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 $ 93,700 67,000 74,000 121,000 10,000 272,000 138,000 99,500 86,800 6,700 286,700 147,000 (38,500) (20,500) $395,200 389,500 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par valu Retained earnings 48,000 64,500 19,600 8,400 92,500 53,00083,000 115,000 175,500 8,300 5,700 62,000 266,000 14,200 183,000 31.000 Total liabilities and equity $395,200 389,500