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 49,000 56,000 94,000 6,400 205,400 120,000 $104,500 72,500 68,800 4,900 250,700 129,000 29,500) (11,500) $350,200 $313,900 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 $ 30,000 37,500 16,000 4,800 58,300 65,000 123,300 6,500 3,900 40,400 35,000 75,400 165,000 25,600 $350,200 313,900 230,000 44,800 Total liabilities and equity IKIBAN INC Income Statement