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 $ 87,500 65,000 $ 44,000 63,800 51,000 86,500 4,400 5,400 186,900 115,000 220,700 124,000 (27,000) $ 317,700 $ 25,000 6,000 (9,000) $ 292,900 $ 30,000 15,000 3,800 3,400 34,400 48,800 30,000 60,000 64,400 108,800 220,000 160,000 24,100 33,300 $ 317,700 $ 292,900 RATED