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 $94,300 66,800 73,000 85,800 119,see 9,800 268,389 146,000 137,000 98,860 6,600 284,700 (38,000) (20, $392,700 $385,360 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 47,000 63,0e0 19,480 8,200 90,600 52,ee 2888 2,86 172,68e 8, 200 5,600 60,800 264,000 182,000 15,900 30200 $392,700 $385, 3e0 Total liabilities and equity IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $788,000 433.00e 355,000 Depreciation expense $80,600 Other expenses Total operating expenses 185,400 Other gains (losses) Gain on sale of equipment Incone before taxes Incone taxes expense Net income 169,600 5143,510 to search