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 2021 2020 $ 103,300 $ 51,000 75,500 58,000 70,800 97,000 5,100 6,800 254,700 212,800 131,000 (30,500) $ 355,200 Liabilities and Equity Accounts payable $ 32,000 122,000 (12,500) $ 322,300 $ 40,500 Wages payable 6,700 16,400 Income taxes payable 4,100 5,200 Total current liabilities 42,800 62,100 Notes payable (long term) 37,000 67,000 Total liabilities 79,800 129,100 Equity Common stock, $5 par value 234,000 167,000 Retained earnings 41,400 26,200 Total liabilities and equity $ 355,200 $ 322,300 Sales IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 $ 713.000