The following financial statements and additional information are reported.

$\backslash$table$[[$IKIBAN INCORPORATED,$],[$Comparative Balance,Sheets$],[$At June $30,2021,2020,],[$Assets$,$$$33,900,$$$50,000,],[$Cash$,74,000,57,000,],[$Accounts receivable, net,$69,800,95,500,],[$Inventory$,5,000,6,600,],[$Prepaid expenses,$232,700,209,100,],[$Total current assets,$130,000,121,000,],[$Equipment$,(30,000),(12,000),],[$Accumulated depreciation$-$Equipment,$$332,700,$$$318,100,],[$Total assets,,,$],[$Liabilities and Equity,$$31,000,$$$39,000,],[$Accounts payable,$6,600,16,200,],[$Wages payable,$4,000,5,000,],[$Income taxes payable,$41,600,60,200,],[$Total current liabilities,$31,200,66,000,],[$Notes payable tlong term$),72,800,126,200,],[$Total liabilities,$232,000,166,000,],[$Equity$,27,900,25,900,],[$Common stock, $$5$ par value,$332,700,$$$318,100,],[$Retained earnings,,,$],[$Total liabilities and equity,,,$]]$

IKIBAN INCORPORATED

Income Statement

$\backslash$table$[[,],[$Sales For Year Ended June $30,2021,],[$Cost of goods sold,$708,000],[$Gross profit,$417,000],[$Operating expenses $($excluding depreciation$),291,000],[$Depreciation expense,$73,000],[,64,600],[$Other gains $($losses$),153,400],[$Gain on sale of equipment,$2,600],[$Income before taxes,$156,000],[$Income taxes expense,$44,490],[$Net income,$$111,510$

The following financial statements and additional information are reported.

$\backslash$table$[[$IKIBAN INCORPORATED,$],[$Comparative Balance,Sheets$],[$At June $30,2021,2020,],[$Assets$,$$$83,900,$$$50,000,],[$Cash$,74,000,57,000,],[$Accounts receivable, net,$69,800,95,500,],[$Inventory$,5,000,6,600,],[$Prepaid expenses,$232,700,209,100,],[$Total current assets,$130,000,121,000,],[$Equipment$,(30,000),(12,000),],[$Accumulated depreciation$-$Equipment,$$33,700,$$$318,100,],[$Total assets,,,$],[$Liabilities and Equity,$31,000,$$$39,000,],[$Accounts payable,$6,600,16,200,],[$Wages payable,$4,000,5,000,],[$Income taxes payable,$41,600,60,200,],[$Total current liabilities,$31,200,66,000,],[$Notes payable $($long term$),72,800,126,200,],[$Total liabilities,,,$],[$Equity$,232,000,166,000,],[$Common stock, $$5$ par value,$27,900,25,900,],[$Retained earnings,$332,700,$$$318,100,],[$Total liabilities and equity,,,$]]$

IKIBAN INCORPORATED

Income Statement

$\backslash$table$[[,],[$Sales For Year Ended June $30,2021,$$$708,000$