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 Inventory Prepaid expenses Total current assets 2021 2020 $ 96,700 $ 62,000 92,000 81,800 69,000 113,500 6,200 9,000 276,700 253,500 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 $ 382,700 $ 43,000 7,800 5,200 56,000 142,000 (36,000) 133,000 (18,000) $ 368,500 $ 57,000 18,600 7,400 83,000 48,000 78,000 104,000 161,000 256,000 22,700 Total liabilities and equity $ 382,700 178,000 29,500 $ 368,500