[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 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets 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 Total liabilities and equity Sales 2021 2020 $ 95,500 $ 64,000 95,000 83,800 71,000 116,500 6,400 9,400 280,700 260,900 144,000 135,000 (37,000) (19,000) $ 387,700 $ 45,000 8,000 5,400 $ 376,900 $ 60,000 19,000 7,800 58,400 86,800 50,000 80,000 108,400 166,800 260,000 180,000 19,300 30,100 $ 387,700 $ 376,900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Cost of goods sold $ 778,000 431.000