Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity 2019 2018 $ 87,500 $ 44,000 65,000 51,000 63,800 86,500 4,400 5,400 220,700 186,900 124,000 115,000 (27,000) (9,000) $317,700 $292,900 $ 25,000 $ 30,000 6,000 15,000 3,400 3,800 34,400 48,800 30,000 60,000 64,400 108,800 Common stock, $5 par value 220,000 160,000 Retained earnings 33,300 24,100 Total liabilities and equity $317,700 $292,900