Required information The following information applies to the questions displayed below.j 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 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 Total liabilities and equity $ 93,100 101,000 87,800 6,800 288,700 148,000 68,000 75,000 122,500 10,200 275,700 139,000 39,000)(21,000) $397,700 $393,700 8,400 5,800 63,200 54,000 117,200 49,000 66,000 19,800 8,600 94,400 84,000 178,400 184,000 31,300 $397,700 $393,700 268,000 12,500 IKIBAN INC Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $798,000 435,000 363,000 $82,600 91,000 Depreciation expense Other expenses Total operating expenses 173,600 189,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,400 193,800 46,290 $147,510