The following financial statements and additional information are reported. 2020 IKIBAN INCORPORATED Comparative Balance Sheets At Dune 30 2021 Assets Cash $ 84,500 Accounts receivable, net 72,500 Inventory 68,800 Prepaid expenses 4,900 Total current assets 230, 700 Equipment 129,000 Accumulated depreciation-Equipment (29,500) Total assets $ 330,200 Liabilities and Equity Accounts payable $ 30,000 Wages payable 6,500 Income taxes payable 3,900 Total current liabilities 40,400 Notes payable (long term) 31,000 Total liabilities 71,400 Equity Common stock, $5 par value 230,000 lete earnings 28,800 Total liabilities and equity $ 330, 200 $ 49,000 56,000 94,000 6,400 205,400 120,000 (11,500) $ 313,900 $ 37,500 16,000 4,800 58,300 65,000 123,300 ces 165,000 25,600 $ 313,900 IKIBAN INCORPORATED Income Statement Fon Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation Depreciation expense $ 703,000 416,000 287,000 72,000 63,600 151,400 Other gains Klosses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,500 153,980 44,390 $ 109,510 Hint 0 A $34.000 note payable is retired at its $34.000 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 $62,600 cash d. Received cash for the sale of equipment that had cost $63.600, vielding a $2,500 gain. .. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement f. All purchases and sales of inventory are on credit. Print ferences Using the direct method, prepare the statement of cash flows for the year ended June 30, 2021. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INCORPORATED Statement of Cash Flows Direct Method) For Year Ended June 30, 2021 Cash flows from operating activities IKAN, INCORPORATED Statment of Cash Flow Method) For Year End June 10, 2021 Cash flows from operating activities er Reference Cash from investing activities Cash flows from financing activities Netic (decrease in cash Cash balance prior year-end Case balance sont yerood