The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2021 2020 $ 104,500 72,500 $ 49,000 56,000 68,800 94,000 4,900 6,400 250,700 205,400 120,000 129,000 (29,500) $ 350,200 $ 30,000 6,500 (11,500) $ 313,900 $ 37,500 16,000 4,800 3,900 40,400 58,300 35,000 65,000 75,400 123,300 230,000 165,000 44,800 25,600 $ 350,200 $ 313,900 IKIBAN INCORPORATED Income Statement