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, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $102,700 52,000 59,000 98,500 7,000 216, 500 77,000 71,800 5,200 256, 700 132,000 (31,000) 123,000 (13-000) $357,700 $326,500 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 33,00042,000 16, 600 5,400 64,000 68,000 132,000 6,800 4,200 44,000 38,000 82,000 236,000 39, 700 $357,700 168,000 26, 500 326, 500