000 (28,000) $ 342,700 $ 27,000 6,200 117,000 (10,000) $ 301,300 $ 33,000 15,400 4,200 3,600 36,800 52,600 32,000 62,000 68,800 114,600 224,000 162,000 49,900 24,700 $ 342,700 $ 301,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 688,000 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense 413,000. 275,000 69,000 60,600 145.400 < Prev 3 of 3 Next