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 2019 2018 Assets Cash $96,100 93,500 82,800 6,300 278,700 143,eee (36,500) . $385 , 200 $ 63,800 70,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Votal assets Liabilities and Equity Accounts payable Wages payabie Incom taxes payable Total current liabilities 115,000 9,200 257,200 134,000 (18,500) $372,700 $58,500 18,800 7,600 84,900 79,000 163,900 44,ee0 7,900 5,300 57,200 49,eee 106,200 Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings 58 eee /21,eee $385,200 179,000 29,800 $372,780 Total liabilities and equity IKIBAN INC Income Statement For Year Ended June 30, 2019 $773,000 43, 343, e Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $77,600 86,000 Other expenses IKIBAN INC Income Statenent For Year Ended June 30, 2019 $773,eee 430,000 343,e00 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses $77,600 86,000 Total operating expenses 163,600 179,408 other gains (losses) Gain dn sale of equipment Income before taxes Income taxes expense Wet-income 3,900 183,300 45,790 $137,518 Additional Information a. A $30,000 note payable is retired at its $30000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $76,600,Cash. d. Received cash for the sale of equipment that had gst $67600, yielding a $3,900 gain. e. Prepaid Expenses and Wages Payable relate to Qthr Expenses on the income statement. f. All purchases and sales of inventory are on cfedit Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2019. (Amounts to be deducted should be indicated with a minus sign.)