The following financial statements and additional information are reported.

The following financial statements and additional information are reported IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $102,100 53,000 60,000 100,000 7,200 220, 200 124,000 13,500 $360,200$330,700 78,500 72,800 5,300 258,700 133,000 31,500 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 $. 34,000 6,900 4,300 45, 200 43,500 16,800 5,600 65,900 69,000 134,900 84,200 169,000 26,800 $360,200 $330,700 238,000 38,0000 Total liabilities and equity IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $723,000 420,000 303,00e $67,600 76,000 Depreciation expense Other expenses Total operating expenses 143,600 159,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,900 162,300 44,790 $117,510