The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 92,000 Inventory 81,800 Prepaid expenses 6,200 Total current assets 276,700 Equipment 192,000 Accum. depreciation Equipment (36,000) Total assets $382,700 Liabilities and Equity Accounts payable $ 43,000 Wages payable 7,800 Income taxes payable 5,200 Total current liabilities 56,000 Notes payable (long term) 48,000 Total liabilities 109,000 Equity Common stock, SS par value 256.000 Retained earnings 22,700 Total liabilities and equicy $382,700 $ 62,000 69,000 113, 500 9,000 253,500 133,000 (18,000) $368,500 $ 57,000 18, 600 7.100 B3,000 78,000 161,000 178,000 29,500 $368,500 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Grous profit Operating expenses Depreciation expense $76, 600 Other expense 85,000 Total operating expenses $768,000 429,000 339,000 161, 600 177,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,800 181,200 45,690 $135, 510