The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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 2019 2018 $ 93,100 $ 68,000 101,000 87,800 75,000 122,500 6,800 10,200 288,700 275,700 148,000 139,000 (39,000) (21,000) $397,700 $393,700 $ 49,000 8,400 $ 66,000 19,800 5,800 8,600 63,200 94,400 54,000 84,000 117,200 178,400 268,000 184,000 12,500 31,300 $397,700 $393,700 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses $798,000 435,000 363,000 $82,600 91,000 173,600 189,400