The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 97,300 $ 61,000 Accounts receivable, net 90,500 68,000 Inventory 80,800 112,000 Prepaid expenses 6,100 8,800 Total current assets 274,700 249,800 Equipment 141,000 132,000 Accum. depreciationEquipment (35,500 ) (17,500 ) Total assets $ 380,200 $ 364,300 Liabilities and Equity Accounts payable $ 42,000 $ 55,500 Wages payable 7,700 18,400 Income taxes payable 5,100 7,200 Total current liabilities 54,800 81,100 Notes payable (long term) 47,000 77,000 Total liabilities 101,800 158,100 Equity Common stock, $5 par value 254,000 177,000 Retained earnings 24,400 29,200 Total liabilities and equity $ 380,200 $ 364,300 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales $ 763,000 Cost of goods sold 428,000 Gross profit 335,000 Operating expenses Depreciation expense $ 75,600 Other expenses 84,000 Total operating expenses 159,600 175,400 Other gains (losses) Gain on sale of equipment 3,700 Income before taxes 179,100 Income taxes expense 45,590 Net income $ 133,510 Additional Information A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. The only changes affecting retained earnings are net income and cash dividends paid. New equipment is acquired for $74,600 cash. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 gain. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. All purchases and sales of inventory are on credit.

a.Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method

b.Compute the company's cash flow on total assets ratio for its fiscal year 2017.

c.Using the direct method, prepare the statement of cash flows for the year ended June 30, 2017