The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets Cash Accounts receivable, net Prepaid expenses 2021 2020 $ 95,500 $ 64,000 95,000 83,800 71,000 116,500 6,400 9,400 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 280, 700 144,000 (37,000) 387, 700 $ 45,000 8,000 5,400 58,400 50,000 108, 400 260, 900 135,000 (19,000) $ 376,900 $ 60,000 19,000 7,800 86, 800 80,000 260,000 19, 300 166,800 180,000 30,100 $ 376,900 $ 387,700