The following information applies to the questions displeyed belowj The following financial statements and additional Information are reported. ?K?BANINC. Comparative Balance Sheets June 30, 2015 and 2014 2015 2014 Assets Cash Accounts recelvable, net Inventory Prepald expenses $10730063,80o 69,200 66,200 51,400 96,000 5,900 4,500 Total current assets Equipment Accum. depreciation-Equipment 247,200 129,700 217100 118,000 (28,500) 1o0o) Total assets $348,400$325,000 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 26,400 32,300 16,100 3,700 7,400 2,200 52,100 77,000 36,000 Total current liabilities Notes payable (long term) 56,000 92,000 231,000 129,100 Total liabilities Equity Common stock, $5 par value Retained earnings 188,000 7,900 25,400 Total liabilities and equity $348,400 $325,000