Required information [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $106,900 Accounts receivable, net 66,500 Inventory 64,800 Prepaid expenses 4,500 Total current assets 242,700 Equipment 125,000 Accum. depreciation-Equipment (27.500) Total assets $340,200 Liabilities and Equity Accounts payable $ 26,000 Wages payable 6,100 Income taxes payable 3,500 Total current liabilities 35,600 Notes payable (long term) 31,000 Total liabilities 66,600 Equity Common stock, $5 par value 222,000 Retained earnings 51,600 Total liabilities and equity $340,200 $ 45,000 52,000 88,000 5,600 190,600 116,000 (2.500) $297, 100 $ 31,500 15,200 4,000 50,700 61,000 111,700 161,000 24,400 $297,100 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $59,600 Other expenses 68,000 $683,000 412,000 271,000