The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2021 2020 $ 76,700 $ 62,000 92,000 81,800 69,000 113,500 6,200 9,000 256,700 253,500 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 $ 362,700 $ 43,000 7,800 5,200 142,000 (36,000) 133,000 (18,000) $ 368,500 $ 57,000 18,600 7,400 56,000 83,000 33,600 78,000 89,600 161,000 256,000 178,000 17,100 29,500 $ 362,700 $ 368,500 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense $ 768,000 429,000 339,000 85,000 76,600 177,400 3,800 181,200 45,690