[The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets 2021 2020 Cash $ 103,300 $ 51,000 Accounts receivable, net 75,500 Inventory Prepaid expenses 70,800 58,000 97,000 5,100 6,800 Total current assets 254,700 212,800 Total assets Equipment Accumulated depreciation-Equipment 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 131,000 122,000 (30,500) (12,500) $ 355,200 $ 32,000 6,700 $ 322,300 $ 40,500 16,400 4,100 5,200 42,800 62,100 37,000 67,000 79,800 129,100 234,000 167,000 41,400 26,200 Total liabilities and equity $ 355,200 $ 322,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold $ 713,000 418,000