[The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity $ 30,000 6,500 $104,500 $ 49,000 72,500 56,000 68,800 94,000 4,900 6,400 250,700 205,400 129,000 120,000 (29,500) (11,500) $350,200 $313,900 $ 37,500 16,000 3,900 4,800 40,400 58,300 35,000 65,000 75,400 123,300 Common stock, $5 par value 230,000 165,000 Retained earnings 44,800 25,600 Total liabilities and equity $350,200 $313,900