[The following information applies to the questions displayed below. lements nddina informaton are reported IKIBAN INC. Comparative Balance Sheots June 30, 2017 and 2016 2017 2016 Assets Cash ?ccounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 93,100 68,000 75,000 87,800 122, 500 10,200 288, 700 275,700 148,000 139,000 101,000 6, 800 (39, 000 (21,000) 397,700 $393, 700 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total 1iabilities Equity Common stock, S5 par value Retained earnings S 49,000 66,000 19,800 8, 600 94,400 84,000 117,200 178, 400 8,400 5, 800 63,200 54,000 268, 000 184, 000 12,500 31,300 $397,700 393, 700 Total liabilities and equity ?K? BAN INC. Income Statement June 30, 2017 Sales Cost of goods Gross profit operating expenses $798,000 435,000 363,000 sold Depreciation expense $82, 600