The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $103,300 Accounts receivable, net 75,500 Inventory 70,800 Prepaid expenses 5, 100 Total current assets 254,700 Equipment 131,000 Accum. depreciation-Equipment (30,500) Total assets $355,200 Liabilities and Equity Accounts payable $ 32,000 Wages payable 6,700 Income taxes payable 4,100 Total current liabilities 42,800 Notes payable (long term) 37,000 Total liabilities 79,800 Equity Common stock, $5 par value 234,000 Retained earnings 41,400 Total liabilities and equity $355,200 $ 51,000 58,000 97,000 6,800 212,800 122,000 (12,500) $322,300 $ 40, 500 16,400 5,200 62,100 67,000 129,100 167,000 26, 200 $322,300 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $65,600 Other expenses 74,000 Total operating expenses $713,000 418,000 295,000 139,600 155,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,700 158, 100 44,590 $113,510 Additional Information 4. A$30,000 note payable is retired at its $30,000 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 $64.600 cash. d. Received cash for the sale of equipment that had cost $55,600. yielding a $2,700 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit. Required: 111 Prepare a statement of cash flows using the indred method for the year ended June 30, 2019. (Amounts to be deducted should be Indicated with a minus slgn. Answer is not complete. IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities 113,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 65,600 Gain on sale of plant assets (2.700) 17,500 Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable Net cash provided by operating activities 193,910 Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment 0 Cash flows from financing activities Cash paid for dividends Cash paid to retire notes Cash received from stock issuance OOO 0 $ 193,910 Net cash used in financing activities Net increase (de ore ase) in cash Cash balance at prior year-end Cash balance at current year-end $ 193,910 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2019. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio / 0