The following financial statements and additional information are reported. 2018 IRIDAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value 220,000 Retained earnings 33,300 Total liabilities and equity $317,700 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9.000) $292,900 $ 30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 $292,900 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $58,600 Other expenses 67.000 Total operating expenses Other gains (louses Gain on sale of equipment $678,000 411,000 267,000 125,600 141.400 2.000