The following financial statements and additional information are reported.

Additional Information

1. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.
2. The only changes affecting retained earnings are net income and cash dividends paid.
3. New equipment is acquired for $66,600 cash.
4. Received cash for the sale of equipment that had cost $57,600, yielding a $2,900 gain.
5. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
6. All purchases and sales of inventory are on credit.

Required:

(1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

Please help! I have to turn this in soon and I'm lost.

Required Information [The following Information applies to the questlons displayed below.] The following financlal statements and additional Informatlon are reported IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $102,100 78,500 72,8ee 5,30e 258,70e 133,eee (31,500) $360, 200 53,eee 6e,eee 1ee, eee Accounts receivable, net Inventory Prepaid experses Total current assets Equipment Accum. depreciation-Equipment 7,200 220, 280 124,eee (13,500) Total assets $330,7ee Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities 34,eee 6,900 4,30e 43,5ee 16,800 5,6ee 65,900 45,200 Notes payable (long term) 39,eee 84,20e 69,eee 134,9ee Total liabilities Equity Common stock, $5 par value Retained earnings 238,eee 38,eee 169,eee 26,8ee $330,7e0 Total liabilities and equity $360, 200 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales $723,eee 420,eee , Cost of goods sold Gross profit Operating expenses Depreciation expense other expenses $67,6e0 76,eee Total operating expenses 143,600 159,400 other gains (1losses) Gain on sale of equipment Income before taxes Income taxes expense 2,988 162,30e 44,790 $117,510 Net income Additional Information a. A $30,000 note payable Is retired at Its $30,000 carryIng (book) value In exchange for cash. b. The only changes affecting retalned earnings are net Income and cash dlvidends pald. c. New equipment is acquired for $66,600 cash d. Recelved cash for the sale of equipment that had cost $57,600, ylelding a $2,900 galn. e. Prepald Expenses and Wages Payable relate to Other Expenses on the Income statement. f. All purchases and sales of inventory are on credit. Required: (1) Prepare a statement of cash flows for the year ended June 30, 2017, using the Indirect method. (Amounts to be deducted should be Indicated with a minus slgn.) IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities S 0 Cash flows from investing activities 0 Cash flows from financing activities 0 Net increase (decrease) in cash S 0 Cash balance at prior year-end S 0 Cash balance at current year-end