[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, 2017 and 2016 nces 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 Common stock, $5 par value Retained earnings Total liabilities and equity IKIBAN INC. Income Statement For Year Ended June 30, 2017 2017 2016 $ 94,300 98,000 $ 66,000 85,800 6,600 73,000 119,500 9,800 284,700 268,300 146,000 137,000 (38,000) (20,000) $392,700 $385,300 $ 47,000 $ 63,000 8,200 5,600 60,800 19,400 8,200 90,600 52,000 82,000 112,800 172,600 264,000 182,000 15,900 $392,700 30,700 $385,300 Sales $788,000 Cost of goods sold 433,000 Gross profit 355,000 Operating expenses Depreciation expense $80,600 Other expenses 89,000 Total operating expenses i 169,600 185,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,200 189,600 46,090 $143,510 Save